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d'Amato, M and Kauko, T (2012) Sustainability and risk premium estimation in property valuation and assessment of worth. Building Research & Information, 40(02), 174-85.

Donn, M, Selkowitz, S and Bordass, B (2012) The building performance sketch. Building Research & Information, 40(02), 186-208.

Kleindienst, S and Andersen, M (2012) Comprehensive annual daylight design through a goal-based approach. Building Research & Information, 40(02), 154-73.

Larsson, J, Eriksson, P E, Lingegård, S and Järvenpää, A (2022) Innovation outcomes and processes in infrastructure projects – a comparative study of Design-Build and Design-Build-Maintenance contracts. Construction Management and Economics, 40(02), 142–56.

Leiringer, R, Gottlieb, S C, Fang, Y and Mo, X (2022) In search of sustainable construction: the role of building environmental assessment methods as policies enforcing green building. Construction Management and Economics, 40(02), 104–22.

Sage, D, Dainty, A and Brookes, N (2012) A 'Strategy-as-Practice' exploration of lean construction strategizing. Building Research & Information, 40(02), 221-30.

Sandberg, N H and Brattebø, H (2012) Analysis of energy and carbon flows in the future Norwegian dwelling stock. Building Research & Information, 40(02), 123-39.

Schlegel, M, Trutnevyte, E and Scholz, R W (2012) Patterns of residential heat demand in rural Switzerland. Building Research & Information, 40(02), 140-53.

Sharafi, A, Amalnick, M S and Taleizadeh, A A (2022) Optimal readjustment of contract variables and the financial outcome of PPP projects in the operation period. Construction Management and Economics, 40(02), 87–103.

  • Type: Journal Article
  • Keywords: Public-private partnership; contract readjustment; operation phase; bargaining; pareto solutions;
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446193.2021.2007536
  • Abstract:
    Contract readjustment and renegotiation are inevitable in PPP projects. Tolls, concession length, and government subsidies are the three main variables that provide a set of Pareto payoffs for the private sector and the government during the operation period. This study provides a bargaining approach based on game theory to fairly determine the payoff parties and optimally readjust the contract variables. Unlike previous studies, this model provides a unique optimal solution in all three negotiation areas including Pareto-compensation bargaining, Pareto-improving bargaining, and Pareto-sharing bargaining. The results indicate that the initial forecast range of private profit and expected payoff parties based on the actual performance have significant impacts on the final output. Contrary to popular belief, receiving a higher guarantee from the government in the contract can lead to a reduction in the private's share during the operation period, if excess profits are made. Similarly, reducing the profit cap in the contract can benefit the private sector in the case of a profit shortfall. This model can support strategic renegotiations and provide a fair and optimal structure to readjust contract variables which will facilitate and expedite the decision-making process.

Soliman-Junior, J, Tzortzopoulos, P and Kagioglou, M (2022) Designers’ perspective on the use of automation to support regulatory compliance in healthcare building projects. Construction Management and Economics, 40(02), 123–41.

Tennant, S and Fernie, S (2012) The commercial currency of construction framework agreements. Building Research & Information, 40(02), 209-20.