Perceived risk of lock-in in the front-end phase of major transportation projects

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dc.contributor.authorCantarelli, Chantal C.
dc.contributor.authorOglethorpe, David R.
dc.contributor.authorWee, Bert van
dc.date.accessioned2021-05-17T11:37:47Z
dc.date.available2021-05-17T11:37:47Z
dc.date.issued2021-05-11
dc.description.abstractLock-in is defined as the tendency to continue with an inefficient decision or project proposal. The front-end phase is critical to project success, yet most studies have focused on lock-in in the implementation phase. Moreover, little is known about the way in which decision-makers perceive the risk of lock-in. In this paper we identify determinants of lock-in in the front-end phase and we reveal decision-makers’ perceptions of risk of lock-in. Our findings show that risk attitudes towards lock-in vary with the level of risk aversion. However, this is not sufficiently acute to drive the level of regret needed to avoid lock-in. This implies that decision-makers do not accurately assess the risk of lock-in and as such their risk perceptions are a mediating factor in the formation of lock-in. Based on escalation of commitment, path dependency, and prospect theory, the main contribution lies in providing a more comprehensive understanding of lock-in in the front-end phase.en_UK
dc.identifier.citationCantarelli CC, Oglethorpe D, van Wee B. (2022) Perceived risk of lock-in in the front-end phase of major transportation projects, Transportation, Volume 49, Issue 2, April 2022, pp. 703–733en_UK
dc.identifier.issn0049-4488
dc.identifier.urihttps://doi.org/10.1007/s11116-021-10191-7
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/16690
dc.language.isoenen_UK
dc.publisherSpringeren_UK
dc.rightsAttribution 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.subjectmajor transportation projectsen_UK
dc.subjectrisk perceptionen_UK
dc.subjectdecision-makingen_UK
dc.subjectdecision-makingen_UK
dc.subjectpath dependencyen_UK
dc.subjectescalation of commitmenten_UK
dc.subjectlock-inen_UK
dc.titlePerceived risk of lock-in in the front-end phase of major transportation projectsen_UK
dc.typeArticleen_UK

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