Journal
INTERNATIONAL JOURNAL OF CONSTRUCTION MANAGEMENT
Volume 23, Issue 11, Pages 1805-1814Publisher
TAYLOR & FRANCIS LTD
DOI: 10.1080/15623599.2021.2010356
Keywords
Moral hazard; adverse selection; public-private-partnership; construction projects; fuzzy synthetic evaluation model
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Moral hazards and adverse selection lead to failure and delay in delivery requirements of public-private partnership projects. This study developed a fuzzy synthetic evaluation model to measure the cause and effect levels of moral hazards and adverse selection in PPP construction projects.
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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