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,...

The multi-attribute utility approach (MAUA) provides a possibility of transforming subjective perception or evaluation into objective decision principles. However, as applied to procurement system selection, the advice derived from this approach can be problematical, if the nature of the...

The major message that I will be trying to convey is that we often misinterpret the available data because of inadequate attention to how they are produced … (Griliches, 1994, p. 2) The importance of accurate measurement and pertinent modelling of the general level of construction prices...

In the analysis of property markets, most research focuses on either the commercial or the housing sectors. Each body of literature has developed its own stylised factsí about normal values for such things as income yields and price elasticities of supply, around which cyclical models have been...

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....

The Office for National Statistics in the UK has developed and adopted a new method for collecting and publishing construction statistics. The analysis of the revised construction new orders series and the associated new UK Department for Business, Innovation and Skills (BIS) output price index...