1. The Korea Development Institute is the largest economic policy research institute in the Republic of Korea.
2. Value-for-money is computed as the difference between the expected fiscal burden of government-funded projects and PPP projects. PPPs are preferred when value-for-money is positive because they incur less fiscal burden.
3. As the European Commission puts it, "It is essential for governments to develop clear legal and regulatory formats that identify the various steps in the process, together with rights and obligations of all involved" (European Commission 2003).