id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
ajceb-3011	Jin, Xioa-Hua	Allocating Risks in Public-Private Partnerships Using a Transaction Cost Economic Approach: A Case Study	2012	8	.pdf	application/pdf	7062	281	44	Moreover, the accuracy of the presumed transfer of a package of risks to the private sector, together with the identifi cation and valuation of project risks, are essential to the construction of a meaningful PPP project (DFA, 2005a). In the Project, construction risk was high because the design was highly complex and innovative, the constructability was accordingly Risks in the Southern Cross Station redevelopment project Financial Risk Construction Risk Transaction characteristics Asset specificity Physical assets specificity is relatively low; human assets specificity is medium Physical assets specificity is increasingly high; human assets specificity is medium Transaction frequency Low because partners had never cooperated on similar projects before Low because partners had never cooperated on similar projects before Uncertainty Relatively low because of stable and adequate legislative and regulatory system, efficient and convenient approval process, supportive community attitude, stable regional economy, and mature and stable financial and insurance markets, etc. Relatively high because of highly complex and innovative design, subsequent problematic constructability, construction contractor’s relatively scarce experience in similar projects, rigid lump sum D&C contract, and interrupted and ineffective communication among partners; and consequently contractor’s low commitment RA strategy TCE-Oriented To totally transfer to the concessionaire To share between the public client and the developer OR between the developer and the construction contractor by, e.g. cost plus contracts Adopted in the Project Totally transferred to the developer Totally transferred to the developer and subsequently to the construction contractor	cache/ajceb-3011.pdf	txt/ajceb-3011.txt