Abstract
AbstractThe 2008 financial turmoil hit hard on many economies. Many countries and regions have since instigated major infrastructure developments to boost their economies. In this connection, the Government of Hong Kong began the Ten Mega Projects program. However, significant differences between tender prices and budget estimates have been reported, with the increases far exceeding the inflation factor. In view of the relatively large contract value and the available contracting capacity, lack of competition might have been one of the causes leading to the increase in tender price. This study investigates this phenomenon. To evaluate market concentration, four-firm concentration ratios (CR4) and the Herfindahl-Hershamann Index (HHI) are used. Employing data from the Ten Mega Projects market and drawing insights from competition laws on concentration thresholds, it is found that the CR4 results indicate a moderately concentrated market and HHI results suggest that the market is unconcentrated. The final r...
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