1. The theoretical analysis of this chapter is based on Lee (2017).
2. For example, the benefit of a road project cannot be exactly measured; only traffic volume, average travel times, and similar measures can, with the results providing indirect information on the quality of a road.
3. We also conducted an additional analysis (not shown here) examining which type of investor was dominant for each project stage. Here, we observed that large construction investors took on the major role of raising capital during the construction phase after the initial signing through to design implementation, while financial investors, such as national pensions, contribute to major parts of capital at the operation stage.
4. The variable of minimum revenue guarantee was added to consider its role in shaping the Republic of Korea's PPP system in its early years, and particularly to spur the PPP market.