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Risks in Investment and Construction Design: Domestic and Foreign Experience

Author

Listed:
  • Marina Yudenko

    (St. Petersburg State University of Economics)

  • Irina Bachurinskaya

    (St. Petersburg State University of Economics)

Abstract

The purpose of the article is to review scientific research in the field of risk identification in investment and construction design based on the experience of Russian and foreign scientists. The distinctive methodological features in the designation of the relevance of this process among Russian and foreign scientists are revealed. In the scientific works of foreign researchers, the emphasis is placed on risks that lead to an increase in transaction costs: risks of transaction costs, managerial and organizational risks (contractual risks), information risks, and contractual risks. The methodology of risk research in Russia is aimed largely at classifying risks at the stages of the life cycle of an investment and construction project and on the way to reducing risks. As construction organizations need to adapt to constant changes and alterations in their field, it creates the need to develop existing management approaches based on the principles of economic efficiency. Economic efficiency is closely related to risk management.

Suggested Citation

  • Marina Yudenko & Irina Bachurinskaya, 2024. "Risks in Investment and Construction Design: Domestic and Foreign Experience," Stroitelno predpriemachestvo i nedvizhima sobstvenost = Construction Entrepreneurship and Real Property, University of Economics Varna, issue 2, pages 18-25.
    • Handle: RePEc:vrn:sjcerp:y:2024:i:2:p:18-25
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    File URL: https://cerp.ue-varna.bg/index.php/ojs1/article/view/36/13
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    More about this item

    Keywords

    Investment and construction design; research risks; transaction costs;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • O22 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Project Analysis

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