An exact optimization approach to the principal-agent problem in infrastructure projects via PPPs

Gómez, Cristina; Castiblanco, Diego; Lozano, Jorge-Mario; Daza, Camilo

doi:10.1080/15623599.2020.1757572

Cited by 5 publications

(1 citation statement)

References 46 publications

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“…As for risks that are caused by information asymmetry among project participants, research in construction mainly deals with mitigation strategies. Thus, some of the main recognized strategies in recent research include the following: incentives for agents [10,[26][27][28][29][30]; control and monitoring of the agent [10]; optimization of rewards and agent performance [31]; building trust among the project participants [9]; risk sharing between principal and agent [32,33]; and the use of information technologies such as building information modeling (BIM) and blockchain [7,34,35]. However, the previous steps of risk management are not equally represented.…”

Section: Introductionmentioning

confidence: 99%

Risks Caused by Information Asymmetry in Construction Projects: A Systematic Literature Review

Ivić

Cerić

2023

Sustainability

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The construction industry has a great impact on the environment and, more than ever, bears responsibility for achieving global sustainability goals. Despite the increasing technological development in the industry, information asymmetry between construction project participants affects communication and causes risks that have the potential to seriously harm project goals. The main objective of this systematic review is to collect and analyze existing scientific papers to summarize knowledge on the risks influenced by information asymmetry in construction projects. The established PRISMA 2020 methodology was used to collect and analyze papers from the two largest databases of scientific literature, Web of Science and Scopus. The coding rules were set up to evaluate the 94 articles that were assessed as eligible. Furthermore, the content analysis was applied with a set of coding rules and with the help of the software Mendeley. This study finds that research on risks caused by information asymmetry is still new, limited and not well connected with theoretical concepts. The most common methods used by researchers are simulation and case study. With a thematic analysis of current knowledge, this study provides a synthesis of identified risks, consequences and mitigation measures, as well as directions for future research.

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