alphanumeric journal
The Journal of Operations Research, Statistics, Econometrics and Management Information Systems
Multi-Objective Optimization Of Build-Operate-Transfer (BOT) Tender Problem For Private Sector Companies
Abstract
Today, around the world, Build-Operate-Transfer (BOT) project finance model is used frequently in numerous projects. One key aspect to the success of project company who wishing to gain BOT tender is to prepare a financial package consistent with the expectations of the related participants in accordance with BOT contract. The debt to equity ratio, the concession length and the unit prices are the important financial decision variables to be determined by the project company. The objective of this paper is to present financial optimization model including two different procurement objectives; (1) potential of winning a BOT project and (2) potential of finding debt. The optimization model solved by multi-objective evolutionary algorithm generate a set of pareto solutions to help project company assess the trade-offs between the two competing objectives. To show application of the model, a real airport YİD project in Turkey study is conducted.
Keywords: Build Operate Transfer, Evolutionary Algorithm, Financial Optimization, Multi-Objective Model, Pareto-optimal
Jel Classification: C39, C61, D22
Özel Sektör Şirketleri İçin YİD İhale Probleminin Çok Amaçlı Optimizasyonu
Öz
Bugün dünyada pek çok projede Yap İşlet Devret (YİD) proje finansman modelinin sıklıkla kullanıldığını gözlemlemekteyiz. YİD ihalesini kazanmak isteyen proje şirketinin başarısı için kilit görüş, YİD sözleşmesi gereğince ilişkide olduğu tarafların beklentileriyle uyumlu finansal bir paket hazırlamasıdır. Proje şirketinin belirleyeceği özsermaye borç oranı, imtiyaz (çalışma) süresi ve ürün/hizmetlerin birim fiyatları önemli finansal karar değişkenleridir. Proje şirketinin ihaleyi kazanma potansiyeli ve borç bulma potansiyeli iki farklı ihale hedefidir. Çalışmanın amacı, bu hedefleri içeren finansal optimizasyon modelini sunmaktır. Çok amaçlı evrimsel algoritma ile çözümlenen model, pareto çözümler kümesi sunarak, iki çelişen amaç arasındaki değişimi değerlendirmede karar vericilere yardımcı olmaktadır. Modelin uygulaması için Türkiye’deki bir havaalanı YİD projesi verileri kullanılmıştır.
Anahtar Kelimeler: Evrimsel Algoritma, Finansal Optimizasyon, Pareto-Optimal, Yap İşlet Devret, Çok Amaçlı Model
Suggested citation
(). Özel Sektör Şirketleri İçin YİD İhale Probleminin Çok Amaçlı Optimizasyonu. Alphanumeric Journal, 2(2), 37-50. http://dx.doi.org/10.17093/aj.2014.2.2.5000083954
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2014.02.02.OR.01
alphanumeric journal
Pages 37-50
Received: Aug. 26, 2014
Accepted: Dec. 11, 2014
Published: Dec. 31, 2014
2014 Acar, E., Durucasu, H.
This is an Open Access article, licensed under Creative Commons Attribution-NonCommercial 4.0 International License.
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