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Das, S, Chew, M Y L and Poh, K L (2010) Multi-criteria decision analysis in building maintainability using analytical hierarchy process. Construction Management and Economics, 28(10), 56.

Jaillon, L and Poon, C-S (2010) Design issues of using prefabrication in Hong Kong building construction. Construction Management and Economics, 28(10), 42.

Lingard, H C, Cooke, T and Blismas, N (2010) Properties of group safety climate in construction: the development and evaluation of a typology. Construction Management and Economics, 28(10), 112.

Lingard, H C, Francis, V and Turner, M (2010) The rhythms of project life: a longitudinal analysis of work hours and work–life experiences in construction. Construction Management and Economics, 28(10), 98.

Nordin, F, Öberg, C, Kollberg, B and Nord, T (2010) Building a new supply chain position: an exploratory study of companies in the timber housing industry. Construction Management and Economics, 28(10), 83.

Shan, L, Garvin, M J and Kumar, R (2010) Collar options to manage revenue risks in real toll public-private partnership transportation projects. Construction Management and Economics, 28(10), 69.

  • Type: Journal Article
  • Keywords: infrastructure; public-private partnerships; real options; revenue risk; risk management
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446193.2010.506645
  • Abstract:
    The revenue risk is of great importance to ensure the success of a real toll public–private partnership (PPP) transportation project. Past research has proposed a revenue guarantee put option as an alternative way to quantify and potentially manage this risk. A practical, or commercial, limitation of this type of option is its requirement for an upfront premium payment, and a concessionaire is likely to shy away from additional monetary requirements. A collar option, which is a combination of a put and call option, not only overcomes this barrier but it also provides other benefits. Modifications to the basic collar’s structure can redistribute downside losses and upside profits to fulfil stakeholders’ needs and thus improve the effectiveness of risk management. The terms, applicability and limitations of a collar option are discussed, and a numerical example is developed to illustrate how to determine the strike prices of a collar option.