Michael J Garvin

Michael J Garvin
Virginia Tech (Virginia Polytechnic Institute and State University) | VT · Department of Civil and Environmental Engineering

PhD, Massachusetts Institute of Technology

About

83
Publications
20,253
Reads
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1,862
Citations
Citations since 2017
27 Research Items
1069 Citations
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Introduction
Michael J Garvin currently works at the Department of Civil and Environmental Engineering at Virginia Tech. Broadly speaking, Michael does research in infrastructure development strategies. One of his recent publications is 'Sharing the Big Risk: Assessment Framework for Revenue Risk Sharing Mechanisms in Transportation Public-Private Partnerships.'
Additional affiliations
July 2001 - June 2005
Columbia University
Position
  • Professor (Assistant)

Publications

Publications (83)
Article
Full-text available
Developed from financial options theory and pricing models, real options have evolved to become a mainstream area of academic inquiry. This account traces the field generally from its origins to present day. Research has demonstrated the potential for real options to enhance project value by managing uncertainty through investment, structuring and...
Article
The allocation and management of revenue risk is a critical issue in the development of public-private partnership (PPP) concessions for new roadways. In order to attract financing, governments often provide fiscal support ranging from availability payments (APs) to minimum revenue guarantees (MRGs) to flexible-term contracts when demand and thus t...
Article
Risk is often discussed in connection with public-private partnerships (P3s), and risk allocation is likely a determinant of P3 success or failure. Despite being central to the delineation and allocation of risks, contracts have not been used directly to examine risks in P3s, particularly in the United States. Employing a systematic content analysi...
Article
Public-private partnerships (PPPs) are multilateral transactions implemented over long-time horizons; hence, they are complex arrangements that face various forms of uncertainty. These characteristics have made them a subject of research in a variety of fields. The nature of the transaction has attracted scholars who have examined them in the conte...
Article
Full-text available
The emergence of public-private partnerships (PPPs) over the last few decades has prompted multiple literature reviews of the PPP body of knowledge. However, these studies typically report thematic classifications and bibliometric data. Based on the concept of gover-nance, this paper takes a systems approach to synthesize evidence around complexiti...
Conference Paper
Full-text available
Transportation is a critical infrastructure, which is crucial for the functionality of urban communities during routine situations and extreme events. Diversity is recognized as a key property of a resilient transportation system since it determines the abundance and distribution of transportation modes in an urban area. Further, transportation div...
Article
Transportation infrastructure enables mobility in urban communities and impacts the functionality of other infrastructure and services. Natural hazards can cause failures in a transportation system, which can affect mobility and other economic activities in a community. Diversity is recognized as an important factor of resilience in transportation...
Article
Despite the awareness that uncertainty impacts projects with long time horizons, public-private partnership (PPP) research has not extensively examined the operations phase of such projects where interactions between public and private counterparties will be frequent and long-term while subject to a changing environment. Accordingly, two distinct b...
Preprint
Full-text available
Improving urban resilience to disasters becomes well-recognized in both industry and academia, but resilience remains challenging to be operationalized, especially in the complex urban contexts. Currently, longitudinal empirical studies on measuring resilience at fine-grains of space and time are lacking. Few methods can quantify resilience at an u...
Article
Full-text available
Rainwater harvesting systems (RWHS) are increasing in popularity because of their ability to alleviate water pressure on centralized systems, minimize or delay rainfall runoff, and fit relatively easily in both the centralized/decentralized infrastructure organization. Adequately sizing RWHS is critical to optimizing their operation because under-s...
Conference Paper
Full-text available
In this study, moving towards enabling the development of a platform for dynamic performance assessment of roadway networks, we have proposed to leverage coarse GPS data from probe vehicles such as taxis to quantify the resilience of road network using a multi-dimensional approach. The method is applied to a dataset of taxi trips in the Washington...
Chapter
Many public–private partnership (P3) highway projects implemented in the United States have transferred revenue risk to the private sector. Several of these projects have experienced financial distress with some going bankrupt, such as the South Bay Expressway in California and SH 130 Sections 5 & 6 in Texas. Case studies of four highway P3s examin...
Article
Transportation infrastructure is critical to any community. Disturbances such as natural hazards can hinder transportation infrastructure performance impacting a community’s quality of life through disruptions in service and effects on interdependent systems. Ecological systems are robust and resilient and have similarities with infrastructure syst...
Conference Paper
Full-text available
Congestion impacts urban mobility, fuel consumption, and air pollution, so it is a critical societal issue. In this study, we have explored the relationship of transportation diversity—the availability of transportation modes (richness) and their distribution in a community (evenness)—on the traffic jam characteristics represented by congestion dur...
Conference Paper
The transportation system in urban areas plays a critical role in evacuation and resource supply during disasters. Transportation diversity, i.e., the availability and distribution of transportation modes across a community, impacts the mode complementarity, which can affect population movements and connectivity among spatial units—especially durin...
Conference Paper
The transportation system in urban areas plays a critical role in evacuation and resource supply during disasters. Transportation diversity, i.e., the availability and distribution of transportation modes across a community, impacts the mode complementarity, which can affect population movements and connectivity among spatial units—especially durin...
Article
Full-text available
This study examines conditions that impact PPP delivery success or failure in the roadways sector in India using Qualitative Comparative Analysis. QCA is well-suited for problems where multiple factors combine to create pathways leading to an outcome. Past investigations have compared PPP and non-PPP project delivery performance, but this study exa...
Article
Organizational structures in public-private partnerships (P3s) have the potential to decrease fragmentation and increase collaboration between key project-team stakeholders across the lifecycle phases of a project. These outcomes, in turn, also enhance the realization of an improved lifecycle design. In this exploratory study, the interorganization...
Article
The federal government is the country's largest energy user and government facilities are responsible for 40% of total energy emissions, yet traditional energy-efficiency methods are not reducing emissions at the federal government's annual goal of 2.5%. Behavioral science states decision makers do not always understand or anticipate outcomes of po...
Conference Paper
Public-private partnerships (P3s) can be a useful procurement and financing tool for governments to deliver new or improve existing public infrastructure. This approach has typically been used for projects whose future revenue streams, such as tolls, are anticipated to cover project costs fully. In other cases, though, infrastructure projects may b...
Article
The deterioration of the U.S. highway system has received significant attention from scholars, industry practitioners, and policymakers over the last several decades. This growing interest has encouraged the production of multiple reports highlighting the challenges of enhancing system conditions in the long term. Because government agencies do not...
Article
This study focuses on the concept of capacity development (CD) that has been accepted widely in the international development community, but has not been investigated extensively by empirical studies in academic research. While empirical evidence is essential to understanding causality between capacity and project outcomes, past CD research primari...
Conference Paper
As the United States public-private partnership (P3) market continues to mature, the rationale for increased P3 activity is increasingly under scrutiny by government officials, non-governmental organizations, taxpayers, among others. One key argument is that P3s generates innovation, which contributes towards greater value for money (VfM), when com...
Conference Paper
Risk is often discussed in connection with public-private partnerships (PPPs). Despite being central to the delineation and allocation of risks, contracts have not been used directly to examine risks in PPPs, especially in the US. This pilot investigation examines risk allocation and related provisions in four Virginia highway PPP projects whose to...
Conference Paper
When the Federal Aviation Reauthorization Act of 1996 established the Federal Aviation Administration (FAA) Airport Privatization Pilot Program, it was the intent of Congress to explore new sources of capital and investment from the private sector and pass the benefits and improvements to the users. During the existence of the pilot program it rece...
Article
The research purpose is to conduct a preliminary investigation to determine whether the information gleaned from academic literature aligns with the impressions and attitudes of actual construction industry stakeholders to better understand the semantic and circumstantial disconnect between industry and academia. For this purpose, the researchers d...
Article
Full-text available
Given the current state of infrastructure needs in the U.S., does it not make sense for the public sector to draw on all potential project delivery systems -- including public-private partnerships? Together, the public and private sectors can provide the best services to meet the growing needs of U.S. infrastructure -- with the private sector often...
Article
Full-text available
Public agencies make significant investments in capital facilities to meet the requirements of their mis-sions. Interest in sustainable building practices has increased over recent years, but obstacles remain to implementing such practices in public construction projects on a regular basis. A primary stumbling block is the difficulty in generating...
Article
Research in construction is often confronted with a trade-off of selecting either in-depth studies of small-N cases, which may affect generalization of findings, or statistical large-N studies, which may limit examination of causal links. Qualitative comparative analysis (QCA) provides a middle ground between these options, allowing researchers to...
Article
Although the success of public–private partnership (PPP) contracts is often evaluated on financial terms, an even more fundamental question is whether these contracts achieve the public objectives for which they were designed. The state's responsibility as contracting agency for public infrastructure gives it a crucial role in defining these goals,...
Article
Full-text available
The case-study research method is popular across various disciplines; however, critics of the method argue that results from this form of research are applicable only to the case studied and cannot be generalized further. In the field of construction engineering and management (CEM), the number of papers employing case-study research methods over t...
Conference Paper
Full-text available
Investment in sustainability strategies and technologies holds promise for significant cost savings over the accurately estimating the first costs of a green project during the early concept development stages is challenging, and effective ways to comprehensively predict potential lifecycle cost impacts of sustainability strategies do not exist. Th...
Article
The limited adoption and use of real options by practicing construction managers remains an important challenge. Wider use requires identifying, describing, and addressing barriers to adoption. The barriers proposed to date do not include the complex and risk-rich practice of construction project management. This paper first describes how real opti...
Article
The revenue risk is of great importance to ensure the success of a real toll public-private partnership (PPP) transportation project. Past research has proposed a revenue guarantee put option as an alternative way to quantify and potentially manage this risk. A practical, or commercial, limitation of this type of option is its requirement for an up...
Conference Paper
Although public-interest ideals, such as transparency and efficient risk allocation, are widely recognized as crucial to well-structured public-private partnership (PPP) contracts, successful PPPs must also satisfy the public-policy objectives intended by the owner. Despite the pivotal role of toll-rate and concession-length options in shaping PPP...
Article
Public-private partnerships (PPP) for infrastructure development and management have received significant attention in academic, institutional, and political circles over roughly the last two decades. This attention was prompted, to a great extent, by early experiments with PPP-type arrangements in Australia, Canada, and the United States coupled w...
Article
Identifying key decision makers is important for understanding the capital project delivery process for public sector institutional owners. The US Federal Government spends $40 billion dollars a year maintaining its facility portfolio. As a result of the size of investment and current economic conditions, the government and other institutional owne...
Chapter
The limited adoption and use of real options by practicing managers in the architecture/engineering/construction (AEC) industry remain an important challenge. This chapter describes a risk-rich managerial practice in which real options can add value but are not fully exploited. This setting is used as a basis for identifying and describing specific...
Article
Recent advances in network theory hold promise for improving how infrastructure managers make decisions about their portfolio of assets. A framework that incorporates contemporary perspectives of networks is presented, which permits modeling the topology of an infrastructure network. The framework is capable of characterizing the components of the...
Conference Paper
Many US transportation public-private partnerships (PPPs) are based on the concession model, under which the structure of user fees and the agreement duration is central to ensuring a fair balance of risk and reward between the public and private participants. Yet previous studies of toll-rate structuring and concession-length determination have tr...
Conference Paper
A case study is an empirical inquiry that investigates a contemporary phenomenon within its real-life context. The case study research method is popular across various disciplines, however, critics of the method argue that results from this form of research are applicable only to the case studied and cannot be generalized further. In the field of c...
Chapter
IntroductionInfrastructure Project Flexibility as Real OptionsReal Options Literature Related to Architecture, Engineering, Construction and Infrastructure ProjectsModelling Issues and ConcernsAn Integrated Real Options–Risk Management Process for PPP Infrastructure ProjectsSummary
Article
Full-text available
Contracts serve as the vehicle for tangibly distributing benefits and risks in public-private partnership (PPP) arrangements, typically for the better part of 30 years or more. Ideally, the contractual framework is structured to balance the interests of the public and private sectors to promote reasonable outcomes for both parties. Yet, uncertainty...
Article
Public—private partnerships (P3) have emerged as a popular strategy for infrastructure development worldwide. Within the United States, the momentum for P3 arrangements is building as states put enabling legislation in place, public authorities search for expedient solutions for the infrastructure funding gap, and investor capital becomes increasin...
Article
Full-text available
Assessment of BOT project financial risk is generally performed by combining Monte Carlo simulation with discounted cash flow analysis. The outcomes of this risk assessment depend, to a significant extent, upon the total project uncertainty, which aggregates aleatory and epistemic uncertainties of key risk variables. Unlike aleatory uncertainty, mo...
Article
Service life is a critical, yet somewhat nebulous consideration in the management of infrastructure assets. Although often defined in terms of deterioration and time to physical failure, infrastructure service life is also defined by nonphysical factors such as increasing loads and alternate levels of evaluation. A new conceptual model is presented...
Chapter
The recent proliferation of accounting guidelines from the Governmental Accounting Standards Board (GASB 1999) that require state and local governments to report infrastructure assets or to implement infrastructure management systems has drawn mixed reactions. Some herald these requirements as important instruments of progress that will, at a minim...
Article
Full-text available
The revenue risk is considerable in infrastructure project financing arrangements such as build–operate–transfer BOT. A potential mitigation strategy for the revenue risk is a governmental revenue guarantee, where the government secures a minimum amount of revenue for a project. Such a guarantee is: 1 only redeemable at distinct points in time; and...
Article
For the majority of the last century, infrastructure development and management has focused primarily upon capital construction. In addition, a substantial amount of the financing for infrastructure, particularly within the US, has come from federal sources as evidenced by the Interstate Highway System Program and the EPA Construction Grants Progra...
Article
Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 1995. Includes bibliographical references (leaves 134-139). by Michael J. Garvin, II. M.S.
Article
Full-text available
Facilities Asset Management (FAM) is emerging as a potentially new career field for Construction Management graduates. A recent study by a National Research Council committee generated much of the substance of this paper. The paper will underscore the importance of multiple initiatives from industry, government, and academia to support this fast gr...
Article
Effective risk management is essential for success in transportation project financing arrangements such as build-operate-transfer (BOT). Both sponsors and lenders consider the revenue risk an extremely important factor when they assess a BOT project's feasibility. One potential strategy for mitigating the revenue risk is a revenue guarantee, in wh...
Article
Public-Private Partnerships (P3) have emerged over roughly the last two decades as a popular strategy for infrastructure development worldwide. Initiatives within the United Kingdom, Australia and Canada are well known while the use of private capital for infrastructure projects within emerging economies has become a global trend. Within the US, P3...
Article
Service life is an important yet somewhat nebulous consideration in the planning of suspension bridge rehabilitation projects. While it is often thought of in terms of time to physical failure of the asset, bridge service life is also defined by non-physical factors such as changing traffic loads and alternate levels of evaluation. This paper devel...
Conference Paper
Increasingly, infrastructure owners worldwide are turning to the private sector to help finance needed infrastructure expansion and modernization. BOT arrangements are one mechanism for utilizing private capital for public purpose, but frequently, these projects possess managerial options, which are not directly valued by either the government or t...
Article
This paper presents an empirical study of factors contributing to the success and failure of 24 large international construction firms originating in the United States, Europe, and Japan. The study is conducted using fundamental analysis, a methodology that is commonly applied in economics and investment practices to study the prospects of a compan...
Article
A new conceptual model for corporate strategy in the construction industry is presented that is derived from two principal inputs. First, the fundamental components of the model are based upon observations drawn from an empirical study of 24 international firms competing in global engineering and construction markets. Second, the accumulated intell...
Article
Public infrastructure owners are increasingly soliciting BOT arrangements to deliver needed infrastructure facilities. Such arrangements potentially preserve a public owner's capital capacity for allocation to projects that cannot support themselves by essentially 'pulling' projects from the private sector. Before soliciting these arrangements, how...
Article
The capital needs of America's water systems have received substantial, recent attention within engineering and public policy circles. Various groups contend that national water systems face a multibillion dollar annual funding gap and advocate for a considerable federal role in supplying the necessary capital to fulfill anticipated requirements. O...
Article
Despite a recent resurgence of alternative project delivery methods, many within the construction industry continue to misunderstand the characteristics and implications of each system. Until misperceptions are clarified, project delivery systems will remain underutilized as a tool to improve the efficiency and to reduce the cost of delivering publ...
Article
Columbia University's Departments of Civil Engineering & Engineering Mechanics and Earth & Environmental Engineering and Center for New Media Teaching and Learning have recently partnered to develop instructional and technological innovations to develop reflective practitioners of engineering that are prepared for the engineering tasks of the 21 ce...
Article
The emergence of alternative project delivery and finance methods in developing and sustaining infrastructure assets increases the significance of valuing such facilities. As private participants are introduced into the delivery of public facilities, the balance of possible future cash flows with initial capital inflows is an essential aspect of en...
Article
Full-text available
During the decline of public funding over the past three decades, infrastructure modernization has become increasingly dependent upon new strategies for managing the asset collection, and these strat- egies place a renewed emphasis upon condition assessment, alternative financing, and project delivery methods. Evaluation of these strategies and the...
Article
Shifts in the US water industry are characteristic of the flux found across all infrastructure sectors. Economic, environmental, market, regulatory and systemic forces are pushing the industry toward a different future where challenges of significant capital formation, competitiveness, efficiency and resource allocation will be prevalent. Amidst th...
Article
Full-text available
Public owners are challenged by limited and constrained capital sources for acquiring and sustaining infrastructure facilities. They also generally lack supporting automation tools and techniques for analyzing capital investment and project execution decisions, elucidating the impact of these decisions in a holistic manner, and leveraging alternati...
Article
Since World War TI, the American Strategy for infrastructure procurement has evolved to rely primarily upon a single delivery method, design/bid/build. While this strategy was used to implement massive federal investment in highways, transit systems, and wastewater treatment. it has restricted state and local flexibility in aligning the procurement...
Article
Full-text available
Despite increased motivation to improve the sustainability of capital projects in the United States and beyond, perceptions of their cost, especially first cost, remain a significant barrier. How can the cost of sustainable facilities accurately be predicted during early planning stages when critical go-no go decisions are being made? Total Cost of...
Article
Full-text available
The use of Public-Private Partnerships (P3) has emerged as a popular strategy for infrastructure development worldwide. Within the US, the momentum for P3 arrangements is building as: states put enabling legislation in place, public authorities search for expedient solutions for the infrastructure funding gap, and investor capital becomes increasin...
Article
Abstract The limited,adoption,and,use,of,real options,by,practicing managers,in,the architecture/engineering/construction (AEC) industry remains an important challenge. This

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