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Chang, C-Y (2013) A critical review of the application of TCE in the interpretation of risk allocation in PPP contracts. Construction Management and Economics, 31(02), 99-103.
- Type: Journal Article
- Keywords: competence; procurement; public–private partnerships; risk analysis; transaction cost
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446193.2012.726365
Along with the rise of public-private partnerships (PPPs) as a mainstream procurement system, we have seen a growing interest in studies of risk allocation in these projects. One of the serious academic endeavours is to apply both transaction cost economics (TCE) and the resource-based view (RBV) to explain risk allocation patterns found in PPP projects. The existing literature along these lines is deficient in three aspects: inappropriate choice of unit of analysis; poor specification of governance structure; and misinterpretation of asset specificity. A way for improvement is to analyse risk allocation in the context of PPP procurement in its entirety.