Abstract
AbstractThe allocation of risk between public-sector and private-sector parties in a public–private partnership (PPP) contract is a critical element of success that should be based on an assessment of the party best able to manage it. Assessing the risk-management capability of a contracting party to reach an efficient risk-allocation decision is subjective and implicit because it requires value judgments and experiential knowledge of expert practitioners. This paper draws on a set of established risk-allocation criteria (RAC) and the fuzzy-set approach to examine the allocation of five key risk factors related to PPPs in water supply infrastructure projects. The fuzzy set is used to deal with ambiguity in the linguistic RAC to minimize the fuzziness and bias in qualitative expert knowledge that characterize real-life decision-making. To explore how the risks should be allocated, three rounds of a Delphi questionnaire survey was conducted to elicit knowledge of practitioners with hands-on experience relat...
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