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Note. The ○ sign in the liquidation column means that the project continues, whereas the × sign means that the project is liquidated. The ○ sign in the moral hazard column means that a moral hazard does not occur, whereas the × sign means that a moral hazard occurs. | ||||||||||||||||||||||||||||||||||||||||||||||||
Research Article
Contractual Efficiency of PPP Infrastructure Projects: An Incomplete Contract Model
Table 2
Competitive bidding equilibrium solutions (CBEs) in the basic model.