scholarly journals Real options analysis of revenue risk sharing in post-disaster housing reconstruction

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Vahdatmanesh ◽  
Afshin Firouzi ◽  
James Olabode Bamidele Rotimi
Keyword(s):  
Real Options ◽  
Risk Sharing ◽  
Real Options Analysis ◽  
Content Type ◽  
Valuation Model ◽  
Land Readjustment ◽  
The Government ◽  
Housing Reconstruction ◽  
Private Investors ◽  
Post Disaster

Purpose Post-disaster housing reconstruction (PDHR) demands a considerable percentage of global property investment, yet the post-disaster environment presents intricate challenges to reconstruction financing for governments and at the same time, revenue uncertainty for private investors. The purpose of this study is to develop a methodology for tackling land shortage and the financial challenges of PDHR in the aftermath of a disaster. Design/methodology/approach This study developed a methodology based on a combined minimum revenue guarantee and maximum revenue cap model using a well-established real options analysis (ROA) for revenue risk sharing in PDHR projects and land readjustment (LR) for finance. The applicability of the purported model is demonstrated through an illustrative example. Findings The results show that flexibility in the options could increase the PDHR contractor’s risk profile by increasing the expected value of the contractor investment and reducing the probability of investment loss. On the other side, a cap on the contractor revenue stream would allow the government to benefit from any excess in revenue and would counterbalance the value of the option. Practical implications The framework proposed in this study could serve as a practical risk-revenue sharing in PDHR projects. Governments and policymakers could use the findings to enable the successful delivery of PDHR projects and consequently bring the quality of life of affected people to pre-disaster conditions. Originality/value This study can be considered as a first attempt toward the use of the Australian barrier style options structure, and the trinomial lattice valuation model in PDHR projects, which incorporates LR, public-private partnerships, governmental guarantees and PDHR concepts in one ROA-based framework.

Build back better concepts for resilient recovery: a case study of India’s 2018 flood recovery

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shankar Neeraj ◽  
Sandeeka Mannakkara ◽  
Suzanne Wilkinson
Keyword(s):  
Local Level ◽  
State Level ◽  
Recovery Process ◽  
Decision Makers ◽  
Community Recovery ◽  
Content Type ◽  
Effective Implementation ◽  
The Government ◽  
Post Disaster

Purpose This paper aims to understand the recovery process after the 2018 floods in Kerala, India, and it determines whether the recovery efforts were aligned with Build Back Better (BBB) concepts. Design/methodology/approach A qualitative approach was adopted to collect the data from the officials of Government and NGOs involved in Kerala recovery. The participants were interviewed on the challenges faced during the recovery process and the actions taken by them to overcome it. Findings The study identified that the Kerala Government was proactive at making the community resilient from future disasters by – encouraging owner-driven reconstruction among flood-affected households; supporting locals to rejuvenate their business; and by creating a local-level recovery authority. Further, this paper identifies the areas that Kerala was lacking in terms of BBB and where resilience-based plans and actions are needed for the future. Research limitations/implications The participants were employees of Government and NGOs at a state level as they were the primary decision-makers to implement any recovery actions. Researchers believe that the authorities at district and village level could have had a different perspective towards implementing the recovery actions. Practical implications The best practices presented in this paper for effective BBB will assist the government to build/improve resilience in the community. Originality/value The implementation of BBB concepts in the areas of disaster risk reduction, community recovery and effective implementation was never studied extensively. The research provides valuable information on what extent Kerala’s post-disaster recovery and reconstruction activities were in-line with BBB practices.

Role of Facebook as a disaster communication media

2019 ◽  
Vol 8 (2) ◽  
pp. 191-204 ◽  
Author(s):  
Prasadi Kanchana Jayasekara
Keyword(s):  
Primary Data ◽  
Sri Lankan ◽  
Snowball Sampling ◽  
Content Type ◽  
Disaster Communication ◽  
Data Saturation ◽  
Funding Programs ◽  
The Government ◽  
Media Channels ◽  
Post Disaster

Purpose The purpose of this paper is to identify the types of contents shared through Facebook during different phases of disaster management. Design/methodology/approach The primary data of this study were collected using the qualitative method. To acquire the necessary data, researcher selected 50 Sri Lankan Facebook users who can read and understand Sinhala with more than 1,000 friends using the snowball sampling method. Selected Facebook users had to collect Facebook posts related to flood during two weeks time period. Data were collected until it reached data saturation point. The collected Facebook posts were transcribed and translated into English. Thematic analysis was used to analyze the Facebook posts. Findings The most prominent use of Facebook for disaster communication can be observed in, during and post-disaster phases. In the during-disaster phase, people used Facebook to share posts related to disaster warning, request for help or rescue, share information about rescue missions, share contact numbers of rescue teams, request donation items, coordinate aid distribution, ask for volunteer work and to provide feedback about the ongoing funding programs. In the post-disaster phase, people used Facebook to request volunteer help for cleaning, to provide feedback about the progress and to ask about donating cleaning products. Originality/value Findings of this study can be used by the government or authorized bodies to develop official social media channels, which would fulfill information requirements during disaster situations.

Indonesian energy reform eyes public-private balance

2015 ◽  
Keyword(s):  
Oil And Gas ◽  
Local Level ◽  
National Level ◽  
Content Type ◽  
Resource Endowment ◽  
Gas Market ◽  
The Government ◽  
Private Investors ◽  
Energy Assets ◽  
Oil And Gas Sector

Subject Proposed reforms in the oil and gas sector. Significance In the face of strong resource nationalism, President Joko 'Jokowi' Widodo's government faces strong pressure to improve the balance between public control and private participation in the oil and gas sector. To that end, the government proposes to amend the 2001 oil and gas law. Its draft amendment proposes, most notably, that state enterprises should control all production operations, while private investors provide technology and capital. The government is also considering revisions to the upstream regime, which is currently based on production-sharing contracts (PSCs). These changes require parliamentary approval. Impacts Private firms, especially foreign ones, are likely to delay fresh investment in energy assets, given the oil and gas market glut. Indonesia's vast natural resource endowment will attract private interest, but regulatory uncertainty will be an abiding problem. Transparency in the extractive sector will continue to rise at the national level, but local level reforms will be slow.

Reframing “building back better” for post-disaster housing design: a community perspective

2016 ◽  
Vol 7 (4) ◽  
pp. 344-360 ◽  
Author(s):  
Yenny Rahmayati
Keyword(s):  
Qualitative Methodology ◽  
Way Of Life ◽  
Content Type ◽  
Housing Design ◽  
Disaster Survivors ◽  
Common Concept ◽  
The Common ◽  
Housing Reconstruction ◽  
Post Disaster

Purpose This study aims to reframe the common concept of post-disaster reconstruction “building back better”, especially in the context of post-disaster housing design. Design/methodology/approach An Aceh post-tsunami housing reconstruction project is used as a case study with qualitative methodology through in-depth interviews of selected respondents. Findings The study findings have shown that the term “building back better” is not a familiar term for housing recipients. Whichever different personal background post-disaster survivors come from, whether they are housewife, civil servant, fisherman, university student, businessman or a professional, none have ever heard this phrase. All found it hard to understand the term. This study argues that the “building back better” concept is good in policy but not working in practice. As a result, housing recipients not only were dissatisfied with their new houses but also found that the new housing configurations profoundly altered their traditional way of life. In light of these findings, the paper argues that the concept of “building back better” needs to be reframed to take account of the cultural individual and communal needs and wants of post-disaster survivors. Research limitations/implications This study discusses only one aspect of post-disaster reconstruction that is the design of housing reconstruction. Practical implications Results from this study provide a practical contribution for reconstruction actors especially designers, architects and planners. It helps them to reconsider the common concepts they have used for post-disaster reconstruction processes particularly in designing housing reconstruction projects. Originality/value This study focuses on the question of how tsunami survivors in Aceh reacted to the design of their new post-tsunami houses and what they had done themselves to make their homes a better and nicer place to live within their own cultural needs. This study also sought to understand what motivated the opinions the respondents had about the design of housing reconstruction after the tsunami in Aceh generally. In addition, the study investigated whether survivors knew the phrase and the credo of “building back better” in a post-disaster context.

scholarly journals Living-transforming disaster relief shelter: a conceptual approach for sustainable post-disaster housing

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sara Ghanbarzadeh Ghomi ◽  
Gayan Wedawatta ◽  
Kanchana Ginige ◽  
Bingunath Ingirige
Keyword(s):  
Natural Hazard ◽  
Disaster Relief ◽  
Sri Lankan ◽  
Conceptual Approach ◽  
Efficient Tool ◽  
Conceptual Foundation ◽  
Content Type ◽  
Housing Projects ◽  
Housing Reconstruction ◽  
Post Disaster

PurposeThe purpose of this paper is to investigate the performance of post-disaster housing reconstruction projects, propose the conceptual living-transforming disaster relief shelter (LTFDR-shelter) approach where temporary shelter is incrementally transformed into a more permanent dwelling by using living technologies and investigate its applicability to provide sustainable post-disaster housing following natural-hazard-induced disasters.Design/methodology/approachA questionnaire survey with 120 household recipients of three Sri Lankan post-disaster housing projects was employed to explore how the post-disaster housing projects have performed against the occupants' expectations. Furthermore, the new proposed LTFDR-shelter conceptual approach's applicability to address the existing issues found in the study was investigated.FindingsThe paper evaluates and identifies the physical and technical, and socio-economic performance issues of post-disaster housing and discusses the applicability of the proposed LTFDR-shelter conceptual approach as an efficient tool to adequately improve the identified factors integrating three phases of relief, rehabilitation and reconstruction employing living technology.Research limitations/implicationsAlthough the study's scope was limited to the occupant view of the performance of post-disaster housing in Sri Lanka, the findings and conceptual LTFDR-shelter approach could be of particular relevance to other developing countries affected by similar disasters. Further research is recommended to investigate and develop this concept in depth.Originality/valueThis study lays the conceptual foundation for a new theoretical approach in post-disaster housing, which encourages more interdisciplinary collaborations and empirical investigations that potentially enhance post-disaster housing performance and facilitates the application of living technology in the built environment.

Ukraine issues costly bond as it hopes for IMF funds

2018 ◽  
Keyword(s):  
World Bank ◽  
Content Type ◽  
The Government ◽  
Private Investors

Significance These payments come shortly after the ministry placed a 725-million-dollar, six-month Eurobond with private investors. The government seems to have had no alternative to this costly means of covering upcoming debt obligations later this year as it waits for a resumption in IMF lending. Impacts If no IMF tranche is forthcoming, new disbursements may have to await a new lending programme in March. Renewed IMF lending should unlock other multilateral financing including 800 million dollars (World Bank) and 578 million dollars (EU). An agreement to raise gas prices may have political repercussions for the government and ruling coalition.

Social media in aid of post disaster management

2020 ◽  
Vol 14 (2) ◽  
pp. 237-260 ◽  
Author(s):  
Ajree Ducol Malawani ◽  
Achmad Nurmandi ◽  
Eko Priyo Purnomo ◽  
Taufiqur Rahman
Keyword(s):  
Social Media ◽  
Big Data ◽  
Content Analysis ◽  
Disaster Management ◽  
Practical Implication ◽  
Legal Framework ◽  
Topic Modelling ◽  
Content Type ◽  
The Government ◽  
Post Disaster

Purpose This paper aims to examine tweet posts regarding Typhoon Washi to contend the usefulness of social media and big data as an aid of post-disaster management. Through topic modelling and content analysis, this study examines the priorities of the victims expressed in Twitter and how the priorities changed over a year. Design/methodology/approach Social media, particularly Twitter, was where the data gathered. Using big data technology, the gathered data were processed and analysed according to the objectives of the study. Topic modelling was used in clustering words from different topics. Clustered words were then used for content analysis in determining the needs of the victims. Word frequency count was also used in determining what words were repeatedly used during the course period. To validate the gathered data online, government documents were requested and concerned government agencies were also interviewed. Finding Findings of this study argue that housing and relief goods have been the top priorities of the victims. Victims are seeking relief goods, especially when they are in evacuation centres. Also, the lack of legal basis hinders government officials from integrating social media information unto policymaking. Research limitation This study only reports Twitter posts containing keywords either, Sendong, SendongPH, Washi or TyphoonWashi. The keywords were determined based on the words that trended after Typhoon Washi struck. Practical implication For social media and big data to be adoptable and efficacious, supporting and facilitating conditions are necessary. Structural, technical and financial support, as well as legal framework, should be in place. Maintaining and sustaining positive attitude towards it should be taken care of. Originality/value Although many studies have been conducted on the usefulness of social media in times of disaster, many of these focused on the use of social media as medium that can efficiently spread information, and little has been done on how the government can use both social media and big data in collecting and analysing the needs of the victims. This study fills those gaps in social big data literature.

Exploring Indian post-disaster temporary housing strategy through a comparative review

2019 ◽  
Vol 10 (1) ◽  
pp. 14-35 ◽  
Author(s):  
Arindam Biswas
Keyword(s):  
Tamil Nadu ◽  
Homeless People ◽  
Public Consultation ◽  
Temporary Housing ◽  
Content Type ◽  
Trade Offs ◽  
Comparative Review ◽  
The Government ◽  
Post Disaster

Purpose Natural disasters not only cause dilapidated buildings and damaged infrastructure but also delay crucial aid for those affected in the event of a disaster and post-disaster recovery. An institutionally well-managed post-disaster housing strategy provides opportunities for physical and mental healing of its occupant. The time requires occupiers to remain in the temporary housing varies with circumstances. This paper aims to review post-disaster housing scenarios in India in comparison to two Asian cases from Indonesia and Japan. The study focuses on understanding Indian post-disaster housing strategies through a comparative review. Design/methodology/approach The research selects coastal cities of Tamil Nadu state, where the post-disaster temporary shelter and rehabilitation was planned and implemented after the Tsunami in 2004. The Tsunami created havoc in Nagapattinam and Kanyakumari district of Tamil Nadu. Nagapattinam district reported 6,051 fatalities and many more homeless people. After the Tsunami, the government took measures to supply safe, secured and on-site shelter provisions. Surprisingly, many such shelters were never occupied. In many instances, people actually preferred to spend years in a temporary shelter rather occupying government housing. This paper evaluates such events and investigates India’s post-disaster shelter strategy against the derived best practices. This study is based on the sequential/logical reasoning and understanding of the facts. Discussions and findings from this study can be further generalised into a comprehensive policy discussion. Findings The paper finds that the manner of planning and design of post-disaster housing programmes influence medium- to long-term recovery of its occupant. A certain element of trade-off between implementation and quality of habitation results into compromises to achieving the desired outcome. When faced with socio-political, economic and financial constraints, the decision-makers are required to make trade-offs in deciding the manner and quantum of allocating resources. Coordination among these agencies is troublesome. It is true for all countries and there is no distinct answer to it. Public consultation and community participation in long-term rehabilitation are crucial to meet the aspiration of the local people. Originality/value The paper contributes in discussing a comparison of post-disaster housing rehabilitation between India and the two cases from Indonesia and Japan. As a review paper, the objective is to highlight the synthesis and overall understanding of post-disaster housing strategies from two cases and compare it with India.

Permanent Housing in Community Socio-Ecological Recovery: The Case of T. Vilufushi, Maldives

2014 ◽  
Vol 39 (3) ◽  
pp. 28-36
Author(s):  
Peter M. Lawther
Keyword(s):  
Social Capital ◽  
Ecological System ◽  
Indian Ocean Tsunami ◽  
Physical And Mental Health ◽  
Common Component ◽  
Permanent Housing ◽  
The Government ◽  
Housing Reconstruction ◽  
The Impact ◽  
Post Disaster

Housing is perhaps the most common component of a community’s manufactured capital wealth stocks damaged or destroyed by natural disasters. Consequently the restoration of housing in the recovery process takes on a paramount significance. This significance is magnified by the complexity of housing restoration and the varying and specialised skill sets required to deliver it. Such complexity is exemplified through both the different phases of post-disaster housing required following a disaster and the role of housing in the broader socio-ecological system of a community. Housing is inextricably linked to livelihoods, physical and mental health, security and social capital. Successful post-disaster restoration of housing must identify and embrace such linkages. This paper explores this notion through examination of the impact of the permanent housing reconstruction of the T. Vilufushi community, Maldives, following the 2004 Indian Ocean Tsunami, which completely destroyed the island of Vilufushi. The community were temporarily relocated for 4½ years whilst Vilufushi was totally reconstructed by the Government of Maldives and the British Red Cross. Such reconstruction was undertaken to cater for not only the original population of 1800, but also a projected population of 5000, as the Government of Maldives utilised the opportunity afforded by the Tsunami to pursue its longstanding population consolidation policy. The post-occupancy impact of the permanent housing reconstruction program upon the wider socio-ecological system of the Vilufushi community is explored via a qualitative research methodology utilising the four wealth capitals of sustainable development as its analytical framework. Field data collection methods comprised focus group discussions, key informant interviews and observations. This was supplemented with ongoing document collection and review. Data was analysed using a pattern match technique / content analysis, preceding a holistic recovery network analysis. Results of the research indicate that the delivery of the permanent housing on Vilufushi has undermined the human, natural and social capital wealth stocks of the community. The implications are that permanent housing reconstruction needs to be considered as much as a social process, as an engineering process. This in turn, has implications for the skillsets of those charged to deliver such projects, and also the organisations that employ them.

Determination of government guarantee and revenue cap in public–private partnership contracts

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hongyu Jin ◽  
Shijing Liu ◽  
Jun Li ◽  
Chunlu Liu
Keyword(s):  
Financial Risk ◽  
Public Private Partnership ◽  
Risk Allocation ◽  
Financial Risks ◽  
Private Partnership ◽  
Content Type ◽  
Government Guarantee ◽  
Determination Process ◽  
The Government ◽  
Private Investors

PurposeConsidering there is a lack of research in determining the optimal levels of government guarantee and revenue cap, the objective of this research is to determine their optimal levels to achieve a reasonable financial risk allocation between governments and private investors while avoiding overly lucrative conditions for private investors.Design/methodology/approachExpanded net present value (NPV) analysis and bargaining game theory are employed to construct the core of the determination process. The risk gap between governments and private investors is assessed via an expanded NPV analysis to see if the financial risk has been shared reasonably, based on which the range of the government guarantee is decided. A bargaining model is then created to help locate the optimal level of the government guarantee. Finally, a revenue cap, often combined with the government guarantee in public–private partnership (PPP) agreements, will be determined if overly lucrative conditions for private investors are observed or governments suffer a risk spillover.FindingsReferring to a real PPP project in Australia, Project BA is created to validate the applicability of the proposed determination process. The outcome shows that the proposed determination process in this paper is capable of determining the optimal levels of government guarantee and revenue cap. The government preferences towards risk allocation will influence the values of the optimal levels. Governments may also consider to alleviate the control over investors' net profits to mobilise private investors into PPP projects.Research limitations/implicationsThere is a potential possibility that the revenue cap fails to control the financial risk for governments or the overly lucrative condition for private investors. In other words, even though the revenue cap is set at the minimal level, the financial risk for governments still beyond their tolerance range or the overly lucrative condition for private investors still occurs. Future research may focus on other financial protective schemes which help to better control the financial risks for governments and profits for private investors.Originality/valueGovernment guarantees are frequently used as an investment incentive to reduce the probabilities of suffering loss for private investors. Nevertheless, the financial risks for governments may increase after providing guarantees and, as a result, revenue cap is required by governments to avoid placing themselves in an unprotected situation. By recognising the importance of the two contractual parameters, many scholars dig into their option values. However, there are very rare research works focussing on the method of determining the specific levels of government guarantee and revenue cap. To overcome the limitations of existing models and enrich the methodology for government guarantee and revenue cap determination, this paper contributes to the body of knowledge by developing a government guarantee and revenue cap determination process which contributes to a reasonable allocation of financial risks between governments and private investors.

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