A Quantitative Method for Analyzing the Allocation of Risks in Transportation Construction
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1979-04-01
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Abstract:The report presents a conceptual model of risk that was developed to analyze the impact on owner's cost of alternate allocations of risk among owner and contractor in mass transit construction. A model and analysis procedure are developed, based on decision analysis but extending the standard methodology to include: (1) explicit consideration of risk as an incentive to perform, and (2) the interaction between two decision-makers (owner and contractor) trading risk for price.
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