The provision of ferry services is conducted worldwide based on different service delivery models. Governments may apply tight control over markets through the acquisition of ownership or the application of regulatory schemes, or may allow for more competitive market structures. The respective public policy will also change the risk taking of different parties involved in markets. The literature, however, lacks a framework for a systematic analysis of this type. Additionally, it does not address the question of which governance-operation ferry service model performs best. These lacunae are addressed in this paper.
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