Chang, C Y and Ive, G (2002) Rethinking the multi-attribute utility approach based procurement route selection technique. Construction Management and Economics, 20(3), pp. 275-284. ISSN 01446193
Abstract
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 procurement systems has not been examined carefully. The major weaknesses of the MAUA as applied in this field lie in its selection of priority variables and in some association of procurement routes with priority variables. This paper uses a transaction cost perspective, in a setting of incomplete contracting, to develop these comments.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | incomplete contracting; multi-attribute utility approach; procurement route; transaction costs |
| Index terms: | transaction cost, procurement system |
| Subjects: | contractual arrangements, financial analysis |
| Topics: | Cost Management, Procurement |
| Descriptive scope: | 2 CT |
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