Risk Allocation in Toll Highway Concessions in Spain: Lessons from Economic Recession

Spain has a long tradition of encouraging toll highways by granting concessions to private companies. Concessions in Spain have been characterized by a willingness to transfer considerable risk to the private sector. Traffic demand, acquisition of the right-of-way, and financial risk have often been allocated to the private sector. From 1996 to 2011, 16 toll highway concessions, covering a total distance of 835 km, were awarded by the central government of Spain with this approach. Some of those highways started their operations just before the economic recession began. The recession had negative consequences for Spain's economy. The gross domestic product per capita plummeted, and the unemployment rate increased from 9% to 20% of the working population in just 2 years. The recession also had severe consequences for the economic performance of toll highway concessions. Traffic levels declined at a much greater rate than did the gross domestic product. In addition, the conditions imposed by the financial markets on borrowers became much stricter because of the liquidity crisis. This study analyzes the impact that the economic recession ultimately had on the performance of toll highway concessions in Spain and the actions that the government adopted to avoid the bankruptcy of the concessionaires. It was found that the economic recession helped identify some deficiencies in how risk had been allocated in Spain. The measures that both Spain and the European Union are adopting so as to improve risk allocation are discussed.

Implementation and management of private traffic limitation in urban areas: experiences and methodologies.

This paper shows the results of a research aimed to formulate a general model for supporting the implementation and management of an urban road pricing scheme. After a preliminary work, to define the state of the art in the field of sustainable urban mobility strategies, the problem has been theoretically set up in terms of transport economy, introducing the external costs’ concept duly translated into the principle of pricing for the use of public infrastructures. The research is based on the definition of a set of direct and indirect indicators to qualify the urban areas by land use, mobility, environmental and economic conditions. These indicators have been calculated for a selected set of typical urban areas in Europe on the basis of the results of a survey carried out by means of a specific questionnaire. Once identified the most typical and interesting applications of the road pricing concept in cities such as London (Congestion Charging), Milan (Ecopass), Stockholm (Congestion Tax) and Rome (ZTL), a large benchmarking exercise and the cross analysis of direct and indirect indicators, has allowed to define a simple general model, guidelines and key requirements for the implementation of a pricing scheme based traffic restriction in a generic urban area. The model has been finally applied to the design of a road pricing scheme for a particular area in Madrid, and to the quantification of the expected results of its implementation from a land use, mobility, environmental and economic perspective.

Comparasion of road traffic emission models in Madrid (Spain)

Many cities in Europe have difficulties to meet the air quality standards set by the European legislation, most particularly the annual mean Limit Value for NO2. Road transport is often the main source of air pollution in urban areas and therefore, there is an increasing need to estimate current and future traffic emissions as accurately as possible. As a consequence, a number of specific emission models and emission factors databases have been developed recently. They present important methodological differences and may result in largely diverging emission figures and thus may lead to alternative policy recommendations. This study compares two approaches to estimate road traffic emissions in Madrid (Spain): the COmputer Programme to calculate Emissions from Road Transport (COPERT4 v.8.1) and the Handbook Emission Factors for Road Transport (HBEFA v.3.1), representative of the ‘average-speed’ and ‘traffic situation’ model types respectively. The input information (e.g. fleet composition, vehicle kilometres travelled, traffic intensity, road type, etc.) was provided by the traffic model developed by the Madrid City Council along with observations from field campaigns. Hourly emissions were computed for nearly 15 000 road segments distributed in 9 management areas covering the Madrid city and surroundings. Total annual NOX emissions predicted by HBEFA were a 21% higher than those of COPERT. The discrepancies for NO2 were lower (13%) since resulting average NO2/NOX ratios are lower for HBEFA. The larger differences are related to diesel vehicle emissions under “stop & go” traffic conditions, very common in distributor/secondary roads of the Madrid metropolitan area. In order to understand the representativeness of these results, the resulting emissions were integrated in an urban scale inventory used to drive mesoscale air quality simulations with the Community Multiscale Air Quality (CMAQ) modelling system (1 km2 resolution). Modelled NO2 concentrations were compared with observations through a series of statistics. Although there are no remarkable differences between both model runs, the results suggest that HBEFA may overestimate traffic emissions. However, the results are strongly influenced by methodological issues and limitations of the traffic model. This study was useful to provide a first alternative estimate to the official emission inventory in Madrid and to identify the main features of the traffic model that should be improved to support the application of an emission system based on “real world” emission factors.

Modulation of Endocytic Traffic in Polarized Madin-Darby Canine Kidney Cells by the Small GTPase RhoA

Efficient postendocytic membrane traffic in polarized epithelial cells is thought to be regulated in part by the actin cytoskeleton. RhoA modulates assemblies of actin in the cell, and it has been shown to regulate pinocytosis and phagocytosis; however, its effects on postendocytic traffic are largely unexplored. To this end, we expressed wild-type RhoA (RhoAWT), dominant active RhoA (RhoAV14), and dominant inactive RhoA (RhoAN19) in Madin-Darby canine kidney (MDCK) cells expressing the polymeric immunoglobulin receptor. RhoAV14 expression stimulated the rate of apical and basolateral endocytosis, whereas RhoAN19 expression decreased the rate from both membrane domains. Polarized basolateral recycling of transferrin was disrupted in RhoAV14-expressing cells as a result of increased ligand release at the apical pole of the cell. Degradation of basolaterally internalized epidermal growth factor was slowed in RhoAV14-expressing cells. Although apical recycling of immunoglobulin A (IgA) was largely unaffected in cells expressing RhoAV14, transcytosis of basolaterally internalized IgA was severely impaired. Morphological and biochemical analyses demonstrated that a large proportion of IgA internalized from the basolateral pole of RhoAV14-expressing cells remained within basolateral early endosomes and was slow to exit these compartments. RhoAN19 and RhoAWT expression had little effect on these postendocytic pathways. These results indicate that in polarized MDCK cells activated RhoA may modulate endocytosis from both membrane domains and postendocytic traffic at the basolateral pole of the cell.

Report of a Committee of the Corporation of Harvard College appointed “to consider the expediency of making further regulations relative to Commons,” May 19, 1807

This report expressed the opinion of the Committee that, despite the students' complaints, Commons should be not changed in any meaningful regard (save for the method of purchasing beef). Among other reasons for explaining the inflexible position of the Corporation, they stated, “alacrity, cheerfulness and docility are the companions of temperance; petulance, disquietude and perverseness are the intractable offspring of indulgence.” In addition, they suggested that students should refrain from sampling delicacies in town to better appreciate the "plain, simple, and wholesome food of the hall."