This paper examines the economic characteristics of construction procurement systems partially in terms of transaction cost economics and partly those of project management. It proposes the theoretical principle of an inconsistent trinity, according to which, in selecting a procurement system,...

Reversal of bargaining power arising from asset specificity is important for the understanding of hold-up problems. Various types of asset specificity have been identified in different transaction contexts, but a previously unidentified or unnamed type is developed here: process specificity....