Engel E., Fisger R., Galetovic A., (2006), Highway Franchising in the United States, Review of Industrial Organization, vol. 29, 27-53

Abstract

We review the experience of both private toll-roads built in the United States
during the 1990s, and argue that the problems they encountered could have been avoided if the length of the franchise contract would adapt to demand realizations. We also argue in favor of adjudicating private toll-roads via BOT-type contracts in competitive
(Demsetz) auctions. The lessons of this paper are relevant since growing congestion and
troubled government finances have made private toll-roads increasingly attractive in the
United States.

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