engleski

Management of Risks Influenced by Information Asymmetry During Construction: Framework for Research

In construction projects a large part of the costs associated with risks fall on communication risks. Communication risks can occur at any time during the life of construction projects and can affect the activation of other risks. They are influenced by information asymmetry among project participants. Information asymmetry is a situation in which participants in the same project, although having the same goals, sometimes do not share information with other parties involved in the project because of self-interest. This is a typical principal-agent problem. Effective management of risks influenced by information asymmetry during the construction phase remains a challenge for project participants. The focus of this paper is on the risk management in construction projects to gain perspective on possible tools and methods for risk identification, analysis, and risk response. Also, basic concept of principal - agent theory and types of information asymmetries are introduced. Finally, the framework for research is proposed as a guidance for future work on the development of a comprehensive system for management of risks influenced by information asymmetry in construction projects.

communication ; construction projects ; information asymmetry ; risk management

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