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On Modelling Negotiations within a Dynamic Multi-objective Programming Framework: Analysis of Risk Measurement with an Application to Large BOT Projects

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Author Info

  • Cheng-Min Feng

    (Instituteof Traffic and Transportation, National Chiao Tung University)

  • Chao-Chung Kang

    (Instituteof Traffic and Transportation, National Chiao Tung University)

  • Haider Ali Khan

    (GSIS, University of Denver and CIRJE, Faculty of Economics, University of Tokyo)

Abstract

The dynamic and multi-objective programming is used here to establish a risk measurement model. We develop an iterative algorithm and the convergence conditions for the model solution. The results obtained from the model developed here show that the sum of the interactive utility value (IUV) could determine whether or not the interactive relationship is characterized by independence among negotiators. In addition, the numerical example shows that this risk measurement model of the negotiation group can reflect risk assessment by the negotiation group for certain events and can analyze interaction characteristics among negotiators. We show the feasibility and applicability of the model and the exact solution algorithm, and their policy relevance for analyzing BOT projects.

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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-161.

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Length: 32 pages
Date of creation: Jul 2002
Date of revision:
Handle: RePEc:tky:fseres:2002cf161

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  1. David E. Bell, 1995. "Risk, Return, and Utility," Management Science, INFORMS, vol. 41(1), pages 23-30, January.
  2. Bose, Utpal & Davey, Anne M. & Olson, David L., 1997. "Multi-attribute utility methods in group decision making: Past applications and potential for inclusion in GDSS," Omega, Elsevier, vol. 25(6), pages 691-706, December.
  3. Quiggin, John, 1991. " Comparative Statics for Rank-Dependent Expected Utility Theory," Journal of Risk and Uncertainty, Springer, vol. 4(4), pages 339-50, December.
  4. Carbone, Enrica, 1997. "Discriminating between Preference Functionals: A Monte Carlo Study," Journal of Risk and Uncertainty, Springer, vol. 15(1), pages 29-54, October.
  5. Luce, R Duncan & Fishburn, Peter C, 1995. "A Note on Deriving Rank-Dependent Utility Using Additive Joint Receipts," Journal of Risk and Uncertainty, Springer, vol. 11(1), pages 5-16, July.
  6. Daniels, Richard L & Keller, L Robin, 1990. " An Experimental Evaluation of the Descriptive Validity of Lottery-Dependent Utility Theory," Journal of Risk and Uncertainty, Springer, vol. 3(2), pages 115-34, June.
  7. Khan, Haider Ali & Hoshino, Eiichi, 1992. "Impact of foreign aid on the fiscal behavior of LDC governments," World Development, Elsevier, vol. 20(10), pages 1481-1488, October.
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