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Al-Bayati, A J, Eiris, R, Hernandez, G O and Al-Bayati, M A (2023) Addressing social inequity in construction safety research: Personal protective equipment focus. Journal of Construction Engineering and Management, 149(12).
Deep, S, Gajendran, T, Jefferies, M and Jha, K N (2023) Developing subcontractor-general contractor relationships in the construction industry: Constructs and scales for analytical decision making. Journal of Construction Engineering and Management, 149(12).
Gebretekle, Y T and Fayek, A R (2023) Fuzzy agent-based modeling of competency and performance measures in construction. Journal of Construction Engineering and Management, 149(12).
Hadi, A, Cheung, F, Adjei, S and Dulaimi, A (2023) Evaluation of lean off-site construction literature through the lens of industry 4.0 and 5.0. Journal of Construction Engineering and Management, 149(12).
Han, J and Huang, H (2023) Cooperative behavior, supervision, and contract choice in PPP projects: An evolutionary game theory approach incorporating an other-regarding preference. Journal of Construction Engineering and Management, 149(12).
Hu, Z, Chan, W T and Hu, H (2023) Personalized construction safety interventions considering cognitive-related factors. Journal of Construction Engineering and Management, 149(12).
Lai, X, Huang, J, Lin, S, Hu, C, Mao, N, Liu, J and Chen, Q (2023) Efficiency scoring for subway tunnel construction based on shield-focused big data and Gaussian broad learning system. Journal of Construction Engineering and Management, 149(12).
Li, M, Lin, Q and Jin, H (2023) Research on near-miss incidents monitoring and early warning system for building construction sites based on blockchain technology. Journal of Construction Engineering and Management, 149(12).
Ling, F Y Y, Heng, G T H, Chang-Richards, A, Chen, X and Yiu, T W (2023) Impact of digital technology adoption on the comparative advantage of architectural, engineering, and construction firms in Singapore. Journal of Construction Engineering and Management, 149(12).
Luo, X, Li, X, Song, X and Liu, Q (2023) Convolutional neural network algorithm-based novel automatic text classification framework for construction accident reports. Journal of Construction Engineering and Management, 149(12).
Moohialdin, A S M, Lamari, F, Miska, M and Trigunarsyah, B (2023) Proximity activity intensity identification system in hot and humid weather conditions: Development and implementation. Journal of Construction Engineering and Management, 149(12).
Mostofi, F and Toǧan, V (2023) A data-driven recommendation system for construction safety risk assessment. Journal of Construction Engineering and Management, 149(12).
Shi, L, He, Y and Onishi, M (2023) Effect of the internal agency problem on risk-sharing incentive contracts in public-private partnership projects. Journal of Construction Engineering and Management, 149(12).
- Type: Journal Article
- Keywords: external agency problem; incentive; internal agency problem; public-private partnership; risk sharing
- ISBN/ISSN: 0733-9364
- URL: http://doi.org/10.1061/JCEMD4.COENG-13727
- Abstract:
Through an appropriate risk-sharing arrangement between governments and private partners, public-private partnerships (PPPs) are justified because of their improved value for money (VFM). From the agency theory perspective, an agency problem may arise when private partners pursue self-interests opportunistically at the government's expense in the face of asymmetric information and conflicting interests. Transferring risk to private partners enables the government to encourage private partners to improve the performance of the project. The existing literature discussed the incentive mechanism of risk-sharing to resolve the external agency problem between the government and special purpose vehicles (SPVs) founded by private sponsors. However, the internal agency problem that occurs among private sponsors was not investigated. This study used an analytical framework based on the Nash bargaining game and principal-agent models to examine the effect of the internal agency problem on the optimality of risk-sharing between the government and SPVs. The findings indicate that the internal agency problem, which is characterized by the free-rider problem, can be mitigated through equity shareholdings negotiated by private sponsors. However, disregarding the internal agency problem leads the government to shift risk excessively or inadequately to the SPV. The results show that a government that acknowledges the internal agency problem determines the optimal risk-sharing with private partners, considering the dilution and squeezing effects brought about by privately negotiated shareholdings under different risk scenarios. This study contributes to the PPP knowledge body by introducing the internal agency problem into the incentive mechanism of risk-sharing between the government and SPVs. The findings also provide support for government to formulate risk-sharing strategies and shed light on the design of PPP incentive contracts.
Siddika, A and Lu, M (2023) Project schedule acceleration optimization integrated with energy source-based assessment of occupational health and safety risks. Journal of Construction Engineering and Management, 149(12).
Taghaddos, M, Pereira, E, Osorio-Sandoval, C, Hermann, U and Abourizk, S (2023) A data-driven approach for deploying safety policies for schedule planning in industrial construction projects: A case study. Journal of Construction Engineering and Management, 149(12).
Thekinen, J D, Pandey, N, Mollaoglu, S, Duva, M, Frank, K and Zhao, D (2023) Detecting information bottlenecks in architecture engineering construction projects for integrative project management. Journal of Construction Engineering and Management, 149(12).
Venkatesh, P and Ergan, S (2023) Classification of challenges in achieving BIM-based safety-requirement checking in vertical construction projects. Journal of Construction Engineering and Management, 149(12).
Xiahou, X, Li, Z, Xia, J, Zhou, Z and Li, Q (2023) A feature-level fusion-based multimodal analysis of recognition and classification of awkward working postures in construction. Journal of Construction Engineering and Management, 149(12).
Xu, Z, Guo, X, Zhao, Y and Liu, X (2023) Performance of CFRP-bolted timber joints with slotted-in corrugated steel plates. Journal of Construction Engineering and Management, 149(12).
Xue, Y, Le, Y, Zhang, X and Jiang, K (2023) Exploring schedule risks in large airport operational readiness: Risk identification and the systematic model. Journal of Construction Engineering and Management, 149(12).
Yang, J, Zhong, B, Gao, H and Wang, Y (2023) Task decomposition and service composition on an innovative blockchain-based construction service trading platform to select construction services. Journal of Construction Engineering and Management, 149(12).
Yi, W, Wang, H, Zhen, L and Liu, Y (2023) Automated generation of horizontal precast slab stacking plans. Journal of Construction Engineering and Management, 149(12).
Zhou, T, Xia, P, Ye, Y and Du, J (2023) Embodied robot teleoperation based on high-fidelity visual-haptic simulator: Pipe-fitting example. Journal of Construction Engineering and Management, 149(12).