Building contractors' behavioural pattern in pricing weather risks

International Journal of Project Management

Volumn 25, Issue 6, 2007, Pages 615-626

  Chan, Edwin H W ^a   Au, Maria C Y ^a  

^a HONG KONG POLYTECHNIC UNIVERSITY   (Hong Kong)

Author keywords

Attitude; Bidding behaviour; Decision making; Perception; Weather risk

Indexed keywords

BIDDING BEHAVIOUR; CONSTRUCTION PROJECT DELAY; WEATHER RISK;

CLIMATOLOGY; DECISION MAKING; OPTIMIZATION; RISK ASSESSMENT; SCHEDULING; TURNAROUND TIME;

CONTRACTORS;

BEHAVIORAL RESPONSE; CONSTRUCTION INDUSTRY; INDUSTRIAL PRACTICE; OPTIMIZATION; PERCEPTION; PRICE DETERMINATION; RISK ASSESSMENT; RISK PERCEPTION; WEATHER;

ASIA; CHINA; EURASIA; FAR EAST; HONG KONG;

EID: 34447554619     PISSN: 02637863     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ijproman.2007.01.017     Document Type: Article

References (33)

1. Kumaraswamy M.M., and Chan D.W.M. Contributors to construction delays. Constr Manage Econom 16 (1998) 17-29
2. Chan E.H., and Chan A.P.C. Managing conflict in design information of international construction projects. J Architect Manage 16 1 (2001) 32-57
3. Alkass S., Mazerolle M., and Harris F. Construction delay analysis techniques. Constr Manage Econom 14 (1996) 375-394
4. Smith G.R., and Bohn C.M. Small to medium contractor contingency and assumption of risk. J Constr Eng Manage March/April (1999) 101-108
5. General conditions of contract for building works 1999 edition, HKSAR.
6. Agreement & schedule of conditions of building contract for use in the Hong Kong special administrative region, First RICS (HK Branch) edition (1986), First and second amendments.
7. Agreement & schedule of conditions of building contract for use in the Hong Kong special administrative region (standard form of contract 2005).
8. Perry J.G. The new engineering contract: principles of design and risk allocation. Eng Constr Architect Manage 2 3 (1995) 197-208
9. Huang R.Y., and Halpin D.W. Graphical-based method for transient evaluation of construction operations. J Constr Eng Manage 121 (1995) 222-229
10. Ng W.M., Khor E.L., Tiong L.K., and Lee J. Simulation modeling and management of large basement construction project. J Comp Civil Eng 12 (1998) 101-110
11. Moselhi O., and Hassanein A. Optimized scheduling of linear projects. J Constr Eng Manage 129 (2003) 664-673
12. Hassanein A., and Moselhi O. Planning and scheduling highway construction. J Constr Eng Manage 130 (2004) 638-646
13. Weber E.U., and Hsee C. Cross-cultural differences in risk perception, but cross-cultural similarities in attitudes towards perceived risk. Manage Sci 44 9 (1998) 1205-1217
14. Fishbein M., and Azjen I. Belief, attitude, intention and behaviour: an introduction to theory and research (1975), Addison-Wesley, Reading, MA
15. Neumann J., and Morgenstern O. Theory of games and economic behaviour. 2nd ed. (1974), Princeton University Press, NJ
16. Schoemaker P.J.H. The expected utility model: its variants, purposes, evidence and limitations. J Econom Lit 20 (1982) 529-563
17. Fishburn P.C. Normative theories of decision making under risk and uncertainty. In: Bell D.E., Raiffa H., and Tversky A. (Eds). Decision making, descriptive, normative and prescriptive interaction (1988), Cambridge University Press, Cambridge, UK 79-98
18. Pennings J.M.E., and Smidts A. Assessing the construct validity of risk attitude. Manage Sci 46 10 (2000) 1337-1348
19. Bromiley P., and Curley S. Individual differences in risk taking. In: Yates J.F. (Ed). Risk-taking behaviour (1992), John Wiley, New York
20. Erwin P. Attitudes and persuasion (2001), Psychology Press Ltd., UK
21. Weber E.U., Blais A.R., and Betz N.E. A domain-specific risk-attitude scale: measuring risk perceptions and risk behaviours. J Behav Decision Making 15 (2002) 263-290
22. Krzysztofowicz R. Strength of preference and risk attitude in utility measurement. Organ, Behav Human Perform 31 (1983) 88-113
23. Krzysztofowicz R. Risk attitude hypotheses of utility theory. In: Stigum B.P., and Wenstop F. (Eds). Foundations of utility and risk theory with applications (1983), Reidel, Dordrecht, The Netherlands 201-216
24. Keller L.R. An empirical investigation of relative risk aversion. IEEE Trans Syst Man Cybernet 15 (1985) 475-482
25. Weber E.U., and Milliman R. Perceived risk attitudes: relating risk perception to risky choice. Manage Sci 43 (1997) 122-143
26. Au MCY, Chan EHW. Attitudes of contractors and employers towards transfer of a time-related risk in construction contracts. Construction research congress 2005, San Diego, California, 5-7 April 2005.
27. Au MCY, Chan EHW. Contractors' pricing for time-related contract risks at the tendering stage. In: CITC-III third international conference on construction in the 21st century - advancing engineering, management and technology, Athens, Greece, 15-17 September 2005.
28. Meteorological results 1997-2004, http://www.hko.gov.hk/wxinfo/pastwx/extract.htm (website of the Hong Kong Observatory).
29. Meteorological results 1995, published by the Royal Observatory of Hong Kong.
30. Meteorological results 1996, published by the Royal Observatory of Hong Kong.
31. Kish L. Survey sampling (1965), John Wiley & Sons Inc., New York pp. 45-53
32. Univariate GLM, ANOVA and ANCOVA, http://www2.chass.ncsu.edu/garson/pa765/anova.htm.
33. Post-hoc comparisons, http://otel.uis.edu/yoder/303posthocs.pdf.