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Bai, S, Li, M, Song, L and Kong, R (2021) Developing a Common Library of Prefabricated Structure Components through Graphic Media Mapping to Improve Design Efficiency. Journal of Construction Engineering and Management, 147(01).
Ernstsen, S N, Whyte, J, Thuesen, C and Maier, A (2021) How Innovation Champions Frame the Future: Three Visions for Digital Transformation of Construction. Journal of Construction Engineering and Management, 147(01).
Joubert, F, Steyn, E and Pretorius, L (2021) Using the HAZOP Method to Conduct a Risk Assessment on the Dismantling of Large Industrial Machines and Associated Structures: Case Study. Journal of Construction Engineering and Management, 147(01).
Kim, H and Ham, Y (2021) Increasing Reliability of Participatory Sensing for Utility Pole Condition Assessment Using Fuzzy Inference. Journal of Construction Engineering and Management, 147(01).
Korb, S and Sacks, R (2021) Agent-Based Simulation of General Contractor–Subcontractor Interactions in a Multiproject Environment. Journal of Construction Engineering and Management, 147(01).
Li, M, Baek, M and Ashuri, B (2021) Forecasting Ratio of Low Bid to Owner’s Estimate for Highway Construction. Journal of Construction Engineering and Management, 147(01).
Love, P E D, Matthews, J and Fang, W (2021) Envisioning Rework in Practice: Emergent Insights from a Longitudinal Study. Journal of Construction Engineering and Management, 147(01).
Ma, L, Guo, H and Fang, Y (2021) Analysis of Construction Workers’ Safety Behavior Based on Myers-Briggs Type Indicator Personality Test in a Bridge Construction Project. Journal of Construction Engineering and Management, 147(01).
Mohamad, M and Tran, D Q (2021) Risk-Based Prioritization Approach to Construction Inspections for Transportation Projects. Journal of Construction Engineering and Management, 147(01).
Moon, S, Lee, G, Chi, S and Oh, H (2021) Automated Construction Specification Review with Named Entity Recognition Using Natural Language Processing. Journal of Construction Engineering and Management, 147(01).
Shabani Ardakani, S and Nik-Bakht, M (2021) Functional Evaluation of Change Order and Invoice Management Processes under Different Procurement Strategies: Social Network Analysis Approach. Journal of Construction Engineering and Management, 147(01).
Tai, H, Chen, J, Cheng, J, Wei, H, Hsu, S and Liu, H (2021) Determining Worker Training Time for Precast Component Production in Construction: Empirical Study in Taiwan. Journal of Construction Engineering and Management, 147(01).
Tetik, M, Peltokorpi, A, Seppänen, O, Leväniemi, M and Holmström, J (2021) Kitting Logistics Solution for Improving On-Site Work Performance in Construction Projects. Journal of Construction Engineering and Management, 147(01).
Wu, H, Qian, Q K, Straub, A and Visscher, H (2021) Stakeholder Perceptions of Transaction Costs in Prefabricated Housing Projects in China. Journal of Construction Engineering and Management, 147(01).
Wu, J, Sadraddin, H L, Ren, R, Zhang, J and Shao, X (2021) Invariant Signatures of Architecture, Engineering, and Construction Objects to Support BIM Interoperability between Architectural Design and Structural Analysis. Journal of Construction Engineering and Management, 147(01).
Yu, X and Ergan, S (2021) Key Variables in Determining Energy Shaving Capacity of Buildings during Demand Response Events. Journal of Construction Engineering and Management, 147(01).
Yu, X, Mehmood, K, Paulsen, N, Ma, Z and Kwan, H K (2021) Why Safety Knowledge Cannot be Transferred Directly to Expected Safety Outcomes in Construction Workers: The Moderating Effect of Physiological Perceived Control and Mediating Effect of Safety Behavior. Journal of Construction Engineering and Management, 147(01).
Zhang, S, Li, J, Li, Y and Zhang, X (2021) Revenue Risk Allocation Mechanism in Public-Private Partnership Projects: Swing Option Approach. Journal of Construction Engineering and Management, 147(01).
- Type: Journal Article
- Keywords: Public-private partnership (PPP) projects; Revenue risk; Contract mechanism; Minimum revenue guarantee; Excess revenue sharing; Swing option;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0001952
- Abstract:
A fair revenue-risk allocation is essential for successful public-private partnership (PPP) projects. In this paper, a swing option, which can hedge the underlying risk in two directions above and below expectations, is introduced to model a revenue risk allocation contract in PPP projects. In the contract, a minimum revenue guarantee (MRG) and excess revenue sharing (ERS) are integrated. The contract is fair for the public and private partners in that it covers and balances the MRG and ERS. Moreover, the contract embeds the incentive and flexibility by granting the concessionaire swing rights. The contract is priced using a least-squares Monte Carlo simulation. Through a demonstration case of a highway in China, the contract values for different allocation parameters are obtained, providing a reference for negotiations between the government and the concessionaire; the optimal strategies for exercising the swing rights are also presented, according to which the concessionaire can decide when to exert the swing rights. The new revenue risk allocation mechanism developed by the swing option method could enrich the revenue risk allocation theory of PPP projects.