• KDI Journal of Economic Policy
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• v.35 no.3
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• pp.1-38
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• 2013

This study investigates the welfare implications of BTL projects using a general equilibrium model with the public sector and public-private partnerships. We show that when the government is not allowed to run budget deficits but private firms is able to overcome the financial constraint, BTL projects performed by public-private partnerships (PPPs) could be a good alternative and improve the welfare of the model economy. This paper quantitatively investigates excessive expansion of PPP projects and several alternatives to retrieve welfare losses caused by such an expansion. Assuming that future rents of BTL projects are not taken into account, we find the welfare losses up to 20 percent relative to conventional government projects. Finally, we show that it would be possible to reduce the losses by transforming the fully depreciated capital stock of the government projects into much smaller new PPP projects.

• Health Policy and Management
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• v.24 no.1
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• pp.4-12
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• 2014

Background: The purpose of this study is to investigate current status and investigation of government agencies, communities, corporates, hospitals, non-governmental organization, non-profit organization, and so on which performed Corporate Social Responsibility to global health issues. Methods: This paper focuses on analyzing definition and principle of public-private partnership (PPP), types of PPP, challenge of PPP through delphi survey and interview which need to be discussed by professional groups such as private groups, universities and researches, government decision makers, corporates, and hospitals for successful PPP. Results: Based on this analysis on global health issues of 237 groups, the results were shown that main global health issues of many hospitals were aids of the developing countries (48%). Main program was activities of overseas volunteers (30%) and most 152 groups (42%) supported Asia. Also, this paper gives a definition of PPP that is the growth together in PPPs as a way of fulfilling public tasks in partnership between the state administration and private enterprises to apply both strengths behind transparency, accountability. Conclusion: In conclusion, from the results of analysis, we suggest as prior setting of global issues for both demand and supply side and are served as the effective way by PPP on global health issues. Moreover, this study will be expanded on the sections of findings, multiple researches, discussion, and policy recommendations.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.800-807
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• 2009

The limited public funds available for infrastructure projects have led governments to consider private entities' participation in long-term contracts for finance, construction, and operation of these projects to share risks and rewards between the public and the private. Because these projects have complicated risk evolutions, diverse contractual forms for each project member to hedge risks involved in a project are necessary. In light of this, Build-Operate-Transfer(BOT) model is considered as effective to accomplish Public Private Partnerships(PPPs) with a characteristic of an ownership-reversion. In BOT projects, the government has used such an incentive system as minimum revenue guarantee(MRG) agreement to attract the private's participation. Although this agreement turns out critical in success of BOT project, there still exist problematic issues in a financial feasibility analysis since the traditional capital budgeting theory, Net Present Value(NPV) analysis, has failed to evaluate the contingent characteristic of MRG agreement. The purpose of this research is to develop real option model based on option pricing theory so as to provide a theoretical framework in valuing MRG agreement in BOT projects. To understand the applicability of the model, the model is applied to the example of the BOT toll road project and the results are compared with that by NPV analysis. Finally, we found that the impact of the MRG agreement is significant on the project value. Hence, the real option model can help the government establish better BOT policies and the developer make appropriate bidding strategies.

• Korean Journal of Construction Engineering and Management
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• v.19 no.2
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• pp.25-37
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• 2018

In recent times, private sector allocates the risk between private sector investors in terms of equity transaction and agreement transaction. The additional risk-allocation have made the cash flows of private sector investors fluctuated and some of the PPP projects delayed. Therefore, analyzing the impact of the risk reallocation between private sector investors on their cash flows is critical for encouraging the private sector participants. In this study, a model to evaluate the financial viability of PPP project is developed based on the discounted cash flow analysis. The model can analyze the variability by equity and agreement transaction by identifying key variables of equity transaction, influence factors of agreement transaction, and relationship between the transactions and investor's profitability. It is expected that the private sector can determine the investment decision for PPP projects when the risk reallocation is occurred.

• Journal of the Korean Solar Energy Society
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• v.38 no.5
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• pp.11-25
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• 2018

The Ln-least method is commonly used to estimate the Weibull parameters from the observed wind speed data. In previous studies, the bin method has been used to calculate the cumulative frequency distribution for the Ln-least method. The purpose of this study is to obtain better performance in the Ln-least method by applying probability plotting position(PPP) instead of the bin method. Two types of the wind speed data were used for the analysis. One was the observed wind speed data taken from three sites with different topographical conditions. The other was the virtual wind speed data which were statistically generated by a random variable with known Weibull parameters. Also, ten types of PPP formulas were applied which were Hazen, California, Weibull, Blom, Gringorten, Chegodayev, Cunnane, Tukey, Beard and Median. In addition, in order to suggest the most suitable PPP formula for estimating Weibull parameters, two accuracy tests, the root mean square error(RMSE) and $R^2$ tests, were performed. As a result, all of PPPs showed better performances than the bin method and the best PPP was the Hazen formula. In the RMSE test, compared with the bin method, the Hazen formula increased estimation performance by 38.2% for the observed wind speed data and by 37.0% for the virtual wind speed data. For the $R^2$ test, the Hazen formula improved the performance by 1.2% and 2.7%, respectively. In addition, the performance of the PPP depended on the frequency of low wind speeds and wind speed variability.

• Journal of Environmental Impact Assessment
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• v.24 no.4
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• pp.375-385
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• 2015

This study analyzed international case studies on Strategic Environmental Assessment (SEA) follow-up and suggested implications based on the study's findings to aid implementation of SEA follow-up in Korea. SEA requires follow-up in order to identify unforseen adverse effects and enable appropriate remedial action to be taken. Tool kits and methodological framework for effective SEA follow-up are only being researched recently. Based on the study's findings, following implications for implementing SEA follow-up in Korea were drawn. First, the system of carrying out SEA follow-up would be different depending on the PPP topic. During the scoping stage, significant impacts should be identified according to the PPP topic, and thus help determine the indicators to be developed in the later stage. Secondly, responsibility, method, time, intervals and actions from SEA follow-up may vary depending on the target SEA consultation. Thirdly, the indicators of SEA follow-up may be considered together with various environmental standards and current political, social and economic indicators which are a big issue in society. Fourthly, SEA follow-up can be used as an integration system of its target planning and environmental planning. Finally, SEA feedback system should be needed. The result of SEA follow-up should be used for target PPP. These would lead to improvements to the target PPP. If SEA follow up is successfully implemented and actively carried out for domestic PPPs, Korea can be a step closer to realization of sustainable development.