Highway Franchising: Pitfalls and Opportunities
构建了一个分析高速公路拍卖机制的概念框架，指出现有固定期限的特许经营机制会制造不必要风险并助长机会主义行为，提出按通行费收入现值最低分配特许权的新机制，并论证其优越性。
We build a conceptual framework to analyze the virtues and limitations of alternative mechanisms that can be used to auction a highway. We argue that current mechanisms, which fix the term of the franchise, create unnecesary risk and facilitate post-contract opportunism by the regulator and the franchise-holder. We propose a new mechanism that allocates the franchise to the firm asking the least present value of toll revenue. We argue that this mechanisms is clearly superior to those currently in use.