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Cameron, I and Duff, R (2007) Use of performance measurement and goal setting to improve construction managers' focus on health and safety. Construction Management and Economics, 25(08), 869–81.

Chang, C-Y and Ive, G (2007) Reversal of bargaining power in construction projects: meaning, existence and implications. Construction Management and Economics, 25(08), 845–55.

  • Type: Journal Article
  • Keywords: Bargaining power; transaction cost; opportunism; asset specificity; procurement
  • ISBN/ISSN: 0144-6193
  • URL: http://www.informaworld.com/openurl?genre=article&issn=0144-6193&volume=25&issue=8&spage=845
  • Abstract:
    Reversal of bargaining power arising from asset specificity is important for the understanding of hold-up problems. Various types of asset specificity have been identified in different transaction contexts, but a previously unidentified or unnamed type is developed here: process specificity. Numerous widely used financial and contractual preventive measures in construction practice can be justified as responses to this problem of process specificity. These include bonds and retentions. However, these measures have limitations. Specifically, the client-led change orders cannot be completely averted and when they occur, the pricing of additional work largely relies on negotiation, implying that bargaining power determines the result. Consequently, the hold-up problem remains a managerial issue. To mitigate this problem, clients should choose a procurement system by aligning project attributes with the procurement system characteristics.

Chao, L-C and Liou, C-N (2007) Risk-minimizing approach to bid-cutting limit determination. Construction Management and Economics, 25(08), 835–43.

Eriksson, P E and Ossi (2007) Modelling procurement effects on cooperation. Construction Management and Economics, 25(08), 893–901.

Griffith, A (2007) Key considerations for delivering best value in the small building works portfolio of large client organizations. Construction Management and Economics, 25(08), 903–9.

Hudak, D and Maxwell, M (2007) A macro approach to estimating correlated random variables in engineering production projects. Construction Management and Economics, 25(08), 883–92.

Knauseder, I, Josephson, P-E and Styhre, A (2007) Learning approaches for housing, service and infrastructure project organizations. Construction Management and Economics, 25(08), 857–67.