Baabak Ashuri

Baabak Ashuri

Associate Professor

Director, Economics of the Sustainable Built Environment (ESBE) Lab

baabak [dot] ashuri [at] coa [dot] gatech [dot] edu (Send Email)Phone: (404) 385-7608Fax: (404) 894-1641Office location: 500 Tenth Street NW


Baabak Ashuri is director of the Georgia Tech Economics of the Sustainable Built Environment (ESBE) Lab in the School of Building Construction. He specializes in Economic Decision Analysis, Strategic Risk Management, Investment Analysis under Uncertainty (e.g., the Real Option Methodology), Capital Budgeting, and Project Finance. His current research focuses on the identification and evaluation of flexible technologies and systems for sustainable buildings, enhancing the value of healthcare facilities by incorporating flexible features, and developing real option models for the financial assessment of PPP highway projects under traffic uncertainty. The findings of the in-depth industry case studies, economic model development, and simulation analysis on the aforementioned topics are then utilized to generate fundamental theory about sustainable investment in the built environment. All research includes an integrated education research program to disseminate knowledge to professional associations and ensure infusion in next generation architects, engineers, facility managers, and policy makers. Dr. Ashuri is an assistant professor in the School of Building Construction at the Georgia Institute of Technology where he teaches Decision Analysis and Risk Management, Building Economics and Value Engineering, and Real Option Analysis for Life Cycle Costing of Flexible Infrastructure Assets. He also advises undergraduate, Master's, and Ph.D. students.

Educational Background
2008 - Ph.D. (Industrial and Systems Engineering), College of Engineering, Georgia Institute of Technology
2006 - M.S. (Operations Research), Georgia Institute of Technology
2004 - M.S. (Building Construction and Integrated Facility Management), Georgia Institute of Technology
2002 - B.S. (Civil Engineering), Sharif University of Technology

Fields (general)

  • Innovative Project Delivery Systems (Design-Build, CMGC, & Public-Private Partnerships)
  • Construction Cost Analysis & Forecasting
  • Economic Decision Analysis
  • Energy-efficient green buildings
  • Risk Management
  • Investment Analysis under Uncertainty (Real Options Analysis)
  • Capital Budgeting & Project Finance
  • Infrastructure Asset Management 

Research Ambitions

The mission of the Economics of the Sustainable Built Environment (ESBE) Lab, which I funded at Georgia Tech in fall 2009, is to develop the state-of-the-art financial models for enhancing efficient and effective investments in built environment assets. Avoiding under- or over-investment contributes directly to the objective of sustainable development, which aims to maximize future benefits considering the resources used. Examples of Research Initiatives are:

  • Energy-efficient green buildings: Flexible Technologies and Systems for Green-Convertible Buildings. This project is a timely effort to extensively identify, model, and analyze flexibility in sustainable building design. Development of a flexibility identification framework will provide a novel approach for building designers and retrofitters to enhance the future utilization of renewable energy technologies, such as PV Systems, and facilitate the conversion of existing buildings to energy-efficient buildings.
  • Transportation systems: Economic Analysis of Public-Private Partnership (PPP) Highway Projects under Traffic Uncertainty. Public-Private Partnerships (PPPs) have often failed primary due to the lack of proper financial analysis and inappropriate risk sharing mechanisms between public and private sectors. In this research program, we use the real option theory to evaluate the financial performance of PPPs under evolving tolled-road revenue uncertainty.
  • Healthcare planning and design: Enhancing the Value of Healthcare Facilities by Flexible Design and Planning. Uncertainty about healthcare environment is considerably important for healthcare infrastructure planners and hospital designers. Incorporating appropriate flexible features in planning and design of healthcare facilities is an effective strategy to manage uncertainty about the healthcare environment.

Research Groups/Labs

Published Books and Parts of Books

(1)        Ashuri, B., Rouse W.B., and Augenbroe G. (2007). “Different Models of Work in the Modern Services Enterprise.” Work, workflow, and information systems, IOS Press, Amsterdam, Netherlands.

Published Journal Papers (Refereed)

(2)        Ashuri, B., Shahandashti, S.M., and Lu, J. (2012). “Empirical Tests for Identifying Leading Indicators of ENR Construction Cost Index.” Construction Management and Economics, 30(11), 917-927.

(3)        Ashuri, B. and Tavakolan, M. (2012). “A Fuzzy Enabled Hybrid Genetic Algorithm‐Particle Swarm Optimization Approach to Solve Time‐Cost‐Resource Optimization (TCRO) Problems in Construction Project Planning.” ASCE Journal of Construction Engineering and Management, 138(9), 1065–1074.

(4)        Ashuri, B., Kashani, H, Molenaar, K.R., Lee, S. and Lu, J. (2012). “A Risk-neutral Pricing Approach for Evaluating BOT Highway Projects with Government Minimum Revenue Guarantee Options.” ASCE Journal of Construction Engineering and Management, 138(4), 545-557.

(5)        Ashuri, B., Lu, J., and Kashani, H. (2011). “A Real Options Framework to Evaluate Investments in Toll Road Projects Delivered under the Two-Phase Development Strategy.” Built Environment Project and Asset Management, 1(1), 14-31 (Highly Commended Award Winner at the Emerald Literati Network Awards for Excellence 2012).

(6)        Ashuri, B. and Lu, J. (2010). “Time Series Analysis of ENR Construction Cost Index.” ASCE Journal of Construction Engineering and Management, 136(11), 1227-1237.

(7)        Fard, J., Kangari, R., and Ashuri, B. (2010). “The Effects of Organizational Variables on Hospital Costs in Georgia.” International Journal of Facility Management, 1(2), 1-21.

(8)        Ashuri, B. (2010). “Valuation of Flexible Leases for Corporate Tenants Facing Uncertainty in Their Required Workspace.” International Journal of Strategic Property Management, 14(1), 49-72.

(9)        Durmus-pedini, A., and Ashuri, B. (2010). “An Overview of the Benefits and Risk Factors of Going Green in Existing Buildings.” International Journal of Facility Management, 1(1), 1-15.

(10)    Ashuri, B., Rouse W.B., and Augenbroe G. (2007). “Different Models of Work in the Modern Services Enterprise.” Information - Knowledge - Systems Management, 6(1), 25-59.

(11)    Mofid, M., Alizadegan R., Ashuri B., and Yavari A. (2001). “Computing the Kern of a General Cross-section.” Advances in Engineering Software, 32(12), 949-955.

Accepted for Publication

(12)    Kim, D. Y., Han, S. H., and Ashuri, B. “Financial Valuation of Investments in International Construction Markets: A Real Options Approach for Market Entry Decision Making.” ASEC Journal of Management in Engineering (doi:

Recent Funded Projects

  • Managing a Portfolio of Projects – Metrics for Improvement (Construction Industry Institute (CII))
  • A Systematic Approach for the Assessment of Green Opportunities for Electrical Contractors (ELECTRI International – The Foundation for Electrical Construction)
  • Best Practices for Determining Value of Research Results (The Southeast Transportation Consortium (STC) and the Louisiana Transportation Research Center (LTRC))
  • Development of Risk Management Strategies for State DOTs to Effectively Deal with Volatile Prices of Transportation Construction Materials (Georgia Tech University Transportation Center (UTC), The US Department of Transportation/Research & Innovative Technology Administration, with the matching fund provided by the Georgia Department of Transportation)
  • How Can Innovative Project Delivery Systems Improve GDOT’s Overall Efficiency in Transportation Project Delivery? (Georgia Department of Transportation)
  • Timing of Investments in Building Solar Energy Intervention: A Real Options Framework to Evaluate Investments in Solar Energy for Buildings (Royal Institution of Chartered Surveyors, London, UK)
  • Recommended Guide for Next Generation of Transportation Design Build Procurement and Contracting in the State of Georgia (Georgia Department of Transportation)
  • AUMScore®, Multifamily Property Utility Benchmarking Program (American Utility Management (AUM), Inc.)
  • Time Series Analysis of ENR Construction Cost Index (Royal Institution of Chartered Surveyors, London, UK)
  • Presidential Undergraduate Research Award (PURA) at Georgia Tech
  • Georgia Tech’s Undergraduate Research Award for the Best Poster, Spring 2010

Recent Courses

  • BC 7100 Quantitative Methods in Construction Research – Decision Analysis & Risk Management, Fall 2008-2009
  • BC 6250 Value Management for Integrated Facility Design and Construction, spring 2010
  • BC 4610 Value Engineering & Building Economics, spring 2009
  • BC 3630 Project Management, fall 2008
  • BC 8823-BA Advanced Cost and Financial Management in AEC – Valuation of Flexibilities On/In Systems: A Real Option Approach, fall 2009

Dissertations Supervised

Masters’ Disserattions Supervised

Current PhD Advisees

  • Jian Lu
  • Hamed Kashani
  • Mothusi Phometsi
  • Stephanie C. Thompson (Mechanical Engineering)
  • Seyed Mohsen Shahandashti
  • Kia Mostaan