Cooperative Game Theoretic Framework for Joint Resource Management in Construction

Asgari, Sadegh; Afshar, Abbas; Madani, Kaveh

doi:10.1061/(asce)co.1943-7862.0000818

Cited by 62 publications

(33 citation statements)

References 44 publications

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“…Zhang et al [55] proposed that the contractor's fairness perception had a positive effect on the contractor's cooperative behavior. Asgari et al [25] developed a cooperative game theoretic framework for joint resource management in construction projects. Son et al [51] introduced an agent-based simulation method using game theory and social network to simulate the evolution of cooperation in temporary project teams.…”

Section: Stakeholders and Factors Surrounding Sustainable Constructionmentioning

confidence: 99%

“…Therefore, cooperative strategies are being increasingly embraced by both the owner and contractor, in order to avoid such moral hazard behaviors [24]. Due to the lack of trusting relationships and incomplete contracts amongst various stakeholders involved in sustainable construction projects, many moral hazard behaviors, such as cutting corners and hiding defects, may remain hidden and unknown during the implementation of projects [25,26]. Although it is well documented in the literature that cooperation can enhance project benefits [27][28][29][30], quantitative approaches have not been common for exploring the effects of cooperation on the benefits of sustainable construction projects.…”

Section: Introductionmentioning

confidence: 99%

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Incentive Model Based on Cooperative Relationship in Sustainable Construction Projects

Zuo

Zhao

2017

Sustainability

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Considering the cooperative relationship between owners and contractors in sustainable construction projects, as well as the synergistic effects created by cooperative behaviors, a cooperative incentive model was developed using game theory. The model was formulated and analyzed under both non-moral hazard and moral hazard situations. Then, a numerical simulation and example were proposed to verify the conclusions derived from the model. The results showed that the synergistic effect increases the input intensity of one party's resource transfer into the increase of marginal utility of the other party, thus the owner and contractor are willing to enhance their levels of effort. One party's optimal benefit allocation coefficient is positively affected by its own output efficiency, and negatively affected by the other party's output efficiency. The effort level and expected benefits of the owner and contractor can be improved by enhancing the cooperative relationship between the two parties, as well as enhancing the net benefits of a sustainable construction project. The synergistic effect cannot lower the negative effect of moral hazard behaviors during the implementation of sustainable construction projects. Conversely, the higher levels of the cooperative relationship, the wider the gaps amongst the optimal values under both non-moral hazard and moral hazard situations for the levels of effort, expected benefits and net project benefits. Since few studies to date have emphasized the effects of cooperative relationship on sustainable construction projects, this study constructed a game-based incentive model to bridge the gaps. This study contributes significant theoretical and practical insights into the management of cooperation amongst stakeholders, and into the enhancement of the overall benefits of sustainable construction projects.

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Section: Stakeholders and Factors Surrounding Sustainable Constructionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Incentive Model Based on Cooperative Relationship in Sustainable Construction Projects

Zuo

Zhao

2017

Sustainability

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“…Smith (1982) was influential in introducing the subject to evolutionary biology. Game theory and its derivative disciplines now span diverse fields ranging from policy (Madani 2013) to transport planning (Rouhani et al 2013) to project management (Asgari, Afshar, and Madani 2013).…”

Section: Methodsmentioning

confidence: 99%

Game theory and corporate governance: conditions for effective stewardship of companies exposed to climate change risks

Kruitwagen

Madani

Caldecott

et al. 2016

Journal of Sustainable Finance & Investment

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Engagement between investors and corporate boards has been suggested as a pathway to mitigate stranded asset and climate change risks. Debate is ongoing as to whether divestment or active ownership strategies are more appropriate to deliver longterm value and environmental sustainability. The paper tests the effectiveness of owner engagement strategies by studying the conditions for cooperation between investors and their companies. Characteristics of investors and companies are modelled in game theoretic frameworks, informed by semistructured interviews with professionals from the energy and finance industries, and academia, NGO, and regulatory sectors. Conditions for mutual cooperation between investors and companies are characterized as prisoners' dilemmas. A number of parameters are examined for their impact on the development of sustained cooperative equilibria, including: the benefits and costs of cooperation; the degree of strategic foresight; individual discount factors; and mutual history. Challenges in the formation of investor coalitions are characterized and solutions are proposed. ARTICLE HISTORY

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“…In another research, the contracts with heterogeneous bidders were studied, using game theory. Ho and Hsu (2014), Unsal and Taylor (2011), Asgari et al (2014) proposed resolutions for sub-contractors' conflicts. Hsueh and Yan (2011) used game theory for a profit-sharing scheme in joint ventures.…”

Section: Dispute Resolution Methodsmentioning

confidence: 99%

A model of discrete zero-sum two-person matrix games with grey numbers to solve dispute resolution problems in construction

Khanzadi

Turskis

Amiri

et al. 2017

Journal of Civil Engineering and Management

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Abstract. Conflict between parties is a common issue in construction projects. In the present article, the conflicts between contractor and employer in delayed Design-Bid-Build projects have been studied. Defining a case study, a dispute resolution method has been proposed. This case has been considered as a MCDM problem. This problem has been assumed as a discrete zero-sum two-person matrix game with grey numbers. Among the four alternatives available for contractor and employer in the proposed case study, termination is the last alternative that decision makers choose. Based on different risk values, authors determined the optimal solution for both parties. This article integrates some linguistic criteria together with time and cost, providing the better conditions to avoid lengthy bargaining.

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Cooperative Game Theoretic Framework for Joint Resource Management in Construction

Cited by 62 publications

References 44 publications

Incentive Model Based on Cooperative Relationship in Sustainable Construction Projects

Incentive Model Based on Cooperative Relationship in Sustainable Construction Projects

Game theory and corporate governance: conditions for effective stewardship of companies exposed to climate change risks

A model of discrete zero-sum two-person matrix games with grey numbers to solve dispute resolution problems in construction

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