Development strategy for prefabricated construction projects: a tripartite evolutionary game based on prospect theory

Abstract

PurposeOwing to multiple superiorities to traditional counterparts, prefabricated construction (PC) has gained increasing attention worldwide. The development of PC projects reflects the effects of both policy supervision and PC practice, which aids the government in reasonably identifying the key issues of PC's promotion and rationally improving the policy deployment. However, existing studies fail to address this aspect, especially lacking quantitative exploration. This study explores the micro mechanism of PC's promotion, from the perspective of developing PC projects.Design/methodology/approachA tripartite evolutionary game model based on prospect theory of the government, developers and contractors is constructed. After rigorous theoretical deduction, this study adopts Changchun in China as a case city and collects the data using the Delphi technique, policy documents and literature analysis.FindingsResults indicate that contractors are generally willing to implement PC projects and the government chooses to actively supervise PC's promotion. The negative investment behavior of developers is the main obstacle to promote PC in Changchun currently.Practical implicationsThe conclusions are applicable to other comparable regions. This study is of value to promote PC with high efficiency and effect.Originality/valueThe tripartite evolutionary game model based on prospect theory proposed in this study is conducive to reveal the essence of PC's promotion. This is an important breakthrough in extant studies, with a broad applicability in the PC domain beyond China.