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Biswas, P K, Khan, S M, Piratla, K and Chowdhury, M (2023) Development and evaluation of statistical and machine-learning models for queue-length estimation for lane closures in freeway work zones. Journal of Construction Engineering and Management, 149(05).
Chong, H Y and Cheng, M (2023) Smart contract implementation in building information modeling-enabled projects: Approach to contract administration. Journal of Construction Engineering and Management, 149(05).
Ding, S, Hu, H, Dai, L and Wang, W (2023) Blockchain adoption among multi-stakeholders under government subsidy: From the technology diffusion perspective. Journal of Construction Engineering and Management, 149(05).
Feng, Z, Chao, Q, Tan, C and Yang, Y (2023) Using bargaining model with loss aversion and a risk of breakdown to determine compensation for buyback of early terminating BOT highway projects. Journal of Construction Engineering and Management, 149(05).
- Type: Journal Article
- Keywords: alternating-offer bargaining game; build-operate-transfer; compensation; loss aversion; risk of breakdown
- ISBN/ISSN: 0733-9364
- URL: http://doi.org/10.1061/JCEMD4.COENG-12897
- Abstract:
Build-operate-transfer (BOT) tends to be used in the construction industries for massive transportation infrastructure projects, one of which is highway projects. The compensation for the early termination of BOT highway projects has become the most striking and concerning issue for the enterprise and the government. Although the works of the compensation for early terminating BOT projects are rich in the construction industry, there is an absence of a thorough investigation of bargaining game-theoretic applications in the construction engineering and management (CEM). To develop a reasonable and fair decision mechanism for the compensation for early terminating BOT highway projects in CEM, a valid approach to evaluating compensation is proposed using a bargaining game. An alternating-offer bargaining game model is constructed to analyze the bargaining process, where loss aversion of the enterprise and the government as well as risk of breakdown is considered in the bargaining process. The compensation amount is derived by solving the constructed bargaining game model. It is shown that the compensation amount for the enterprise is related positively to loss aversion of the government and negatively to its own loss aversion. It is shown that the enterprise can obtain more compensation from the risk of breakdown. Finally, the results of the developed bargaining game model are verified by applying them to the Wutong Mountain Tunnel BOT highway project in Shenzhen, China. The constructed bargaining model enables the enterprise and the government to forecast the agreement on compensation amount in CEM. This paper offers an approach to compensation for early terminating BOT highway projects in CEM.
Garg, S and Misra, S (2023) Framework for estimating quality-related incentive and disincentive in construction projects. Journal of Construction Engineering and Management, 149(05).
Gonsalves, N, Akanmu, A, Gao, X, Agee, P and Shojaei, A (2023) Industry perception of the suitability of wearable robot for construction work. Journal of Construction Engineering and Management, 149(05).
Han, S, Jiang, Y, Huang, Y, Wang, M, Bai, Y and Spool-White, A (2023) Scan2drawing: Use of deep learning for as-built model landscape architecture. Journal of Construction Engineering and Management, 149(05).
Jung, H, Seo, W and Kang, Y (2023) Differences in workers' safety behavior by project size and risk level of work in South Korea. Journal of Construction Engineering and Management, 149(05).
Labik, O, Nahmens, I, Ikuma, L and Harvey, C (2023) On-site versus in-factory installation of solar-plus-storage in modular construction. Journal of Construction Engineering and Management, 149(05).
Saqib, G, Hassan, M U, Zubair, M U and Choudhry, R M (2023) Investigating the acceptance of an electronic incident reporting system in the construction industry: An application of the technology acceptance model. Journal of Construction Engineering and Management, 149(05).
Shen, K, Zhu, Y, Pan, J and Li, X (2023) An intelligent decision-making model for the design of precast slab joints based on case-based reasoning. Journal of Construction Engineering and Management, 149(05).
Ullal, A (2023) Construction conditions and practices during war in Afghanistan. Journal of Construction Engineering and Management, 149(05).
Wang, C, Zhang, S, Gao, Y, Guo, Q and Zhang, L (2023) Effect of contractual complexity on conflict in construction subcontracting: Moderating roles of contractual enforcement and organizational culture distance. Journal of Construction Engineering and Management, 149(05).
Wang, J, Han, C and Li, X (2023) Modified streamlined optimization algorithm for time-cost tradeoff problems of complex large-scale construction projects. Journal of Construction Engineering and Management, 149(05).
Xue, G, Liu, S, Ren, L and Gong, D (2023) Adaptive cross-scenario few-shot learning framework for structural damage detection in civil infrastructure. Journal of Construction Engineering and Management, 149(05).
Zhang, Y, Minchin, R E, Flood, I and Ries, R J (2023) Preliminary cost estimation of highway projects using statistical learning methods. Journal of Construction Engineering and Management, 149(05).
Zhou, Y, Wang, X, Gosling, J and Naim, M M (2023) The system dynamics of engineer-to-order construction projects: Past, present, and future. Journal of Construction Engineering and Management, 149(05).