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Aigwi, I E, Egbelakin, T and Ingham, J (2018) Efficacy of adaptive reuse for the redevelopment of underutilised historical buildings. International Journal of Building Pathology and Adaptation, 36(04), 385–407.
Baron, N and Cherenet, Z (2018) Perceptions and pathways of resilience in Addis Ababa. International Journal of Building Pathology and Adaptation, 36(04), 337–52.
Brown, S and Walker, G (2008) Understanding heat wave vulnerability in nursing and residential homes. Building Research & Information, 36(04), 363–72.
Buyukyoran, F and Gundes, S (2018) Optimized real options-based approach for government guarantees in PPP toll road projects. Construction Management and Economics, 36(04), 203–16.
- Type: Journal Article
- Keywords: Build–operate–transfer; public-private-partnerships; toll roads; guarantees; real options;
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446193.2017.1347267
- Abstract:
The uncertainty associated with future traffic levels in Build–Operate–Transfer toll road projects lead to difficulties in obtaining finance and thus to unsuccessful bids. In order to increase the attractiveness of projects for investors, governments usually provide several types of guarantees such as Minimum Revenue Guarantees (MRGs). In many cases, challenges associated with the valuation of this uncertainty force governments to provide excessive guarantees, placing an increased burden on the public budget. Based on this problem, a real-option-based model is presented for the identification of optimum upper and lower boundaries of compound MRG and Maximum Revenue Cap (MRC) options which establish a fair risk allocation structure. The proposed model uses an optimization approach in which high levels of guarantees in initial years are compensated by the transfer of excess revenues obtained by the private investor in late years. The optimum upper and lower boundaries of compound MRG and MRC options are identified using the proposed model. Results reveal that the emerging net guarantee amount generated by using any pair values of the MRG and MRC that remain in the identified interval not only maintains the attractiveness of project for private investors but also restrains government contingent liabilities. Thus, the identified interval of MRG and MRC enables the structuring of a flexible bargaining environment for both parties.
Cole, R J, Robinson, J, Brown, Z and O'Shea, M (2008) Re-contextualizing the notion of comfort. Building Research & Information, 36(04), 323–36.
Cooper, G (2008) Escaping the house: Comfort and the California garden. Building Research & Information, 36(04), 373–80.
Harris, H J (2008) Conquering winter: US consumers and the cast-iron stove. Building Research & Information, 36(04), 337–50.
Healy, S (2008) Air-conditioning and the 'homogenization' of people and built environments. Building Research & Information, 36(04), 312–22.
Higgins, D and Perera, T (2018) Advancing real estate decision making: understanding known, unknown and unknowable risks. International Journal of Building Pathology and Adaptation, 36(04), 373–84.
Huuhka, S and Saarimaa, S (2018) Adaptability of mass housing: size modification of flats as a response to segregation. International Journal of Building Pathology and Adaptation, 36(04), 408–26.
Leiringer, R and Dainty, A (2018) Plugging into the big debates of the day. Construction Management and Economics, 36(04), 181.
Parkhurst, G and Parnaby, R (2008) Growth in mobile air-conditioning: A socio-technical research agenda. Building Research & Information, 36(04), 351–62.
Sadikoglu Asan, H and Ozsoy, A (2018) The importance of user memory in understanding housing quality. International Journal of Building Pathology and Adaptation, 36(04), 427–46.
Shadid, W K (2018) A framework for managing organizations in complex environments. Construction Management and Economics, 36(04), 182–202.
Strengers, Y (2008) Comfort expectations: The impact of demand-management strategies in Australia. Building Research & Information, 36(04), 381–91.
Tansey, P, Spillane, J P and Brooks, T (2018) Creating opportunities in the face of an environmental jolt: exploring turnaround strategizing practices within large Irish construction contractors. Construction Management and Economics, 36(04), 217–41.
Warren-Myers, G, Judge, M and Paladino, A (2018) Sustainability ratings in residential development: a worthwhile endeavour?. International Journal of Building Pathology and Adaptation, 36(04), 353–72.