Research Article
Contractual Efficiency of PPP Infrastructure Projects: An Incomplete Contract Model
Table 1
Equilibrium solutions of the basic model.
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Note. The establishing condition column shows the establishing conditions of the relevant equilibrium solutions. shows the expected payoffs earned by the SPV under equilibrium strategy . The ○ sign in the default column implies that the debt contract is not modified; the Δ sign means that the bank extinguishes part of the debt and the project continues. The × sign means that the SPV is liquidated. Define , , , , and . |