Deakin University
Browse

File(s) under permanent embargo

Integrating system dynamics and fuzzy bargaining for quantitative risk allocation in construction projects

journal contribution
posted on 2015-05-01, 00:00 authored by Farnad NasirzadehFarnad Nasirzadeh, M Rouhparvar, H Mazandarani Zadeh, M Rezaie
Quantitative approaches to risk allocation have been developed to overcome the limitation of qualitative approaches, and to determine how the responsibility of risk should be shared between contracting parties. This paper integrates a system dynamics simulation scheme with fuzzy bargaining game theory for quantitative risk allocation. The behaviour of contracting parties in the quantitative risk allocation negotiation process is modelled as player behaviour in a game. A system dynamics based model is employed to determine the contractor and client costs (players' payoffs) at different percentages of risk allocation. Having determined the player payoffs, the common interval between player acceptable risk allocation percentages is determined. The bargaining process is then performed between two parties accounting for the common interval, and a desirable and equitable percentage of risk allocation is determined.

History

Journal

Scientia Iranica

Volume

22

Issue

3

Article number

7

Pagination

668 - 678

Publisher

Sharif University of Technology

Location

Tehran, Iran

ISSN

1026-3098

eISSN

2345-3605

Language

eng

Publication classification

C Journal article; C1.1 Refereed article in a scholarly journal

Copyright notice

2015, Sharif University of Technology

Usage metrics

    Research Publications

    Categories

    No categories selected

    Exports

    RefWorks
    BibTeX
    Ref. manager
    Endnote
    DataCite
    NLM
    DC