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Abdalla, A (2007) Meeting housing needs in Libya: towards a responsive owner-built housing with particular reference to Benghazi City, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Agha, R H M (2016) The role of intelligent systems in traditional courtyard houses in Baghdad, Iraq, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Andam, K A (1979) Computer aided design of precast concrete industrial buildings, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Assadi, S O A (1997) An investigation of the records kept by supervisors on construction sites, Unpublished PhD Thesis, Department of Civil Engineering, University of Newcastle upon Tyne.
Beitelmal, J A (1999) Development of appropriate technology road condition monitoring system: Case study of the city of Benghazi in Libya, Unpublished PhD Thesis, Department of Civil Engineering, University of Newcastle upon Tyne.
Chen, Y (2008) Using mobile computing for construction site information management, Unpublished PhD Thesis, School of Architecture, Planning and Landscape, University of Newcastle upon Tyne.
Chritamara, S (2017) An application of the real option framework to large infrastructure projects: evidence for Thailand's transportation system, Unpublished PhD Thesis, Newcastle University Business School, University of Newcastle upon Tyne.
- Type: Thesis
- Keywords: complexity; concession; developing countries; government; infrastructure project; investment; policy; private sector; real options; risk analysis; stakeholders; Thailand; toll; transport
- ISBN/ISSN:
- URL: http://theses.ncl.ac.uk/jspui/handle/10443/3914
- Abstract:
Governments from many countries, specifically developing countries, have sought private participation in large-scale infrastructure projects because of their limited resources and budgets. Then, many public infrastructure projects have been privatized worldwide, where benefits and risks are substantially distributed between the public and private sectors. However, the complexity of the project arrangement has constituted a dilemma for governments to balance the benefits and risks between the public and private sectors, i.e., financial institutions and private companies. Large infrastructure projects typically involve various risk factors so that the successful implementation of those projects depends on the effective management of those key risk factors. There is a requirement for a tool to help the government evaluate the delivery of value on the infrastructure projects while still sustaining the interests of private investment. This research studies the use of the real option methodology as a tool for the valuation of large-scale infrastructure projects. A comprehensive literature review of the real option methodology is undertaken and an application of the methodology to a large-scale public infrastructure project in Thailand is considered. More specifically, this research studies real options and the option interactions for a hypothetical toll road concession involving the Second Stage Expressway System (SES) in Thailand. Real options for the public and private parties are identified and evaluated. The interactions of the options are investigated in the form of multiple real options. The aim of the research is to demonstrate how real options can mitigate risks to the main stakeholders of the project. The study provides a practical insight into project risks within transportation system projects in Thailand. This research studies options and the option interactions as applied in the SES project. Overall, the application of the real option approach in large infrastructure projects is promising. The evaluation shows that the value of options and their interactions can be significant. The findings of this research would facilitate the risk analysis and mitigation process that can be conducted by governments, financial institutions, or project developers prior to the development of the infrastructure project. The real option applied to value an infrastructure project is complicated but the mechanism can help for policy design and implementation. The findings from the real option modelindicate that governments, financial institutions and private companies play a crucial role in the risk allocation in large infrastructure projects. It is found that projects developed solely by government are insufficient and require a high government budget. The government can design an appropriate level of guarantee and type of guarantee which attracts private interest in the project as well as an affordable government budget. The research finds that many option combinations such as i) the combination of the equity guarantee option (government) and the deferral option (financial institution); ii) the combination of the deferral option (financial institution) and the grant option (private company) iii) the combination of the deferral option (financial institution) and the deferral option (private company) and iv) the combination of the deferral option (financial institution), the abandonment option (financial institution) and the deferral option (private company) are recommended for policy design and implementation. With such option combinations, governments can properly evaluate the economic viability of such arrangements prior to offering optimal option proposals to the project company. With real option application, this research study can critically compare the effects of different policy designs in order to design a suitable public financing scheme.
Das, P K (2006) A sustainability impact-assessment tool for selected building technologies in rural India: the case of the Andhra Pradesh primary education project, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Fieldson, R (2007) Towards a framework for sustainability in UK retail architecture, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Ghanbari Parsa, A R (1989) The interaction of planning policies and construction technologies in Iran with reference to China & Japan, Unpublished PhD Thesis, Department of Town & Country Planning, University of Newcastle upon Tyne.
Grifa, M A (2006) The construction industry in Libya , with particular reference to operations in Tripoli, Unpublished PhD Thesis, School of Architecture, Planning and Landscape, University of Newcastle upon Tyne.
Hatmoko, J U D (2008) The impact of supply chain management practice on construction project performance, Unpublished PhD Thesis, School of Civil Engineering and Geosciences, University of Newcastle upon Tyne.
Lopane, F D (2022) Spatial optimisation for resilient infrastructure services, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Mahdjoubi, L M (2001) An investigation of computer generated architectural representations on design decisions taks, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Mashamba, M S (1997) The construction industry in Zambia: opportunities and constraints under the structural adjustment programme and the enabling shelter strategy, Unpublished PhD Thesis, Department of Architecture, University of Newcastle upon Tyne.
McGinty, L N (2020) Business model innovation for green urban infrastructure, Unpublished PhD Thesis, , University of Newcastle Upon Tyne.
Muzir, A K K (2017) School buildings maintenance in Malaysia: Current practices, key challenges and implications, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Riano Cruz, J D (2022) Investigating formation of social capital benefits for value creation and strategy enhancement: the case of SMEs in the UK's construction industry, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Royapoor, M (2015) An investigation into the energy and control implications of adaptive comfort in a modern office building, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Salagoor, J Y (1990) The influence of building regulations on urban dwelling in Jeddah, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Scott, S (1991) Project plans and record-keeping on construction sites in the United Kingdom, Unpublished PhD Thesis, Department of Civil Engineering, University of Newcastle upon Tyne.
Shaaban, S M (2004) A user-centric approach for the development and evaluation of a visual interface to online information in the construction industry, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Shar, B K (2002) Application of it to improve the design process in the construction sector of Pakistan: A case of the specification management process, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Stoyell, J L (2004) Eco-design decision-making: towards sustainable engineering design of large made-to-order products, Unpublished PhD Thesis, School of Civil Engineering and Geosciences, University of Newcastle upon Tyne.
Sun, M (1993) Technology transfer, architectural design and integrated building design systems, Unpublished PhD Thesis, Department of Architecture, University of Newcastle upon Tyne.
Tangtinthai, N (2016) Extraction, use and disposal of construction materials in Great Britain and Thailand, Unpublished PhD Thesis, School of Civil Engineering and Geosciences, University of Newcastle upon Tyne.
Tarhuni, S M (2013) An investigation into the management of knowledge in a historic building conservation organisation in Tripoli, Libya, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Wiguna, I P A (2005) The influence of risk on project performance in Indonesian building contracts, Unpublished PhD Thesis, , University of Newcastle upon Tyne.
Williams, G A (1992) Contract as organisation: an economic analysis of the Joint Contracts Tribunal's Standard Form of Building contract 1980, Unpublished PhD Thesis, Faculty of Law, University of Newcastle upon Tyne.