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Type: Journal article
Title: Critical uncertainty factors for efficient risk allocation in privately financed public infrastructure projects in Australia
Author: Jin, X.
Zuo, J.
Citation: The International Journal of Construction Management, 2011; 11(3):19-34
Publisher: Taylor & Francis
Issue Date: 2011
ISSN: 1562-3599
Statement of
Xiao-Hua Jin and Jian Zuo
Abstract: Risk allocation in privately financed public infrastructure projects, commonly referred to as public-private partnership (PPP) projects, is a challenging job due to the nature of incomplete contracting. Choosing a risk allocation strategy could be viewed as the process of deciding the proportion of risk management attributable to the public and private partners based on a series of characteristics of the risk management service transaction in question. These characteristics can be related to the various uncertainty factors. In this study, uncertainty factors have been grouped into Institutional, Social and industrial, Economic, and Project-specific categories and examined in order to achieve efficient risk allocation and minimize risk management-related costs in a long-term view. Critical uncertainty factors for the allocation of three major risks have been identified through an industry-wide survey in Australia. These identified critical uncertainty factors are expected to help decision-makers from both public and private sectors choose efficient allocation strategies for major risks. Future research directions are also set out.
Keywords: Uncertainty; risk allocation; public-private partnership; Australia
Rights: Rights managed by Taylor & Francis
DOI: 10.1080/15623599.2011.10773170
Appears in Collections:Architecture publications
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