Research on the Application of Project Arrears Based on Complete Information Repeated Game Theory
- 10.2991/ifeesm-17.2018.7How to use a DOI?
- complete information repeted game theory; project arrears; engineering guarantee
The paper first introduced the background and causes of arrears of project arrears, and got the following four reasons: unimplemented Project funds; imbalance supply and demand of the construction market; layers of subcontracting; imperfect credit system of the market. This paper talked about the implication of Game Theory in this problem, which introduced the project guarantee to start the complete information repetaed game theory between the owner and the general contractor. By introducing the principle and characteristics of game theory in detail and analyzing the advantages and disadvantages of static game and repeated game, summed up the use of the repeated game to discuss the project problem is more applicable. The paper deals with the game process and obtains the sub-game refined Nash equilibrium, obtaining the following points to solve the project arrears:reducing the total contractor's performance guarantee amount,increasing the amount of the owner's project guarantee, reducing the owner's delayed payment benefit, reducing the total contractor's delay in paying the cost of savings.
- © 2018, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - Wenxia Hong AU - Jinyu Qian AU - Yan Han AU - Minglei Jia PY - 2018/02 DA - 2018/02 TI - Research on the Application of Project Arrears Based on Complete Information Repeated Game Theory BT - Proceedings of the 2017 3rd International Forum on Energy, Environment Science and Materials (IFEESM 2017) PB - Atlantis Press SP - 32 EP - 35 SN - 2352-5401 UR - https://doi.org/10.2991/ifeesm-17.2018.7 DO - 10.2991/ifeesm-17.2018.7 ID - Hong2018/02 ER -