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Ahmadian, F F A, Rashidi, T H, Akbarnezhad, A and Waller, S T (2017) BIM-enabled sustainability assessment of material supply decisions. Engineering, Construction and Architectural Management, 24(04), 668-95.
Al-Hammad, A M, Al-Mubaiyadh, S and Mahmoud, T (1996) Public versus private sector's assessment of problems facing the building maintenance industry in Saudi Arabia. Building Research & Information, 24(04), 245–54.
Best, R and Langston, C (2006) Evaluation of construction contractor performance: a critical analysis of some recent research. Construction Management and Economics, 24(04), 439-45.
Buijs, A and Silvester, S (1996) Demonstration projects and sustainable housing. Building Research & Information, 24(04), 195–202.
Cheung, F K T and Skitmore, M (2006) A modified storey enclosure model. Construction Management and Economics, 24(04), 391-405.
Ejohwomu, O A, Oshodi, O S and Lam, K C (2017) Nigeria’s construction industry: Barriers to effective communication. Engineering, Construction and Architectural Management, 24(04), 652-67.
Enshassi, A (1996) Training for Palestinian engineers to face the challenges of multinational enterprises in the Gaza Strip. Building Research & Information, 24(04), 222–7.
GhaffarianHoseini, A, Tien, D D, Naismith, N, Tookey, J and GhaffarianHoseini, A (2017) Amplifying the practicality of contemporary building information modelling implementations for New Zealand green building certification (green star). Engineering, Construction and Architectural Management, 24(04), 696-714.
Gunning, J G and Cooke, E (1996) The influence of occupational stress on construction professionals. Building Research & Information, 24(04), 213–22.
Hassanein, A A G (1996) Factors affecting the bidding behaviour of contractors in Egypt. Building Research & Information, 24(04), 228–36.
Hassanein, A A G and Hakam, Z H R (1996) A bidding decision index for construction contractors. Building Research & Information, 24(04), 237–44.
Hu, X and Liu, C (2017) Total factor productivity measurement with carbon reduction. Engineering, Construction and Architectural Management, 24(04), 575-92.
Huang, Y-L and Chou, S-P (2006) Valuation of the minimum revenue guarantee and the option to abandon in BOT infrastructure projects. Construction Management and Economics, 24(04), 379-89.
- Type: Journal Article
- Keywords: BOT; infrastructure; real option; option to abandon; minimum revenue guarantee
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446190500434997
- Abstract:
The real option approach is used to value the minimum revenue guarantee (MRG) and the option to abandon in Build-Operate-Transfer infrastructure projects. The option to abandon is formulated under an investment option held by the concessionaire at contract signing and to expire before construction commencement. MRG is formulated as a series of European style put options in a single option pricing model. When combined with the option to abandon in the pre-construction phase, MRG is reconstructed as a series of European style call options to develop a compound option pricing formula. The Taiwan High-Speed Rail Project is chosen as a numerical case to apply the formulas. The results show both MRG and the option to abandon can create values. When MRG and the option to abandon are combined, they will counteract each other and their values will thus be reduced. Increasing the MRG level will decrease the value of the option to abandon, and, at a certain MRG level, the option to abandon will be rendered worthless.
Johnson, C, Lizarralde, G and Davidson, C H (2006) A systems view of temporary housing projects in post-disaster reconstruction. Construction Management and Economics, 24(04), 367-78.
Kazemi, R M, Riley, D, Asadi, S and Delgoshaei, P (2017) Improving the performance profile of energy conservation measures at the Penn State University Park campus. Engineering, Construction and Architectural Management, 24(04), 610-28.
Kindangen, J I (1996) Artificial neural networks and naturally ventilated buildings. Building Research & Information, 24(04), 203–8.
Panahi, B, Moezzi, E, Preece, C N and Wan, Z W N (2017) Value conflicts and organizational commitment of internal construction stakeholders. Engineering, Construction and Architectural Management, 24(04), 554-74.
Parchami, J M and Shoar, S (2017) A hybrid SD-dematel approach to develop a delay model for construction projects. Engineering, Construction and Architectural Management, 24(04), 629-51.
Rahmani, F, Maqsood, T and Khalfan, M (2017) An overview of construction procurement methods in Australia. Engineering, Construction and Architectural Management, 24(04), 593-609.
Stewart, R A and Spencer, C A (2006) Six-sigma as a strategy for process improvement on construction projects: a case study. Construction Management and Economics, 24(04), 339-48.
Tang, C M, Wong, C W Y, Leung, A Y T and Lam, K C (2006) Selection of funding schemes by a borrowing decision model: a Hong Kong case study. Construction Management and Economics, 24(04), 349-65.
Thomas, A V, Kalidindi, S N and Ganesh, L S (2006) Modelling and assessment of critical risks in BOT road projects. Construction Management and Economics, 24(04), 407-24.
Wilson, J G and Gupta, N K (1996) Assessment of structure formation in fresh concrete by measurement of its electrical resistance. Building Research & Information, 24(04), 209–12.
Wong, J T Y and Hui, E C M (2006) Construction project risks: further considerations for constructors' pricing in Hong Kong. Construction Management and Economics, 24(04), 425-38.