Application of Option Trading for Alleviating Unsuccessful Bidding Problem in Disaster Recovery Works

2023 Fiscal Year Final Research Report

• Project/Area Number: 21K04212
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 22010:Civil engineering material, execution and construction management-related
• Research Institution: Kyoto University
• Principal Investigator: ONISHI Masamitsu 京都大学, 工学研究科, 教授 (10402968)
• Project Period (FY): 2021-04-01 – 2024-03-31
• Keywords: 災害レジリエンス / 災害復旧 / 入札不調 / オプション取引 / 制度設計

Outline of Final Research Achievements

Since the price of construction materials often skyrockets when a disaster strikes, contractors undertaking this restoration work may find themselves in the red if they are paid for their work based on normal construction cost estimating standards. In fact, construction projects that are likely to result in loss-making work often result in unsuccessful bids. As a result, infrastructure functions may not recover and remain at a low level for a long period of time. In this study, we proposed a mechanism to utilize option trading for disaster recovery construction projects and theoretically analyzed the value of its implementation. We also clarified institutional and governance issues in implementing options trading through interviews with government agencies and construction firms.

Free Research Field

建設マネジメント

Academic Significance and Societal Importance of the Research Achievements

近年、気候変動による災害の多発化、激甚化に伴い、災害発生の抑制のみならず、災害が発生した後の復旧を迅速化することにより災害影響を軽減しようとするレジリエンスの考え方が主流化した。災害発生時は復旧工事に必要な建設資材の需給が逼迫するため、災害復旧工事の入札が不調になるケースも少なくない。本研究では、オプションの考え方に基づいた取引手法を導入することによって、建設資材の価格上昇に伴う災害復旧工事の入札不調を抑制することが理論的には可能であること示しており、災害レジリエンスの向上に寄与する新たな知見を提供できた点に学術的、社会的意義がある。