The construction commons
A new institutional economics perspective on collaborative project resources
Daniel Mark Hall (TU Delft - Design & Construction Management)
Marcella M. Bonanomi (The Lisbon Council)
Jens Hunhevicz (ETH Zürich)
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Abstract
Effective collaboration is essential in construction. In addition to organizational science, anthropology, and law frameworks (see Chapters 2–4), a robust economic framework is needed for coordinating and incentivizing participants. The prevailing economic collaboration paradigm in construction scholarship is, however, limited, favoring classical market and hierarchical models. Construction economic collaboration often assumes one of these models, and then uses game theory to predict economic interactions. Yet, game theory’s limitations—its static nature, the overemphasis on rationality, neglect of transaction costs, and disregard for institutional contexts—suggest that a broader economic lens is necessary. [...]