Evolutionary Game Analysis of the Utilization of Construction Waste Resources Based on Prospect Theory

Yuling Wang, Chunfu Wang (), Xiaopeng Deng and Zezhou Wu
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Yuling Wang: School of Management Engineering, Zhejiang Guangsha Vocational and Technical University of Construction, Dongyang 322100, China
Chunfu Wang: School of CML Engineering Architecture, Zhejiang Guangsha Vocational and Technical University of Construction, Dongyang 322100, China
Xiaopeng Deng: School of Civil Engineering, Southeast University, Nanjing 211189, China
Zezhou Wu: Sino-Australia Joint Research Center in BIM and Smart Construction, Shenzhen University, Shenzhen 518060, China

Sustainability, 2023, vol. 15, issue 3, 1-12

Abstract: Strengthening the resource utilization of construction waste can improve the environment, alleviate resource shortage, and build a harmonious ecological environment between man and nature. Prospect theory was integrated into trilateral evolutionary game theory to analyze the processes of resource utilization of construction waste among local government, construction enterprises, and the public by establishing the perceived payoff matrix of the three players in the game and using the replication dynamic equation to analyze their strategy choices and evolution path. The results showed that the strategies of the three players depended on the strategies chosen by the other side, the perceived value of the relevant parameters, and the numerical relations among them. Under the conditions that the local government reasonably controlled the supervision cost and the degree of rewards and punishments, the construction enterprise promoted the resource-based technology and management means, and the public enhanced the sense of social responsibility, the game model would evolve toward the ideal state of (1,1,1), to realize the resource utilization of construction waste.

Keywords: prospect theory; construction waste; trilateral game; evolutionary game (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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