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Abdul-Aziz, A-R (2001) Foreign workers and labour segmentation in Malaysia's construction industry. Construction Management and Economics, 19(08), 789-98.

Abu Dabous, S and Alkass, S (2008) Decision support method for multi-criteria selection of bridge rehabilitation strategy. Construction Management and Economics, 26(08), 883–93.

Acar, E and Göç, Y (2011) Prediction of risk perception by owners’ psychological traits in small building contractors. Construction Management and Economics, 29(08), 841–52.

Agapiou, A (2002) Perceptions of gender roles and attitudes toward work among male and female operatives in the Scottish construction industry. Construction Management and Economics, 20(08), 697-705.

Alananga, S, Lucian, C and Kusiluka, M M (2015) Significant cost-push factors in owner-built incremental housing construction in Tanzania. Construction Management and Economics, 33(08), 671-88.

Ammar, M A (2020) Resource optimisation in line of balance scheduling. Construction Management and Economics, 38(08), 715–25.

Andersen, L P, Karlsen, I L, Kines, P, Joensson, T and Nielsen, K J (2015) Social identity in the construction industry: implications for safety perception and behaviour. Construction Management and Economics, 33(08), 640-52.

Arditi, D and Chotibhongs, R (2009) Detection and prevention of unbalanced bids. Construction Management and Economics, 27(08), 721–32.

Aye, L, Bamford, N, Charters, B and Robinson, J (2000) Environmentally sustainable development: a life-cycle costing approach for a commercial office building in Melbourne, Australia. Construction Management and Economics, 18(08), 927-34.

Benjaoran, V and Peansupap, V (2020) Grid-based construction site layout planning with Particle Swarm Optimisation and Travel Path Distance. Construction Management and Economics, 38(08), 673–88.

Bergström, M and Stehn, L (2005) Benefits and disadvantages of ERP in industrialised timber frame housing in Sweden. Construction Management and Economics, 23(08), 831-8.

Bogus, S M, Molenaar, K R and Diekmann, J E (2006) Strategies for overlapping dependent design activities. Construction Management and Economics, 24(08), 829-37.

Bonnal, P, Gourc, D, Hameri, A-p and Lacoste, G (2005) A linear-discrete scheduling model for the resource-constrained project scheduling problem. Construction Management and Economics, 23(08), 797-814.

Boonstra, C and Knapen, M (2000) Knowledge infrastructure for sustainable building in The Netherlands. Construction Management and Economics, 18(08), 885-91.

Bowen, P, Dorrington, R, Distiller, G, Lake, H and Besesar, S (2008) HIV/AIDS in the South African construction industry: an empirical study. Construction Management and Economics, 26(08), 827–39.

Bröchner, J, Josephson, P-e and Alte, J (2005) Identifying management research priorities. Construction Management and Economics, 23(08), 793-6.

Bridge, A J and Tisdell, C (2004) The determinants of the vertical boundaries of the construction firm. Construction Management and Economics, 22(08), 807-25.

Cameron, I and Duff, R (2007) Use of performance measurement and goal setting to improve construction managers' focus on health and safety. Construction Management and Economics, 25(08), 869–81.

Caven, V and Astor, E N (2013) The potential for gender equality in architecture: an Anglo-Spanish comparison. Construction Management and Economics, 31(08), 874-82.

Chan, P W (2013) Queer eye on a ‘straight’ life: deconstructing masculinities in construction. Construction Management and Economics, 31(08), 816-31.

Chang, C-Y and Ive, G (2007) Reversal of bargaining power in construction projects: meaning, existence and implications. Construction Management and Economics, 25(08), 845–55.

Chao, L-C and Liou, C-N (2007) Risk-minimizing approach to bid-cutting limit determination. Construction Management and Economics, 25(08), 835–43.

Chau, C K, Lee, W L, Yik, F W H and Burnett, J (2000) Towards a successful voluntary building environmental assessment scheme. Construction Management and Economics, 18(08), 959-68.

Chen, J-H, Yang, L-R, Chen, W H and Chang, C K (2008) Case-based allocation of onsite supervisory manpower for construction projects. Construction Management and Economics, 26(08), 805–14.

Chen, Y, Chen, Y, Smyth, H and Fu, Y (2021) Enforcement against contract violation in Chinese construction projects: impacts of trust and perceived intentionality. Construction Management and Economics, 39(08), 687–703.

Chen, Y, Wang, W, Zhang, S and You, J (2018) Understanding the multiple functions of construction contracts: the anatomy of FIDIC model contracts. Construction Management and Economics, 36(08), 472–85.

Choi, K, Lee, E-B, Ibbs, C W and Kim, Y W (2009) Multifaceted public outreach and cost–benefit analysis for its effectiveness validation. Construction Management and Economics, 27(08), 771–82.

Choudhury, T (2013) Experiences of women as workers: a study of construction workers in Bangladesh. Construction Management and Economics, 31(08), 883-98.

Cole, R J (2000) Building environmental assessment methods: assessing construction practices. Construction Management and Economics, 18(08), 949-57.

Cuervo, J C and Low, S P (2004) Global performance measures for transnational construction corporations. Construction Management and Economics, 22(08), 851-60.

Dainty, A R J, Cheng, M-I and Moore, D R (2004) A competency-based performance model for construction project managers. Construction Management and Economics, 22(08), 877-86.

Dainty, A R, Briscoe, G H and Millett, S J (2001) Subcontractor perspectives on supply chain alliances. Construction Management and Economics, 19(08), 841-8.

Dhanshyam, M and Srivastava, S K (2021) Governance structures for public infrastructure projects: Public–private management regimes, contractual forms and innovation. Construction Management and Economics, 39(08), 652–68.

Doloi, H (2008) Application of AHP in improving construction productivity from a management perspective. Construction Management and Economics, 26(08), 841–54.

Dorée, A G and Holmen, E (2004) Achieving the unlikely: innovating in the loosely coupled construction system. Construction Management and Economics, 22(08), 827-38.

Duong, T B A, Pham, T, Truong, Q H, Nguyen, K, Pham, C H, Hoang, T and Pham, T H (2023) Risk in sustainable construction supply chains: construct development and measurement validation. Construction Management and Economics, 41(08), 634–50.

Eriksson, P E and Ossi (2007) Modelling procurement effects on cooperation. Construction Management and Economics, 25(08), 893–901.

Fan, S C, Shen, Q P and Luo, X (2010) Group decision support systems in value management. Construction Management and Economics, 28(08), 38.

Fellows, R and Liu, A M M (2012) Managing organizational interfaces in engineering construction projects: addressing fragmentation and boundary issues across multiple interfaces. Construction Management and Economics, 30(08), 653-71.

Fellows, R F, Liu, A and Fong, C M (2003) Leadership style and power relations in quantity surveying in Hong Kong. Construction Management and Economics, 21(08), 809-18.

Fox, S, Marsh, L and Cockerham, G (2002) Constructability rules: guidelines for successful application to bespoke buildings. Construction Management and Economics, 20(08), 689-96.

Fraser, C and Zarkada-Frazer, A (2001) The philosophy, structure and objectives of research and development in Japan. Construction Management and Economics, 19(08), 831-40.

Fu, W K, Drew, D S and Lo, H P (2002) The effect of experience on contractors' competitiveness in recurrent bidding. Construction Management and Economics, 20(08), 655-66.

Fu, Y, Chen, Y, Zhang, S and Wang, W (2015) Promoting cooperation in construction projects: an integrated approach of contractual incentive and trust. Construction Management and Economics, 33(08), 653-70.

Gangwar, M and Goodrum, P M (2005) The effect of time on safety incentive programs in the US construction industry. Construction Management and Economics, 23(08), 851-9.

Geekiyanage, D and Ramachandra, T (2021) Running costs indices for commercial buildings using the hedonic price imputation approach: a case of Sri Lanka. Construction Management and Economics, 39(08), 704–21.

George, M and Loosemore, M (2019) Site operatives’ attitudes towards traditional masculinity ideology in the Australian construction industry. Construction Management and Economics, 37(08), 419–32.

Graham, P (2000) Building education for the next industrial revolution: teaching and learning environmental literacy for the building professions. Construction Management and Economics, 18(08), 917-25.

Greenwood, D and Gledson, B J (2012) The efficient scheduling of resources in engineering construction projects: reflections on a case study from Iran. Construction Management and Economics, 30(08), 687-95.

Griffith, A (2007) Key considerations for delivering best value in the small building works portfolio of large client organizations. Construction Management and Economics, 25(08), 903–9.

Griffith, A (2002) Key considerations for developing corporate and operational approaches for managing the small building works portfolio of large client organizations. Construction Management and Economics, 20(08), 679-87.

Grosskopf, K R and Kibert, C J (2006) Economic incentive framework for sustainable energy use in US residential construction. Construction Management and Economics, 24(08), 839-46.

Hammad, A W A (2020) A multi-objective construction site layout planning problem solved through integration of location and traffic assignment models. Construction Management and Economics, 38(08), 756–72.

Han, S H and Diekmann, J E (2001) Making a risk-based decision for overseas construction projects. Construction Management and Economics, 19(08), 765-76.

Haponava, T and Al-Jibouri, S (2010) Influence of process performance during the construction stage on achieving end-project goals. Construction Management and Economics, 28(08), 69.

Henjewele, C, Sun, M and Fewings, P (2011) Critical parameters influencing value for money variations in PFI projects in the healthcare and transport sectors. Construction Management and Economics, 29(08), 825–39.

Hessami, A R, Faghihi, V, Kim, A and Ford, D N (2020) Evaluating planning strategies for prioritizing projects in sustainability improvement programs. Construction Management and Economics, 38(08), 726–38.

Huang, Y and Lin, T (2023) Compound deferrable options for the valuation of multi-stage infrastructure investment projects. Construction Management and Economics, 41(08), 670–86.

• Type: Journal Article
• Keywords: Real option; option to defer; compound option; project valuation; multi-stage investment;
• ISBN/ISSN: 0144-6193
• URL: https://doi.org/10.1080/01446193.2023.2190993
• Abstract:
  Multi-stage planning is common for expanding infrastructure complexes or networks. Previous real-option studies developed a sequential compound call option (SCCO) for evaluating multi-stage infrastructure investment projects, including evaluating abandonment options during individual pre-scheduled investment stages. In practice, however, investment schedules involve risk and uncertainties forcing investors to change plans, raising an important issue regarding investors having more options at each commencement date. This study introduces a new model, the sequential compound deferrable call option (SCDCO), incorporating deferment options for each fold in an n-fold setting and generalizing the exercise of each deferment option into m_n periods. A closed-form solution to the valuation of SCDCO is derived accordingly. A real-world case demonstrates that introducing deferment options increases project value, but the marginal benefit of increasing deferment time diminishes. The presence of dedicated assets for the usage of future expansions can also increase project value, but this increase is restricted by deferment options. Furthermore, the investment cost growth with an increase of deferment time rapidly decreases project value and vice versa. Inflation or deflation is therefore important to consider in deferment decisions. Finally, although deferment options only produce limited project value, they have the flexibility to manage risks, changes, and budgetary constraints.

Hudak, D and Maxwell, M (2007) A macro approach to estimating correlated random variables in engineering production projects. Construction Management and Economics, 25(08), 883–92.

Hui, E C-M, Ng, I and Lau, O M-F (2011) Speculative bubbles in mass and luxury properties: an investigation of the Hong Kong residential market. Construction Management and Economics, 29(08), 781–93.

Hyari, K H, El-Rayes, K and El-Mashaleh, M (2009) Automated trade-off between time and cost in planning repetitive construction projects. Construction Management and Economics, 27(08), 749–61.

Ilozor, B D (2009) Differential management of waste by construction sectors: a case study in Michigan, USA. Construction Management and Economics, 27(08), 763–70.

Ivory, C (2005) The cult of customer responsiveness: is design innovation the price of a client-focused construction industry?. Construction Management and Economics, 23(08), 861-70.

Iyer, K C and Sagheer, M (2011) A real options based traffic risk mitigation model for build-operate-transfer highway projects in India. Construction Management and Economics, 29(08), 771–9.

Jarkas, A M and Horner, R M W (2015) Creating a baseline for labour productivity of reinforced concrete building construction in Kuwait. Construction Management and Economics, 33(08), 625-39.

Javernick-Will, A N (2009) Organizational learning during internationalization: acquiring local institutional knowledge. Construction Management and Economics, 27(08), 783–97.

Kadefors, A (2005) Fairness in interorganizational project relations: norms and strategies. Construction Management and Economics, 23(08), 871–8.

Kenley, R (2001) The predictive ability of Bromilow's time-cost model: a comment. Construction Management and Economics, 19(08), 759-64.

Kibert, C J, Sendzimir, J and Guy, B (2000) Construction ecology and metabolism: natural system analogues for a sustainable built environment. Construction Management and Economics, 18(08), 903-16.

Kim, A and Arditi, D (2010) Performance of minority firms providing construction management services in the US transportation sector. Construction Management and Economics, 28(08), 51.

Knauseder, I, Josephson, P-E and Styhre, A (2007) Learning approaches for housing, service and infrastructure project organizations. Construction Management and Economics, 25(08), 857–67.

Koch, C (2012) Contested overruns and performance of offshore wind power plants. Construction Management and Economics, 30(08), 609-22.

Kremers, J, Rietjens, B, Voordijk, H and De Boer, S J (2010) Construction contracting and civil-military interaction. Construction Management and Economics, 28(08), 83.

Langford, D A and Robson, P (2003) The representation of the professions in the cinema: the case of construction engineers and lawyers. Construction Management and Economics, 21(08), 799-807.

Langford, D A, Kennedy, P, Conlin, J and McKenzie, N (2003) Comparison of construction costs on motorway projects using measure and value and alternative tendering initiative contractual arrangements. Construction Management and Economics, 21(08), 831-40.

Larsen, G D (2005) Horses for courses: relating innovation diffusion concepts to the stages of the diffusion process. Construction Management and Economics, 23(08), 787-92.

Lavers, A P and Shiers, D E (2000) Construction law and environmental harm: the liability interface. Construction Management and Economics, 18(08), 893-902.

Lewis, T M and Hosein, R (2006) An estimation of the size of the hidden labour force in construction in Trinidad and Tobago. Construction Management and Economics, 24(08), 805-15.

Lingard, H C, Cooke, T and Blismas, N (2010) Safety climate in conditions of construction subcontracting: a multi-level analysis. Construction Management and Economics, 28(08), 25.

Lingard, H, Gilbert, G and Graham, P (2001) Improving solid waste reduction and recycling performance using goal setting and feedback. Construction Management and Economics, 19(08), 809-17.

Liu, A M-M, Fellows, R and Fang, Z (2003) The power paradigm of project leadership. Construction Management and Economics, 21(08), 819-29.

Locatelli, G and Mancini, M (2012) Looking back to see the future: building nuclear power plants in Europe. Construction Management and Economics, 30(08), 623-37.

London, K A and Kenley, R (2001) An industrial organization economic supply chain approach for the construction industry: a review. Construction Management and Economics, 19(08), 777-88.

Low, S P and Min, W (2005) Just-in-time management in the ready mixed concrete industries of Chongqing, China and Singapore. Construction Management and Economics, 23(08), 815-29.

Low, S P and Tan, G S L (2002) Relationship marketing: a survey of QS firms in Singapore. Construction Management and Economics, 20(08), 707-21.

Madter, N, Brookes, N J, Bower, D A and Hagan, G (2012) Exploring project management continuing professional development in engineering construction. Construction Management and Economics, 30(08), 639-51.

Manley, S and Graft-Johnson, A D (2013) Towards inclusion: rethinking architectural education. Construction Management and Economics, 31(08), 914-27.

Marchant, T (2013) Keep going: career perspectives on ageing and masculinity of self-employed tradesmen in Australia. Construction Management and Economics, 31(08), 845-60.

Matar, M, Osman, H, Georgy, M, Abou-Zeid, A and Elsaid, M (2020) Evaluating the environmental performance of pipeline construction using systems modelling. Construction Management and Economics, 38(08), 689–714.

Mattar, M H and Cheah, C Y J (2006) Valuing large engineering projects under uncertainty: private risk effects and real options. Construction Management and Economics, 24(08), 847-60.

Menches, C L, Hanna, A S, Nordheim, E V and Russell, J S (2008) Impact of pre-construction planning and project characteristics on performance in the US electrical construction industry. Construction Management and Economics, 26(08), 855–69.

Moradi, S and Sormunen, P (2023) Revisiting the concept of waste and its causes in construction from analytical and conceptual perspectives. Construction Management and Economics, 41(08), 621–33.

Myers, D (2005) A review of construction companies' attitudes to sustainability. Construction Management and Economics, 23(08), 781-5.

Newcombe, R (2003) From client to project stakeholders: a stakeholder mapping approach. Construction Management and Economics, 21(08), 841-8.

Nguyen, T H D, Chileshe, N and Rameezdeen, R (2018) External stakeholder strategic actions in construction projects: a Vietnamese study. Construction Management and Economics, 36(08), 443–58.

Nima, M A, Abdul-Kadir, M R, Jaafar, M S and Alghulami, R G (2001) Constructability implementation: a survey in the Malaysian construction industry. Construction Management and Economics, 19(08), 819-29.

Ofori, G, Briffett, C, Gang, G and Ranasinghe, M (2000) Impact of ISO 14000 on construction enterprises in Singapore. Construction Management and Economics, 18(08), 935-47.

Ormerod, M and Newton, R (2013) Construction as a career choice for young disabled people: dispelling the myths. Construction Management and Economics, 31(08), 928-38.

Pasquire, C (2012) Positioning Lean within an exploration of engineering construction. Construction Management and Economics, 30(08), 673-85.

Poh, Y P and Tah, J H M (2006) Integrated duration-cost influence network for modelling risk impacts on construction tasks. Construction Management and Economics, 24(08), 861-8.

Poon, C S, Yu, A T W, See, S C and Cheung, E (2004) Minimizing demolition wastes in Hong Kong public housing projects. Construction Management and Economics, 22(08), 799-805.

Pryke, S D (2004) Analysing construction project coalitions: exploring the application of social network analysis. Construction Management and Economics, 22(08), 787-97.

Pryke, S, Lunic, D and Badi, S (2015) The effect of leader emotional intelligence on leader–follower chemistry: a study of construction project managers. Construction Management and Economics, 33(08), 603-24.

Raidén, A B, Dainty, A R J and Neale, R H (2006) Balancing employee needs, project requirements and organisational priorities in team deployment. Construction Management and Economics, 24(08), 883-95.

Raiden, A B and Räisänen, C (2013) Striving to achieve it all: men and work-family-life balance in Sweden and the UK. Construction Management and Economics, 31(08), 899-913.

Rajala, P, Ylä-Kujala, A, Sinkkonen, T and Kärri, T (2023) Building renovation business: the effects of specialization on profitability. Construction Management and Economics, 41(08), 687–702.

Rosander, L and Kadefors, A (2023) Implementing relational contracting in a public client organization: the influence of policy clashes, resources and project autonomy. Construction Management and Economics, 41(08), 651–69.

Rowlinson, S M and Yates, D (2003) nDCAD: a virtual change agent for professions and procurement systems?. Construction Management and Economics, 21(08), 849-57.

Rumens, N (2013) Queering men and masculinities in construction: towards a research agenda. Construction Management and Economics, 31(08), 802-15.

Sacks, R and Harel, M (2006) An economic game theory model of subcontractor resource allocation behaviour. Construction Management and Economics, 24(08), 869-81.

Sage, D, Vitry, C, Dainty, A and Barnard, S (2021) Towards a new theory of construction innovation: a socio-material analysis of classification work. Construction Management and Economics, 39(08), 637–51.

Sha, K (2019) Incentive strategies for construction project manager: a common agency perspective. Construction Management and Economics, 37(08), 461–71.

Skitmore, M (2008) First and second price independent values sealed bid procurement auctions: some scalar equilibrium results. Construction Management and Economics, 26(08), 787–803.

Skitmore, M and Runeson, G (2006) Bidding models: testing the stationarity assumption. Construction Management and Economics, 24(08), 791-803.

Smith, L (2013) Trading in gender for women in trades: embodying hegemonic masculinity, femininity and being a gender hotrod. Construction Management and Economics, 31(08), 861-73.

Tabish, S Z S and Jha, K N (2011) Identification and evaluation of success factors for public construction projects. Construction Management and Economics, 29(08), 809–23.

Tam, C M, Tong, T K L and Tse, S L (2004) Modelling hook times of mobile cranes using artificial neural networks. Construction Management and Economics, 22(08), 839-49.

Taylor, M D (2010) A definition and valuation of the UK offsite construction sector. Construction Management and Economics, 28(08), 96.

Thomson, C S and El-Haram, M A (2019) Is the evolution of building sustainability assessment methods promoting the desired sharing of knowledge amongst project stakeholders?. Construction Management and Economics, 37(08), 433–60.

Thunberg, M and Fredriksson, A (2018) Bringing planning back into the picture – How can supply chain planning aid in dealing with supply chain-related problems in construction?. Construction Management and Economics, 36(08), 425–42.

Trigunarsyah, B (2004) Project owners' role in improving constructability of construction projects: an example analysis for Indonesia. Construction Management and Economics, 22(08), 861-76.

Tsolas, I E (2011) Modelling profitability and effectiveness of Greek-listed construction firms: an integrated DEA and ratio analysis. Construction Management and Economics, 29(08), 795–807.

Voordijk, H (2009) Construction management and economics: the epistemology of a multidisciplinary design science. Construction Management and Economics, 27(08), 713–20.

Williams, C C, Nadin, S J and Windebank, J (2011) Undeclared work in the European construction industry: evidence from a 2007 Eurobarometer survey. Construction Management and Economics, 29(08), 853–67.

Winch, G M (2001) Governing the project process: a conceptual framework. Construction Management and Economics, 19(08), 799-808.

Wong, J M W, Chiang, Y H and Ng, T S (2008) Construction and economic development: the case of Hong Kong. Construction Management and Economics, 26(08), 815–26.

Wright, T (2013) Uncovering sexuality and gender: an intersectional examination of women’s experience in UK construction. Construction Management and Economics, 31(08), 832-44.

Yeh, H H (2018) How the capital structure of firms is determined over business cycles: further evidence from the construction industry of Taiwan. Construction Management and Economics, 36(08), 459–71.

Yip, B, Rowlinson, S and Siu, O L (2008) Coping strategies as moderators in the relationship between role overload and burnout. Construction Management and Economics, 26(08), 871–82.

Yu, W-d, Chang, P-l, Yao, S-H and Liu, S-J (2009) KVAM: model for measuring knowledge management performance of engineering community of practice. Construction Management and Economics, 27(08), 733–47.

Zayed, T M, Halpin, D W and Basha, I M (2005) Productivity and delays assessment for concrete batch plant-truck mixer operations. Construction Management and Economics, 23(08), 839-50.

Zhang, H, Tam, C M and Shi, J J (2002) Simulation-based methodology for project scheduling. Construction Management and Economics, 20(08), 667-78.

Zhang, J, Chen, F and Yuan, X (2020) Comparison of cost and schedule performance of large public projects under P3 and traditional delivery models: a Canadian study. Construction Management and Economics, 38(08), 739–55.

Zhang, R P, Holdsworth, S, Turner, M and Andamon, M M (2021) Does gender really matter? A closer look at early career women in construction. Construction Management and Economics, 39(08), 669–86.

Zhang, S B and Liu, A M M (2006) Organisational culture profiles of construction enterprises in China. Construction Management and Economics, 24(08), 817-28.