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STRATEGIES FOR MINIMIZING INFORMATION ASYMMETRIES IN CONSTRUCTION PROJECTS: PROJECT MANAGERS' PERCEPTIONS (CROSBI ID 593239)

Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija

Cerić, Anita STRATEGIES FOR MINIMIZING INFORMATION ASYMMETRIES IN CONSTRUCTION PROJECTS: PROJECT MANAGERS' PERCEPTIONS // Working Paper Series, Proceedings of the Engineering Project Organization Conference / Javernick-Will, Amy ; Malingham, Ashwin (ur.). The Engineering Project Organization Society (EPOS), 2012

Podaci o odgovornosti

Cerić, Anita

engleski

STRATEGIES FOR MINIMIZING INFORMATION ASYMMETRIES IN CONSTRUCTION PROJECTS: PROJECT MANAGERS' PERCEPTIONS

Communication risk is of crucial importance in construction projects. The situation in which one of the project parties is better informed than another is known as information asymmetry. This problem is addressed by the principal-agent theory. According to this theory, information asymmetries cause three problems: adverse selection, moral hazard, and hold up. The focus here is on strategies for minimizing information asymmetries in the construction phase. A survey of project managers was conducted to establish an understanding of the relative importance of risk-minimization strategies established in the literature: bureaucratic control (contracts), information systems, incentives (bonuses), corporate culture, reputation, and trust. The multi-attribute utility theory was used to analyze the responses. According to the project managers who participated in the survey, trust is the most important strategy in the construction phase, followed by bureaucratic control (contracts) and information systems.

principal-agent theory; information asymmetries; risk-minimization strategies; project managers; multi-attribute utility theory

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Podaci o prilogu

2012.

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objavljeno

Podaci o matičnoj publikaciji

Working Paper Series, Proceedings of the Engineering Project Organization Conference

Javernick-Will, Amy ; Malingham, Ashwin

The Engineering Project Organization Society (EPOS)

Podaci o skupu

Engineering Project Organizations Conference-EPOC 2012

predavanje

10.07.2012-12.07.2012

Rheden, Nizozemska

Povezanost rada

Temeljne tehničke znanosti