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Author : David P. Baron
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (819 download)
Download or read book Risk Sharing in Procurement Contracting written by David P. Baron and published by . This book was released on 1985 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Pamela Clark Brown
Publisher :
ISBN 13 :
Total Pages : 340 pages
Book Rating : 4.:/5 (249 download)
Download or read book Design of Optimal Procurement Contracts that Allow Risk-sharing written by Pamela Clark Brown and published by . This book was released on 1984 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tai-Yeong Chung
Publisher : London : Department of Economics, University of Western Ontario
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Risk Sharing, Specific Investment and Incomplete Contracts written by Tai-Yeong Chung and published by London : Department of Economics, University of Western Ontario. This book was released on 1990 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Abhijeet Ghadge
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Using Risk Sharing Contracts for Supply Chain Risk Mitigation written by Abhijeet Ghadge and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper aims to understand buyer-supplier power and dependence scenarios following a risk sharing contract. The study develops a supply chain risk sharing contract to mitigate demand uncertainty and price volatility related risks in a globalised business environment. An integer programming model is developed and analysed following an automotive case study to generate insights into buyer-supplier relationships. Multiple buyer-supplier power and dependence scenarios are considered to reflect the possible leverages involved in the decision-making. The situational strength evaluated through buyer-supplier power and dependence illuminates the inherent complexity in contract negotiation. Thus there is an evident need to develop risk sharing contracts for mitigating global risks. The developed relationship framework and risk sharing contract model are expected to help SC managers in better understanding behavioural aspects during contract negotiations. The risk sharing contract model proposed here also contributes to a potentially novel perspective on existing theory in buyer-supplier power and dependence by providing a relational perspective on the dynamics of supply chain design and collaboration.
Author : Demi Chung
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (861 download)
Download or read book Contractual Approach to Optimising Risk Sharing written by Demi Chung and published by . This book was released on 2013 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public-Private-Partnerships (PPPs) are a public procurement policy that argues in support of greater value for money through optimal risk-sharing, by aligning incentives among parties who are profoundly different in terms of interests, objectives and risk preferences. The subject of interest in this thesis is tollroads that are procured under the PPP method, which traditionally involves the transfer of demand risk to the private sector. Designing contracts to share risk in light of incentive problems is the central premise of contract theory, yet the risk-sharing implications have rarely been adequately tested using micro data at the decision-maker level. In addition, empirical contract studies tend to ignore the risk preferences of contracting parties or assume that the stereotypical risk-averse agent and risk-neutral principal are present in all contractual relationships. This thesis addresses these shortcomings by presenting the methodology and empirical findings of an online survey within which a stated choice experiment was designed to capture the risk perceptions of contracting parties to a number of hypothetical PPP tollroad concessions. Information from 101 participants drawing on their project experience over 32 countries was collected within an advanced computer-aided personal survey instrument, to condition model estimates on observing the manner in which respondents processed the information presented to them to test the impact of contractual conditions and external institutional variables on their risk preferences, and hence their choice behaviour. While the findings of this thesis support the concept that risk-sharing in PPPs is in line with contract theory’s incentive alignment proposition, they refute the common belief in contract theory with respect to stereotypical economic actors. Moreover, the results demonstrate the powerful incentive effect of property rights to ex post surplus. There are a number of significant implications as to the design of contracts and reform of public policy if PPPs are to gain popularity and to attain value for money. To induce appropriate ex post performance efficiency, ex ante property rights need to be complemented with equitable risk-sharing among contracting parties. Uptake of the policy by the market can be enhanced by modifications to the identified institutional variables and contractual conditions. Finally, the thesis appeals to the theories of decision making to further pursue the influence of human cognition, particularly bounded rationality, on our decision choices.
Author : Young-Ho Seo
Publisher :
ISBN 13 :
Total Pages : 368 pages
Book Rating : 4.:/5 (282 download)
Download or read book Analysis of Military Procurement Contracts that Allow Risk-sharing Under Adverse Selection written by Young-Ho Seo and published by . This book was released on 1993 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marcus C. Jefferies
Publisher : Routledge
ISBN 13 : 1317635027
Total Pages : 375 pages
Book Rating : 4.3/5 (176 download)
Download or read book New Forms of Procurement written by Marcus C. Jefferies and published by Routledge. This book was released on 2016-04-14 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last three decades have seen the evolution of Public–Private Partnerships (PPPs) and Relationship Contracting (RC) as alternative procurement approaches to traditional methods of delivering public infrastructure. The potential for growth in these new forms of procurement has led to an on-going debate on the nature of requirements, particularly in terms of policy development, encouraging private investment and value for money. A key argument for Governments to procure projects using PPPs and RC is that the process delivers better value for all the stakeholders, including the community and asset end-users. This wide-ranging study of such crucial procurement issues includes international historical context, collaboration and risk management, with a focus on sustainable procurement approaches. The international significance of PPPs and RC procurement is reinforced with case study examples from the UK, Europe, North America, South Africa and the Asia-Pacific. It features cutting-edge research from around the world on subjects such as: Reviews and reflection of the PPP approach Project Alliancing Implementation of RC in developing countries Changes in procurement policy Value for money, collaboration and stakeholder involvement Growth and emergence of PPPs in Asia Risk management Including contributions from some of the world's most prominent academics and practitioners in this field, it is a crucial guide to the strategic choices governments now face for the provision of infrastructure, between using ‘public’ or ‘private’ mechanisms, or a combination of the two.
Author : David Frydlinger
Publisher : Springer Nature
ISBN 13 : 3030650995
Total Pages : 327 pages
Book Rating : 4.0/5 (36 download)
Download or read book Contracting in the New Economy written by David Frydlinger and published by Springer Nature. This book was released on 2021-05-24 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today’s business environment is constantly evolving, filled with volatility, uncertainty, complexity and ambiguity and driven by digital transformation, globalization, and the need to creating value through innovation. These shifts demand that organizations view contracting through a different lens. Since it is impossible to predict every what-if scenario in a transactional contract, organizations in strategic and complex partnerships must shift to a mindset of shared goals and objectives built upon a strong foundation of transparency and trust, working together to mitigate risk much better than merely shifting risk to the weaker party. Contracting in the New Economy helps you to not only develop this mindset – but also offers the practical tools needed to embrace the social side of contracting, enabling your organization to harness the value creating potential of formal relational contracts. Briefly sharing the theoretical foundations that prove relational contracting works, it goes well beyond theory by providing powerful examples of relational contracting principles in practice. In addition, the authors provide a practical and proven approach for helping you to put relational contracting theory into practice for your own relationships. First by providing a framework for approaching any contracting situation and helping organizations finding the best contract model for each situation. And then by sharing five proven steps you can take to create an effective relational contract for you own strategic and complex business relationships. For anyone involved in developing contracts —lawyers, in-house counsels, contract managers, C-level managers, procurement officers, and so on — this book will empower you to create powerful cooperative alliances that will help you reach —and surpass — your business goals in today’s dynamic new environment.
Author : Jon Broome
Publisher : Thomas Telford
ISBN 13 : 9780727731364
Total Pages : 420 pages
Book Rating : 4.7/5 (313 download)
Download or read book Procurement Routes for Partnering written by Jon Broome and published by Thomas Telford. This book was released on 2002 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is aimed at those who want to apply or improve the application of partnering in the construction and heavy engineering industries to their projects. It focuses on procurement aspects based on the premise that unless the commercial and contractual conditions align objectives, there is little stimulus to change the culture and integrate processes and teams to achieve the outstanding results that can be attained through partnering.This invaluable book presents detailed information about the partnering and procurement process, which will lead to better delivery of construction projects.
Author : Dean Lueck
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Risk-Sharing and Agricultural Contracts written by Dean Lueck and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Structuring contracts to share risk in light of incentive problems is the central premise of contract theory, yet the risk-sharing implications have rarely been thoroughly tested using micro-level contract data. In this paper we test the major implications of a principal-agent model of contracts using detailed data on over 4,000 individual contracts from modern North American agriculture. In conducting this investigation we stress the importance of assumptions about risk preferences in generating testable implications. On a case-by-case basis, our evidence fails to support risk-sharing as an explanation of contract choice in modern North American farming. At the same time, we find support for models that assume risk-neutral contracting parties and stress multiple margins for moral hazard and enforcement costs.
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264046739
Total Pages : 145 pages
Book Rating : 4.2/5 (64 download)
Download or read book Public-Private Partnerships In Pursuit of Risk Sharing and Value for Money written by OECD and published by OECD Publishing. This book was released on 2008-05-21 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book highlights good practices and summarises what countries should consider before entering into public-private partnerships (PPPs).
Author : Peter Allan Thompson
Publisher : Thomas Telford
ISBN 13 : 9780727716651
Total Pages : 86 pages
Book Rating : 4.7/5 (166 download)
Download or read book Engineering Construction Risks written by Peter Allan Thompson and published by Thomas Telford. This book was released on 1992 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk analysis and management - an overview. When to apply risk management. Quantitative techniques for project risk analysis. Risk in estimating. Contract stategy...
Author : Daniel W.M. Chan
Publisher : Taylor & Francis
ISBN 13 : 1317229274
Total Pages : 187 pages
Book Rating : 4.3/5 (172 download)
Download or read book Target Cost Contracting Strategy in Construction written by Daniel W.M. Chan and published by Taylor & Francis. This book was released on 2016-10-14 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problems inherent in the traditional design-bid-build procurement method often lead to the adversarial working relationships within the construction industry. Target cost contracts, accompanied by a gain-share/pain-share arrangement serving as a cost incentive mechanism, have emerged in the United States, the United Kingdom, Australia and Hong Kong with the aim of achieving better value for money and more satisfactory overall project performance under a collaborative working relationship. This book presents the underlying principles, practicalities and a series of short case studies of applying the target cost contracting strategy. Principles begin with the fundamentals then cover the development of target cost contracting in major countries/cities, definitions of target cost contracting, perceived benefits, potential difficulties and critical success factors for implementation. Practices include the target cost contracting approach and process in general, the key risk factors, risk assessment model, risk allocation and risk mitigation measures for target cost contracts in particular, together with a conceptual framework for the performance measurement of target cost contracts. Several short real-life case studies from the United Kingdom, Hong Kong, Australia and New Zealand are provided for further illustration. The book will appeal to a wide spectrum of readers from industrial practitioners to undergraduate students, researchers and academics interested in construction contracts and procurement methods.
Author : Denise Bower
Publisher : Thomas Telford
ISBN 13 : 9780727732217
Total Pages : 288 pages
Book Rating : 4.7/5 (322 download)
Download or read book Management of Procurement written by Denise Bower and published by Thomas Telford. This book was released on 2003-01-08 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This invaluable book covers all aspects of procurement, from drafting and using contracts to procurement strategies for privately financed projects. It is written from a construction perspective, and uses examples from other industries where appropriate. This essential book offer presents guidance, explanations and case studies to help the reader comprehend the strengths and weaknesses and realistic meanings and outcomes of the stages in the development of an effective procurement strategy. Bringing together the theory and practice that relates to procurement, the book offers guidance on show the process should be undertaken. It begins by outlining the role of procurement in the construction industry, including the problems it faces and some of the steps that can be taken to overcome these problems. It then goes on to consider contractor selection and raises issues relating to the allocation of risk in contracts and factors to consider when awarding a contract. A brief summary of the relevant legal aspects is also provided. The book also examines contract strategy, major organisational arrangements and payment types and prvides a summary of the key features of the most common standard forms of contract. The relationship between benchmarking, key performance indicators and incentives is explained and a framework for developing incentive mechanisms is provided.
Author : Vibhuti Dhingra
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book Managing Reputation Risk in Supply Chains written by Vibhuti Dhingra and published by . This book was released on 2020 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: When a supplier fails to comply with social and environmental standards, the buyer's reputation suffers. Reputation costs can typically be very high for the buyer whereas the supplier's liability is often limited. Conventional procurement strategies like dual sourcing mitigate the buyer's operational risk, but often do so at the expense of increasing its reputation risk and sourcing costs. In this paper, we propose a risk-sharing contract for managing the buyer's reputation concerns. We find that by sharing some of the supplier's operational loss, the buyer may (in some conditions) decrease its reputational risk but this has to be balanced against an increase in the operational risk. Risk-sharing also reduces sourcing costs because the buyer takes on some of the worst-case loss of a wealth-constrained supplier. These results suggest that risk-sharing can be superior, as a procurement strategy, to conventional approaches like dual sourcing or penalty contracts. This is true when reputation and sourcing costs are a significant concern, and operational costs are not that high. Under some conditions, the buyer may choose risk-sharing even if it increases reputation risk in order to reduce procurement costs.
Author : Xiaole Wu
Publisher :
ISBN 13 :
Total Pages : 169 pages
Book Rating : 4.:/5 (759 download)
Download or read book Operational Flexibilities, Risk Sharing Contracts, and Sourcing Strategies written by Xiaole Wu and published by . This book was released on 2011 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of three chapters, studying operational flexibilities, risking sharing contracts, and firms' sourcing strategies. Chapter 1 investigates the interconnection among multiple-stage decisions of the oil refining process: crude procurement (mix of crude oils and quantity), intermediate processing (conversion from heavy to light fraction), and blending decisions. The emphasis is to understand how those decisions are affected by conditions of input and output market conditions and the refinery's processing capability, especially its two types of operational flexibility, namely, crude oil mixing in crude procurement and conversion of heavy (low-quality) fraction to light (high-quality) fraction in refining. We offer insights on the impact of market conditions on the values of conversion and mixing flexibility. Chapter 2 studies two prevailing types of contracts used in the semiconductor industry for horizontal capacity coordination between an IDM (integrated device manufacturer) and a foundry: fixed commitment contracts and capacity reservation contracts. Due to different nature of incentives under these contracts, it is not clear which type of contract performs better from the IDM's perspective. We show the sourcing and capacity decisions the IDM should make under different circumstances of cost and contract structure and demand characteristics, and demonstrates complexity of sourcing decisions in horizontal capacity coordination. The relationships between the two types of contracts are also investigated. Chapter 3 studies the tradeoff between sourcing cost and lead time in a competitive setting. Specifically, it studies a sourcing game where each firm may either source from a fast supplier with high cost or a slow supplier with low cost. With a fast supplier, the player can gather better demand information when making its quantity decision. We characterize the equilibrium of such a game and derive some managerial insights that may help explain the recent trend of backshoring in the U.S.
Author : Hao Li
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Risk Sharing, Sorting, and Early Contracting written by Hao Li and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an assignment market with uncertainty regarding productive ability of participants, early contracting can occur as participants balance risk sharing and sorting efficiency. More promising agents may contract early with each other because insurance gains outweigh sorting inefficiency, whereas less promising agents wait. It can also happen in equilibrium that more promising job applicants contract early with less promising firms. Such worker-driven equilibria may arise when applicants are more risk-averse, have greater uncertainty regarding their quality, or face a tighter market and when production exhibits increasing returns to firms' qualities. Early contracting then unambiguously hurts the more promising firms that choose to wait.
