This　paper　examines　how　capacity　and　toll　choices　of　the　Build–Operate–Transfer　mode　affect　the　benefit　distribution　among　private　sector,　road　users　and　public　under　the　framework　of　cumulative　prospect　theory.　In　the　proposed　network　equilibrium　model,　we　divide　all　road　users　into　several　classes　differentiated　by　their　valuation　of　travel　time,　and　let　the　class-specific　travel　demand　be　endogenous.　Our　numerical　results　show　that　the　benefit　distribution　is　indeed　influenced　by　the　travellers＇　risk　preference　parameters　significantly.　Thus,　administrators　should　carefully　consider　the　travellers＇　risk　attitude　and　their　heterogeneity　before　determining　whether　or　not　to　employ　the　Build–Operate–Transfer　mode.　©　2015,　©　2015　Informa　UK　Limited,　trading　as　Taylor　&　Francis　Group.