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Perceptions of risk in the Private Finance Initiative

Paul Gallimore (Division of Property & Construction Management, Staffordshire University Business School, UK)
Will Williams (University of Glamorgan Business School, UK)
David Woodward (Division of Accounting & Finance, Staffordshire University Business School, UK)

Journal of Property Finance

ISSN: 0958-868X

Article publication date: 1 June 1997

6984

Abstract

The UK Government’s Private Finance Initiative introduces new arrangements for the provision of buildings from which public services are delivered. These arrangements require the private sector to take on new forms of risk. Discusses the progress of the Initiative and focuses on a study to determine whether differences exist in the weighting given by different “players” to these risks. Argues that the existence of such differences would present an additional barrier to the PFI’s implementation. The findings reveal that one form of risk, namely that associated with revenue from occupancy under PFI, is viewed as both of greater importance and more uncertain than other risks. Generally, however, finds that perceptions of risk are not significantly different between the four groups examined in the study (surveyors, financiers, contractors and purchasers).

Keywords

Citation

Gallimore, P., Williams, W. and Woodward, D. (1997), "Perceptions of risk in the Private Finance Initiative", Journal of Property Finance, Vol. 8 No. 2, pp. 164-176. https://doi.org/10.1108/09588689710167852

Publisher

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MCB UP Ltd

Copyright © 1997, MCB UP Limited

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