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Aghimien, D O, Aghimien, E I, Fadiyimu, A O and Adegbembo, T F (2018) Survival strategies of built environment organisations in a challenging economy. Engineering, Construction and Architectural Management, 25(07), 861–76.

Aghimien, D O, Oke, A E and Aigbavboa, C O (2018) Barriers to the adoption of value management in developing countries. Engineering, Construction and Architectural Management, 25(07), 818–34.

Bao, F, Chen, C, Chan, A P, Martek, I and Shrestha, A (2019) Dynamic framework transfer model for public–private partnerships. Engineering, Construction and Architectural Management, 26(07), 1218–39.

Chen, C, Tang, L, Hancock, C M and Zhang, P (2019) Development of low-cost mobile laser scanning for 3D construction indoor mapping by using inertial measurement unit, ultra-wide band and 2D laser scanner. Engineering, Construction and Architectural Management, 26(07), 1367–86.

Chen, K and Lu, W (2019) Bridging BIM and building (BBB) for information management in construction. Engineering, Construction and Architectural Management, 26(07), 1518–32.

Chia, F C, Skitmore, M, Gray, J and Bridge, A (2018) International comparisons of nominal and real construction labour productivity. Engineering, Construction and Architectural Management, 25(07), 896–915.

Cui, Z, Liu, J, Xia, B and Cheng, Y (2019) Beyond national culture difference. Engineering, Construction and Architectural Management, 26(07), 1476–97.

Dang, C N and Le-Hoai, L (2018) Revisiting storey enclosure method for early estimation of structural building construction cost. Engineering, Construction and Architectural Management, 25(07), 877–95.

Goel, A, Ganesh, L and Kaur, A (2020) Social sustainability considerations in construction project feasibility study: a stakeholder salience perspective. Engineering, Construction and Architectural Management, 27(07), 1429–59.

Hasan, A, Baroudi, B, Elmualim, A and Rameezdeen, R (2018) Factors affecting construction productivity: a 30 year systematic review. Engineering, Construction and Architectural Management, 25(07), 916–37.

Karami, H and Olatunji, O A (2020) Critical overrun causations in marine projects. Engineering, Construction and Architectural Management, 27(07), 1579–94.

Khattak, M S and Mustafa, U (2019) Management competencies, complexities and performance in engineering infrastructure projects of Pakistan. Engineering, Construction and Architectural Management, 26(07), 1321–47.

Leung, M, Famakin, I O and Wang, C (2019) Developing an integrated indoor built environment–quality of life model for the elderly in public and subsidized housing. Engineering, Construction and Architectural Management, 26(07), 1498–517.

Lew, Y, Hassim, S, Muniandy, R and Hua, L T (2018) Structural equation modelling for subcontracting practice: Malaysia chapter. Engineering, Construction and Architectural Management, 25(07), 835–60.

Li, G, Chen, C, Zhang, G and Martek, I (2019) Bid/no-bid decision factors for Chinese international contractors in international construction projects. Engineering, Construction and Architectural Management, 27(07), 1619–43.

Liu, N, Ruan, L, Jin, R, Chen, Y, Deng, X and Yang, T (2019) Investigation of individual perceptions towards BIM implementation-a Chongqing case study. Engineering, Construction and Architectural Management, 26(07), 1455–75.

Moussavi Nadoushani, Z S, Akbarnezhad, A and Rey, D (2018) Optimization of concrete placing operation based on competing carbon footprint, cost and production rate objectives. Engineering, Construction and Architectural Management, 25(07), 938–57.

Nasirzadeh, F, Carmichael, D G, Jarban, M J and Rostamnezhad, M (2019) Hybrid fuzzy-system dynamics approach for quantification of the impacts of construction claims. Engineering, Construction and Architectural Management, 26(07), 1261–76.

Oechler, E, Molenaar, K R, Hallowell, M and Scott, S (2018) State-of-practice for risk-based quality assurance in state departments of transportation. Engineering, Construction and Architectural Management, 25(07), 958–70.

Olatunji, O A (2019) Promoting student commitment to BIM in construction education. Engineering, Construction and Architectural Management, 26(07), 1240–60.

Pablo, Z and London, K A (2020) Stable relationality and dynamic innovation: two models of collaboration in SME-driven offsite manufacturing supply chains in housing construction. Engineering, Construction and Architectural Management, 27(07), 1553–77.

Rostamnezhad, M, Nasirzadeh, F, Khanzadi, M, Jarban, M J and Ghayoumian, M (2020) Modeling social sustainability in construction projects by integrating system dynamics and fuzzy‐DEMATEL method: a case study of highway project. Engineering, Construction and Architectural Management, 27(07), 1595–618.

Salama, T and Moselhi, O (2019) Multi-objective optimization for repetitive scheduling under uncertainty. Engineering, Construction and Architectural Management, 26(07), 1294–320.

Sun, H, Wang, Y and Meng, J (2019) A trading and pricing method of expansion options for BOT freeway projects in China. Engineering, Construction and Architectural Management, 26(07), 1406–23.

• Type: Journal Article
• Keywords: China; Real options; Value management;
• ISBN/ISSN: 0969-9988
• URL: https://doi.org/10.1108/ECAM-03-2018-0123
• Abstract:
  The purpose of this paper is to develop a trading and pricing method of expansion option (EO) model to solve expansion problems of build-operate-transfer (BOT) freeway project. This paper proposes an ex ante mechanism through trading the EO to avoid the transaction costs. By editing the paths generated from binomial option pricing model, this paper establishes an American real option binomial lattice model and evaluates the value of EO. Data are collected from Liaoning province in China and the model is practiced in the context of a BOT freeway in Liaoning province. Supported by empirical evidence, this study finds out that there exists a minimum price at which the government can sell the EO and a maximum price that the private sector is willing to pay. When the minimum price is negative, the government should transfer the EO to the private sector free of charge to avoid the transaction costs. Otherwise, the government should sell the EO at a reasonable price to protect public interests. The study can be used for the government to reducing the transaction costs. By using the trading EO model, the government can sell its share of the EO to the private sector to manage its resources efficiently. This paper builds a trading EO model to solve expansion problems instead of renegotiations. In addition to reducing the transaction costs for the whole society, trading EO can also raise the respective payoffs of both public and private sectors. An EO trading framework and algorithm is further developed. It realized an American option model, making the owner can exercise the option whenever he wants. Thus, the whole model is adapted to best fit BOT highway practice.

Tayeh, B A, Hallaq, K A, Zahoor, H and Al Faqawi, A H (2019) Techniques and benefits of implementing the last planner system in the Gaza Strip construction industry. Engineering, Construction and Architectural Management, 26(07), 1424–36.

Uusitalo, P, Seppänen, O, Peltokorpi, A and Olivieri, H (2019) Solving design management problems using lean design management: the role of trust. Engineering, Construction and Architectural Management, 26(07), 1387–405.

Wang, G, Xia, C and Cao, D (2020) State and determinants of inter-regional market entry practices in the Chinese construction industry: evidence from national quality award projects. Engineering, Construction and Architectural Management, 27(07), 1461–77.

Wang, Y and Jin, X (2019) Determine the optimal capital structure of BOT projects using interval numbers with Tianjin Binhai New District Metro Z4 line in China as an example. Engineering, Construction and Architectural Management, 26(07), 1348–66.

Xue, J, Shen, G Q, Yang, R J, Zafar, I, Ekanayake, E, Lin, X and Darko, A (2020) Influence of formal and informal stakeholder relationship on megaproject performance: a case of China. Engineering, Construction and Architectural Management, 27(07), 1505–31.

Yap, J B H, Leong, W J and Skitmore, M (2020) Capitalising teamwork for enhancing project delivery and management in construction: empirical study in Malaysia. Engineering, Construction and Architectural Management, 27(07), 1479–503.

Yu, J, Ma, G and Cai, S (2019) Disparities in the provision of aging-friendly communities in old and new urban neighborhoods in China. Engineering, Construction and Architectural Management, 26(07), 1277–93.

Yuan, F, Tang, M and Hong, J (2020) Efficiency estimation and reduction potential of the Chinese construction industry via SE-DEA and artificial neural network. Engineering, Construction and Architectural Management, 27(07), 1533–52.

Zhang, J, Xie, H and Li, H (2019) Improvement of students problem-solving skills through project execution planning in civil engineering and construction management education. Engineering, Construction and Architectural Management, 26(07), 1437–54.