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Blismas, N G, Sher, W, Thorpe, A and Baldwin, A (2004) A typology for clients' multi-project environments. Construction Management and Economics, 22(04), 357-71.

Bröchner, J, Rosander, S and Waara, F (2004) Cross-border post-acquisition knowledge transfer among construction consultants. Construction Management and Economics, 22(04), 421-7.

Chew, M Y L and Tan, S S (2004) A multivariate approach to maintenance prediction of wet areas. Construction Management and Economics, 22(04), 395-407.

Garvin, M J and Cheah, C Y J (2004) Valuation techniques for infrastructure investment decisions. Construction Management and Economics, 22(04), 373-83.

  • Type: Journal Article
  • Keywords: Valuation techniques; infrastructure investments; real options; risk neutrality
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446190310001649010
  • Abstract:

    Public infrastructure owners are increasingly soliciting BOT arrangements to deliver needed infrastructure facilities. Such arrangements potentially preserve a public owner’s capital capacity for allocation to projects that cannot support themselves by essentially ’pulling’ projects from the private sector. Before soliciting these arrangements, however, owners should independently evaluate a project’s economic viability to fully appraise the issues and variables involved. Unfortunately, project analysts often apply evaluation methods without regard for their assumptions and limitations. A case study of a toll road project in the USA provides the basis for examining the assumptions behind both traditional and option valuation models. The case demonstrates the use of an option pricing model to augment traditional project evaluation by capturing strategic considerations, in this case the value of project deferment. The presentation illustrates that the selection of a valuation model depends critically upon the characteristics of a project’s variables and that informed judgment remains an integral part of the decision-making process.

Kishk, M (2004) Combining various facets of uncertainty in whole-life cost modelling. Construction Management and Economics, 22(04), 429-35.

Lam, Y T and Chen, Z (2004) The development of the construction legal system in China. Construction Management and Economics, 22(04), 347-56.

Lingard, H and Lin, J (2004) Career, family and work environment determinants of organizational commitment among women in the Australian construction industry. Construction Management and Economics, 22(04), 409-420.

Loosemore, M and Lam, A S Y (2004) The locus of control: a determinant of opportunistic behaviour in construction health and safety. Construction Management and Economics, 22(04), 385-94.

Yiu, C Y, Lu, X H, Leung, M Y and Jin, W X (2004) A longitudinal analysis on the relationship between construction output and GDP in Hong Kong. Construction Management and Economics, 22(04), 339-45.