Table 3: P-CBEs of the performance guarantee model.

P-CBEsFormation conditionIEquilibrium of the performance guarantee modelBidding priceLiquidationMoral hazard

1C1F×
2C1E

Note. The ○ sign in the liquidation column means that the project continues. The ○ sign in the moral hazard column means that a moral hazard does not occur, whereas the × sign means that a moral hazard occurs.