Fuzzy synthetic evaluation of moral hazard and adverse selection of public private partnership projects

De‐Graft Owusu‐Manu · Augustine Senanu Komla Kukah · David John Edwards · Ernest Effah Ameyaw

32 citations0/0 files storedInternational Journal of Construction Management

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Public-Private Partnership Projects Construction Project Management and Performance Multi-Criteria Decision Making

Abstract

Moral hazards and adverse selection (MHAS) lead to failure in public-private partnership (PPP) projects and delay in delivery outputs’ requirements. This research developed a fuzzy synthetic evaluation model (FSEM) to measure cause and effect level of MHAS of PPP construction projects. Mean score ranking and principal component factor analysis (PCFA) evaluated the causal factors. FSEM calculated overall cause and effect (OCE) level. PCFA analysis yielded three components: party and risk factors, incentives and contractual obligations and contract and project conditions while FSEM determined the OCE level to be 3.92. Party and risk factors; incentives and contractual obligations; contract and project conditions had cause and effect levels of 3.99, 3.99 and 3.79. Findings will enhance knowledge on MHAS risk levels of PPP construction projects thereby prompting project stakeholders to reduce the risks. Further research recommends using computer-based systems to minimize complexities and human errors during manual computation of fuzzy analysis.

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References

2015Review of studies on the Critical Success Factors for Public–Private Partnership (PPP) projects from 1990 to 2013 2010Developing a risk assessment model for PPP projects in China — A fuzzy synthetic evaluation approach 2004Granting and Renegotiating Infrastructure Concessions 2017Public–private partnership in Public Administration discipline: a literature review 2007Renegotiation of concession contracts in Latin America 2001BUILDING PUBLIC-PRIVATE PARTNERSHIPS: Assessing and managing risks in port development 2015Evaluation and ranking of risk factors in public–private partnership water supply projects in developing countries using fuzzy synthetic evaluation approach 2009Toward a Theory of Regulation for Developing Countries: Following Jean-Jacques Laffont's Lead

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