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    Deriving Optimal Competition in Infrastructure Procurement

    Access Status
    Fulltext not available
    Authors
    Teo, P.
    Bridge, A.
    Love, Peter
    Date
    2015
    Type
    Conference Paper
    
    Metadata
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    Citation
    Teo, P. and Bridge, A. and Love, P. 2015. Deriving Optimal Competition in Infrastructure Procurement, in Proceedings of the International Conference on Construction and Real Estate Management (ICCREM), Aug 11–12 2015, pp. 1114-1123. Luleå, Sweden: ASME.
    Source Title
    ICCREM 2015 - Environment and the Sustainable Building - Proceedings of the 2015 International Conference on Construction and Real Estate Management
    DOI
    10.1061/9780784479377.131
    ISBN
    9780784479377
    School
    Department of Civil Engineering
    URI
    http://hdl.handle.net/20.500.11937/42619
    Collection
    • Curtin Research Publications
    Abstract

    Typically, only a limited number of consortiums are able to competitively bid for public private partnership (PPP) projects. Consequently, this may lead to oligopoly pricing constraints and ineffective competition, thus engendering ex ante market failure. In addressing this issue, this paper aims to determine the optimal number of bidders required to ensure a healthy level of competition is available to procure major infrastructure projects. The theories of structure-conduct-performance (SCP) paradigm; Game Theory and Auction Theory and transaction cost economics are reviewed and discussed and used to produce an optimal level of competition for major infrastructure procurement, that prevents market failure ex ante (lack of competition) and market failure ex post (due to asymmetric lock-in).

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