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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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Listed:
  • 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.

Suggested Citation

  • Cheng-Min Feng & Chao-Chung Kang & Haider Ali Khan, 2002. "On Modelling Negotiations within a Dynamic Multi-objective Programming Framework: Analysis of Risk Measurement with an Application to Large BOT Projects," CIRJE F-Series CIRJE-F-161, CIRJE, Faculty of Economics, University of Tokyo.
  • Handle: RePEc:tky:fseres:2002cf161
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    References listed on IDEAS

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    1. Quiggin, John, 1991. "Comparative Statics for Rank-Dependent Expected Utility Theory," Journal of Risk and Uncertainty, Springer, vol. 4(4), pages 339-350, December.
    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. 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.
    4. Gang, Ira N. & Khan, Haider Ali, 1990. "Some determinants of foreign aid to India, 1960-1985," World Development, Elsevier, vol. 18(3), pages 431-442, March.
    5. Keeney,Ralph L. & Raiffa,Howard, 1993. "Decisions with Multiple Objectives," Cambridge Books, Cambridge University Press, number 9780521438834, April.
    6. 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.
    7. 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 115-134, June.
    8. Carbone, Enrica, 1997. "Discriminating between Preference Functionals: A Monte Carlo Study," Journal of Risk and Uncertainty, Springer, vol. 15(1), pages 29-54, October.
    9. David E. Bell, 1995. "Risk, Return, and Utility," Management Science, INFORMS, vol. 41(1), pages 23-30, January.
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