Research on risk identification and sharing in sewage treatment PPP projects based on utility theory
Wastewater treatment PPP projects are characterized by large investment amounts and complex project subject re-lationships,which makes them subject to numerous complex risk factors.Moreover,in the actual application of the PPP model in the field of sewage treatment,there are problems of unreasonable risk sharing between the government and the so-cial capital side,and unclear division of rights and responsibilities between the two sides,which leads to inefficiency in the construction and operation of sewage treatment PPP projects.In order to minimize project costs,maximize benefits,it is necessary to further clarify the risk sharing ratio between the public and private sides of sewage treatment PPP projects.Based on the analysis of the risk characteristics and risk sharing principles of sewage treatment PPP projects,the govern-ment departments and social capital parties were takon as the main risk sharing bodies,the public and private utility objec-tive functions were constructed based on the utility theory,and the optimal risk sharing model was established.The results show that the minimum risk cost depends on the common expected cost of government departments and social capital,and the negotiation position of public and private parties in the project directly affects the reasonableness of the risk sharing rati-o.Finally,the feasibility of this risk sharing model is verified through case studies.
sewage treatment PPP projectsrisk identificationrisk sharingutility theory