Should projects funded with taxpayer money be discounted at a lower rate than privately funded projects? I analyze the discount rate applied to long-term cash flows in public (in-house) versus private (contracting out) provision of public goods subject to regulatory burdens. I develop a model...

We assembled a large panel of project-level technical and financial data, as well as country-level economic, institutional, and political variables to assess how political competition and policy insulation feasibility determine private participation in financing infrastructure in emerging...