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Asao, K, Miyamoto, T, Kato, H and Diaz, C E D (2013) Comparison of revenue guarantee programs in build-operation-transfer projects. Built Environment Project and Asset Management, 3(02), 214-27.
Leviäkangas, P, Wigan, M and Haapasalo, H (2013) Financial anatomy of E4 Helsinki-Lahti shadow toll PPP-project. Built Environment Project and Asset Management, 3(02), 165-80.
Liu, T and Wilkinson, S (2013) Can the pilot public-private partnerships project be applied in future urban rail development?: A case study of Beijing Metro Line 4 project. Built Environment Project and Asset Management, 3(02), 250-63.
Mladenovic, G, Vajdic, N, Wündsch, B and Temeljotov-Salaj, A (2013) Use of key performance indicators for PPP transport projects to meet stakeholders’ performance objectives. Built Environment Project and Asset Management, 3(02), 228-49.
Nikolaidis, N and Roumboutsos, A (2013) A PPP renegotiation framework: a road concession in Greece. Built Environment Project and Asset Management, 3(02), 264-78.
Pellegrino, R, Vajdic, N and Carbonara, N (2013) Real option theory for risk mitigation in transport PPPs. Built Environment Project and Asset Management, 3(02), 199-213.
- Type: Journal Article
- Keywords: Mitigation strategies; PPP; Real options; Risk analysis; Risk management
- ISBN/ISSN: 2044-124X
- URL: https://doi.org/10.1108/BEPAM-05-2012-0027
- Abstract:
Purpose – Public-private partnerships (PPPs) require the analysis and allocation of a broad spectrum of risks which are considered more complex than in traditional construction contracts. Traditional risk management techniques tend to ignore the manager's ability to recognize and exploit opportunities, which arise as uncertainties are resolved over time and which could potentially increase the project's value. Therefore it is necessary that the risk management process takes account of the managerial flexibility (e.g. real options). The objective of this paper is to explore the possibilities and rationale for implementing real options strategies in the risk management process. Design/methodology/approach – The approach is based on a literature analysis aimed at identifying key risks and related mitigation strategies and on real option theory in order to model these strategies as managerial flexibilities that naturally exist or are built “artificially” in contractual conditions and clauses, guarantees, etc. Findings – The paper develops an option-based risk management framework that associates to each risk the related mitigation strategies, which are expressed in terms of real options. The latter is expressed over the project phases conditioned to the natural evolution of risks over time. Originality/value – This paper proposes a new “dynamic” risk management approach for PPP projects based on real options that improves the traditional risk management techniques by supporting the decision makers in finding a cost-effective combination of real options (or forms of flexibility) to embed in a PPP investment in order to optimally control risk and maximize investment value.
Roumboutsos, A and Macário, R M R (2013) Public private partnerships in transport: theory and practice. Built Environment Project and Asset Management, 3(02), 160-4.
Sfakianakis, E and Laar, M v d (2013) Fiscal effects and public risk in public-private partnerships. Built Environment Project and Asset Management, 3(02), 181-98.