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The Implementation of the Projects the Owner and the Contractor Game Behavior Analysis Research

Author: ShenMin
Tutor: YuFeng
School: Wuhan University of Technology
Course: Civil engineering construction and management
Keywords: Game Theory Optimal level of supervision Principal-agent theory Incentive and restraint mechanisms CPIF contract
CLC: F224.32
Type: Master's thesis
Year: 2010
Downloads: 153
Quote: 0
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Abstract


Project management process owners through the form of the contract, and commissioned by the contractor under the limited resources and limited time conditions, constructive task to complete certain functions and objectives, coupled with the building project with the periodic long investment large, one-piece and irreversibility makes the whole project more complex system, increases risk and confounding factors. The special nature of these projects, so there are a lot of problems of asymmetric information between owners and contractors. It is because of the information asymmetry and goal inconsistencies, allows contractors to use their information advantage to take some illegal act to maximize their own interests. How to deal with the problem of information asymmetry, to resolve the conflict of interest of the owners and contractors, is the key to successful project management. In this paper, standing on the perspective of the owners, by game model, the use of a rigorous and logical mathematical language to describe the image and reflects the process of the game owners and contractors in the project implementation process, and explain the construction market today behavior on contractors cut corners reason. Bayesian equilibrium outcome, mastered the the game both acts of law as well as the analysis of the reasons for this result - information asymmetry and owners and contractors of egoism behavior. Concluded on this basis is: party owners as the information in the course of the game disadvantage To prevent contractors Immoral behavior should intensify supervision at the same time, consider the supervision of the balance of costs and benefits, therefore, proposed the concept of optimal level of supervision. In this paper, the use of incentive and restraint mechanism design theory, the introduction of the linear form of the contract cost plus incentive contract, considering the cost incentive and time incentive factors on the duration and impact of incentives between owners and contractors, as well as proposed owners how to use the incentive contract, the contract to pay a minimum while also able to achieve the purpose of the contractor's incentive, at the same time the contractor in the extra effort cost pay compression duration, revenue optimal. Finally, by engineering examples to prove the effectiveness and feasibility of the incentive model owners design incentive contract to provide the reference. The ultimate purpose of this paper is to apply the theory and mechanism design contractor to solve the problem of moral hazard.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods > Operations Research in the economy > Game Theory
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