Cooperative Game Theory Approach to Quantitative Risk Allocation in Construction Projects

In risk allocation process, it is not correct to pass the whole responsibility of some risks to the contractor. The reason is that some defensive strategies such as lowering the work quality and lodging claim and litigation may be implemented by the contractor that may increase the project cost and...

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Autores principales:	Farnad Nasirzade, Mahdi Rouhparvar, Hamed Mazandaranizadeh
Formato:	article
Lenguaje:	FA
Publicado:	Iranian Society of Structrual Engineering (ISSE) 2015
Materias:	risk management quantitative risk allocation game theory negotiation process Bridge engineering TG1-470 Building construction TH1-9745
Acceso en línea:	https://doaj.org/article/dd28ac67376b4fd1af8e2196b3655a89
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spelling	oai:doaj.org-article:dd28ac67376b4fd1af8e2196b3655a892021-11-08T15:44:45ZCooperative Game Theory Approach to Quantitative Risk Allocation in Construction Projects2476-39772538-2616https://doaj.org/article/dd28ac67376b4fd1af8e2196b3655a892015-03-01T00:00:00Zhttps://www.jsce.ir/article_38601_db90d97136403d5b09050cc730a7e5b6.pdfhttps://doaj.org/toc/2476-3977https://doaj.org/toc/2538-2616In risk allocation process, it is not correct to pass the whole responsibility of some risks to the contractor. The reason is that some defensive strategies such as lowering the work quality and lodging claim and litigation may be implemented by the contractor that may increase the project cost and duration. It is therefore necessary to share the responsibility of these risks between contracting partiesandin the other words to perform the risk allocation process quantitatively. In the negotiation process performing to determine the percentage of risk allocated to each of the contracting parties, there exists a willing to cooperate and reach an agreement in spite of the existed conflicts in the revenues of these parties. In this research, the game theory that is the study of mathematical models of conflict and cooperation between intelligent rational decision-makers is used for quantitative risk allocation. The proposed model presents a powerful tool that satisfies desirable criteria such as efficiency and fairness and the equitable percentage of risk allocation is determined. To evaluate the capabilities and performance of the proposed model, it is implemented in sample project and the risk allocation percentage between the client and contractor is determined for one of the identified risks.Farnad NasirzadeMahdi RouhparvarHamed MazandaranizadehIranian Society of Structrual Engineering (ISSE)articlerisk managementquantitative risk allocationgame theorynegotiation processBridge engineeringTG1-470Building constructionTH1-9745FAJournal of Structural and Construction Engineering, Vol 1, Iss 1, Pp 61-74 (2015)
institution	DOAJ
collection	DOAJ
language	FA
topic	risk management quantitative risk allocation game theory negotiation process Bridge engineering TG1-470 Building construction TH1-9745
spellingShingle	risk management quantitative risk allocation game theory negotiation process Bridge engineering TG1-470 Building construction TH1-9745 Farnad Nasirzade Mahdi Rouhparvar Hamed Mazandaranizadeh Cooperative Game Theory Approach to Quantitative Risk Allocation in Construction Projects
description	In risk allocation process, it is not correct to pass the whole responsibility of some risks to the contractor. The reason is that some defensive strategies such as lowering the work quality and lodging claim and litigation may be implemented by the contractor that may increase the project cost and duration. It is therefore necessary to share the responsibility of these risks between contracting partiesandin the other words to perform the risk allocation process quantitatively. In the negotiation process performing to determine the percentage of risk allocated to each of the contracting parties, there exists a willing to cooperate and reach an agreement in spite of the existed conflicts in the revenues of these parties. In this research, the game theory that is the study of mathematical models of conflict and cooperation between intelligent rational decision-makers is used for quantitative risk allocation. The proposed model presents a powerful tool that satisfies desirable criteria such as efficiency and fairness and the equitable percentage of risk allocation is determined. To evaluate the capabilities and performance of the proposed model, it is implemented in sample project and the risk allocation percentage between the client and contractor is determined for one of the identified risks.
format	article
author	Farnad Nasirzade Mahdi Rouhparvar Hamed Mazandaranizadeh
author_facet	Farnad Nasirzade Mahdi Rouhparvar Hamed Mazandaranizadeh
author_sort	Farnad Nasirzade
title	Cooperative Game Theory Approach to Quantitative Risk Allocation in Construction Projects
title_short	Cooperative Game Theory Approach to Quantitative Risk Allocation in Construction Projects
title_full	Cooperative Game Theory Approach to Quantitative Risk Allocation in Construction Projects
title_fullStr	Cooperative Game Theory Approach to Quantitative Risk Allocation in Construction Projects
title_full_unstemmed	Cooperative Game Theory Approach to Quantitative Risk Allocation in Construction Projects
title_sort	cooperative game theory approach to quantitative risk allocation in construction projects
publisher	Iranian Society of Structrual Engineering (ISSE)
publishDate	2015
url	https://doaj.org/article/dd28ac67376b4fd1af8e2196b3655a89
work_keys_str_mv	AT farnadnasirzade cooperativegametheoryapproachtoquantitativeriskallocationinconstructionprojects AT mahdirouhparvar cooperativegametheoryapproachtoquantitativeriskallocationinconstructionprojects AT hamedmazandaranizadeh cooperativegametheoryapproachtoquantitativeriskallocationinconstructionprojects
_version_	1718441802415996928

Cooperative Game Theory Approach to Quantitative Risk Allocation in Construction Projects

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