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Caldas, C H, Gibson, G E, Weerasooriya, R and Yohe, A M (2009) Identification of Effective Management Practices and Technologies for Lessons Learned Programs in the Construction Industry. Journal of Construction Engineering and Management, 135(06), 531–9.

Chen, P, Partington, D and Qiang, M (2009) Cross-Cultural Understanding of Construction Project Managers’ Conceptions of Their Work. Journal of Construction Engineering and Management, 135(06), 477–87.

Cheung, S O, Chow, P T and Yiu, T W (2009) Contingent Use of Negotiators’ Tactics in Construction Dispute Negotiation. Journal of Construction Engineering and Management, 135(06), 466–76.

Hallowell, M and Toole, T M (2009) Contemporary Design-Bid-Build Model. Journal of Construction Engineering and Management, 135(06), 540–9.

Ho, S P, Lin, Y, Chu, W and Wu, H (2009) Model for Organizational Governance Structure Choices in Construction Joint Ventures. Journal of Construction Engineering and Management, 135(06), 518–30.

Kale, S (2009) Fuzzy Intellectual Capital Index for Construction Firms. Journal of Construction Engineering and Management, 135(06), 508–17.

Lo, W and Yan, M (2009) Evaluating Qualification-Based Selection System: A Simulation Approach. Journal of Construction Engineering and Management, 135(06), 458–65.

Lu, M, Lau, S and Poon, C (2009) Simulation Approach to Evaluating Cost Efficiency of Selective Demolition Practices: Case of Hong Kong’s Kai Tak Airport Demolition. Journal of Construction Engineering and Management, 135(06), 448–57.

Marti, P, Trümpi, S and Heinzmann, D (2009) Hydraulic Joint for Pipe Jacking. Journal of Construction Engineering and Management, 135(06), 439–47.

Molenaar, K R, Park, J and Washington, S (2009) Framework for Measuring Corporate Safety Culture and Its Impact on Construction Safety Performance. Journal of Construction Engineering and Management, 135(06), 488–96.

Wong, P S, Cheung, S O and Fan, K L (2009) Examining the Relationship between Organizational Learning Styles and Project Performance. Journal of Construction Engineering and Management, 135(06), 497–507.

Zhang, X (2009) Win–Win Concession Period Determination Methodology. Journal of Construction Engineering and Management, 135(06), 550–8.

  • Type: Journal Article
  • Keywords: Build/Operate/Transfer; Financial management; Infrastructure; Monte Carlo method; Partnerships; Risk management; Simulation; Infrastructure;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000012
  • Abstract:
    In infrastructure development through public-private partnerships (PPPs), governments worldwide often preset the concession period to a fixed length and then invite the private sector to bid on other aspects of the project. This practice has potential economic, financial, and social problems as shown in a case study of Hong Kong tunnel projects. To overcome these problems, this paper has proposed a win–win concession period determination methodology, in which PPPs are addressed as a principal-agent maximization problem. Both deterministic and simulation-based methods are provided to determine the concession period, with detailed step-by-step procedures. These methods take into consideration the financial characteristics of PPPs and the construction and operation requirements. In particular, the simulation-based approach combines the critical path method and Monte Carlo simulation technique in an effort to quantify construction and market risks for informed decision making. Furthermore, some issues related to the proposed methodology also have been discussed. These issues include (1) factors in determining a reasonable rate of return to the concessionaire’s equity investment; (2) advantages and disadvantages of rate of return regulation; (3) concession period as a tender evaluation criterion; (4) efficiency check of the concessionaire’s cost performance; (5) workable pricing mechanism; and (6) a practical approach to establishing statistical construction cost/duration distributions.