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Bi, L, Ren, B, Zhong, D and Hu, L (2015) Real-Time Construction Schedule Analysis of Long-Distance Diversion Tunnels Based on Lithological Predictions Using a Markov Process. Journal of Construction Engineering and Management, 141(02).

Boz, M A and El-adaway, I H (2015) Creating a Holistic Systems Framework for Sustainability Assessment of Civil Infrastructure Projects. Journal of Construction Engineering and Management, 141(02).

Kaminsky, J and Javernick-Will, A (2015) Theorizing the Internal Social Sustainability of Sanitation Organizations. Journal of Construction Engineering and Management, 141(02).

Kashani, H, Ashuri, B, Shahandashti, S M and Lu, J (2015) Investment Valuation Model for Renewable Energy Systems in Buildings. Journal of Construction Engineering and Management, 141(02).

Lee, S (2015) Determination of Priority Weights under Multiattribute Decision-Making Situations: AHP versus Fuzzy AHP. Journal of Construction Engineering and Management, 141(02).

Lei, Z, Han, S, Bouferguène, A, Taghaddos, H, Hermann, U and Al-Hussein, M (2015) Algorithm for Mobile Crane Walking Path Planning in Congested Industrial Plants. Journal of Construction Engineering and Management, 141(02).

Leung, M, Bowen, P, Liang, Q and Famakin, I (2015) Development of a Job-Stress Model for Construction Professionals in South Africa and Hong Kong. Journal of Construction Engineering and Management, 141(02).

Li, H, Xu, Z and Demeulemeester, E (2015) Scheduling Policies for the Stochastic Resource Leveling Problem. Journal of Construction Engineering and Management, 141(02).

Liao, C (2015) Optimal Inspection Strategies for Labor Inspection in the Construction Industry. Journal of Construction Engineering and Management, 141(02).

Lu, W, Zhang, L and Li, Z (2015) Influence of Negotiation Risk Attitude and Power on Behaviors and Outcomes When Negotiating Construction Claims. Journal of Construction Engineering and Management, 141(02).

Mostafa, M A and El-Gohary, N M (2015) Semantic System for Stakeholder-Conscious Infrastructure Project Planning and Design. Journal of Construction Engineering and Management, 141(02).

Russell, M M, Liu, M, Howell, G and Hsiang, S M (2015) Case Studies of the Allocation and Reduction of Time Buffer through Use of the Last Planner System. Journal of Construction Engineering and Management, 141(02).

Sun, Y and Zhang, L (2015) Balancing Public and Private Stakeholder Interests in BOT Concessions: Minimum Revenue Guarantee and Royalty Scheme Applied to a Water Treatment Project in China. Journal of Construction Engineering and Management, 141(02).

  • Type: Journal Article
  • Keywords: Build-operate-transfer (BOT); Concession period; Minimum revenue guarantee (MRG); Royalty collection (RC); Project planning and design;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000930
  • Abstract:
    Because of demand uncertainties, a build-operate-transfer (BOT) project may lead a concessionaire either to realize an excessive profit or suffer a loss. The object of this paper is to establish an adjustment mechanism to automatically balance the risks and rewards between public and private sectors under the fixed preset concession period. Using a revised net present value (NPV) financial evaluation model and the Monte Carlo simulation technique, the authors construct a model that can determine the optimum solution of the minimum revenue guarantee (MRG) level and the collect rate of royalty for BOT projects. The MRG and royalty collection combination (G&R) is shown, via a reduction in the decision variables, to be a more effective scheme than those in previous studies. The results of a sensitivity analysis based on a wastewater treatment BOT project prove that Scheme M of MRG based on 90% volume combined with a 20% royalty rate is the leading option because it guarantees that the concessionaire will always earn a reasonable anticipated return under the fixed term. The main contribution of this paper is to provide a simple tool for balancing the risks and benefits for the government and investors.