Observatorio de I+D+i UPM

Memorias de investigación
Ponencias en congresos:
Application of the agency theory for the analysis of performance-based mechanisms in road management
Año:2013
Áreas de investigación
  • Transporte
Datos
Descripción
El WCTR es un congreso de reconocido prestigio internacional en el ámbito de la investigación del transporte. Y aunque las actas publicadas están en formato digital y sin ISSN ni ISBN, lo consideramos lo suficientemente importante como para que se considere en los indicadores. This paper develops a model based on agency theory to analyze road management systems (under the different contract forms available today) that employ a mechanism of performance indicators to establish the payment of the agent. The base assumption is that of asymmetric information between the principal (Public Authorities) and the agent (contractor) and the risk aversion of this latter. It is assumed that the principal may only measure the agent?s performance indirectly and by means of certain performance indicators that may be verified by the authorities. In this model there is presumed to be a relation between the efforts made by the agent and the performance level measured by the corresponding indicators, though it is also considered that there may be dispersion between both variables that gives rise to a certain degree of randomness in the contract. An analysis of the optimal contract has been made on the basis of this model and in accordance with a series of parameters that characterize the economic environment and the particular conditions of road infrastructure. As a result of the analysis made, it is considered that an optimal contract should generally combine a fixed component and a payment in accordance with the performance level obtained. The higher the risk aversion of the agent and the greater the marginal cost of public funds, the lower the impact of this performance-based payment. By way of conclusion, the system of performance indicators should be as broad as possible but should not overweight those indicators that encompass greater randomness in their results.
Internacional
Si
Nombre congreso
13th World Conference on Transport Research
Tipo de participación
960
Lugar del congreso
Río de Janeiro (Brasil)
Revisores
Si
ISBN o ISSN
0000000000000
DOI
Fecha inicio congreso
15/07/2013
Fecha fin congreso
18/07/2013
Desde la página
1
Hasta la página
13
Título de las actas
13th World Conference on Transport Research. Compendium of Papers
Esta actividad pertenece a memorias de investigación
Participantes
  • Autor: Antonio Sanchez Soliño (UPM)
Grupos de investigación, Departamentos, Centros e Institutos de I+D+i relacionados
  • Creador: Grupo de Investigación: Planificación del Transporte
  • Departamento: Ingeniería Civil: Construcción
  • Centro o Instituto I+D+i: Centro de Investigación del Transporte
S2i 2021 Observatorio de investigación @ UPM con la colaboración del Consejo Social UPM
Cofinanciación del MINECO en el marco del Programa INNCIDE 2011 (OTR-2011-0236)
Cofinanciación del MINECO en el marco del Programa INNPACTO (IPT-020000-2010-22)