Informatics Publishing Limited

Elena Razumovskaia ¹, Elena Kniazeva ¹, Larisa Yuzvovich ¹, Irina Kotlyarevskaia ¹, Yulia Maltseva ¹

Affiliations
1 Ural Federal University, Yekaterinburg, Russia

Abstract

Objectives: This article is devoted to the actual problem of the economy of any state – finding effective formats of financing investment projects of transport infrastructure development, having significant differences in many countries. The publicprivate partnership is the most common worldwide financial mechanism to attract investment in the infrastructure projects. Methods: The authors have attempted to substantiate the main results of the research using econometric tools, along with the traditional methods of analysis – statistical monitoring, graphical method, the method of observation, measurement and analysis. Findings: Based on the identified needs in the construction of transport routes in Russia compared with Western countries, the authors have determined the volume of investments in this sector. Then, the mathematical model of making investment decisions on the basis of econometric equilibrium strategies of participants has been offered. The analysis of the various possibilities of strategic cooperation between the participants of investment projects on the basis of game theory (in particular, the Nash equilibrium and Cournot duopoly) allowed the authors to suggest a function of weighted average cost of project capital (WACPC), designed to improve the effectiveness of using financial resources involved in the infrastructure projects. Improvements: One of the practical implications of this study lies in the fact that based on the game theory it is possible to create a universal financial mechanism, which would enable to diversify investment sources and reduce the risks of infrastructure projects at all stages of their implementation. Following the principles of Nash equilibrium strategy is able to eliminate the corruption schemes in the allocation of contracts with state authorities and general contractors for transport infrastructure construction and upgrading.

Keywords

Equilibrium Strategy, Financial Mechanism, Investments, Transport Infrastructure, Weighted Average Cost of Project Capital.

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