Game Theory Framework for Mitigating the Cost Pendulum in Public Construction Projects

Game Theory Framework for Mitigating the Cost Pendulum in Public Construction Projects

The coexistence of the winner’s curse and cost overruns in the construction industry implies a cost pendulum in which the winning bid is undervalued, whereas the final payment to the contractor is overvalued. We posit that this results from a strategic interaction between three stakeholders: the pub...

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Bibliographic Details
Main Authors: Yahel Giat, Amichai Mitelman
Format: Article
Language:English
Published: MDPI AG 2025-03-01
Series:Games
Subjects:
project management
construction
cost overruns
public tenders
opportunism
Online Access:https://www.mdpi.com/2073-4336/16/2/11
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