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There is a strong economic rationale for close cooperation between the public and private sectors. This has resulted in a significant increase in the demand for the provision of public services through instruments combining public and private money such as public-private partnerships (PPPs or P3s). We describe these arrangements and explore how they can be analyzed using standard tools in economics (incentives and principal-agent theory). We discuss the implications of our approach in terms of identifying risks that are often overlooked before turining to the optimal risk-sharing between the public and private partners, in particular with respect to information asymmetries in risk perceptions. This allows us to propose a typology of the risks associated with PPPs, where both internal risks (the risks associated with the contract) and external risks (those associated with the project) are considered.

Management --- Business & Economics --- Industrial Management --- Public-private sector cooperation. --- Privatization. --- Risk management. --- Denationalization --- Privatisation --- Private-public partnerships --- Private-public sector cooperation --- Public-private partnerships --- Public-private sector collaboration --- Insurance --- Contracting out --- Corporatization --- Government ownership --- Cooperation --- Infrastructure --- Macroeconomics --- Public Finance --- Organizational Behavior --- Transaction Costs --- Property Rights --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Asymmetric and Private Information --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Marketing and Advertising: Government Policy and Regulation --- Transportation Systems: Government and Private Investment Analysis --- Public Enterprises --- Public-Private Enterprises --- Public Administration --- Public Sector Accounting and Audits --- Industry Studies: Transportation and Utilities: General --- Public finance & taxation --- Civil service & public sector --- Public investment and public-private partnerships (PPP) --- Public sector --- Risks of public-private partnership --- Transportation --- Expenditure --- Economic sectors --- Public financial management (PFM) --- National accounts --- Public-private sector cooperation --- Finance, Public --- Fiscal policy --- Saving and investment --- United States