Optimal time-based and cost-based contracts in construction projects under asymmetric information

Guanqun Shi, Jingru Tong, Zhiyuan Chen, Yichen Wang — Thu, 27 Mar 2025 00:00:00 +0200

A project owner (principal) delegates a project to a contractor (agent). Because the contractor has construction experience, he has private information about the project’s expected completion time. Besides, the contractor can exert an unobservable effort to shorten the completion time. Under an asymmetric information setting, we provide the optimal time-based contract and the optimal cost-based contract, both of which consists of one payment scheme. Additionally, we consider a menu of time-based contracts that consists of a series of contracts. By comparing three contracts, we demonstrate that the owner has a preference for the menu of time-based contracts over the other two. The pooling time-based contract is superior to the pooling cost-based contract. We also find that the social welfare under the pooling time-based contract is lower than under the menu of time-based contracts if the daily operating cost is low but it may be higher than under the menu of time-based contracts if the daily operating cost is high. For the pooling cost-based contract, whether it is better than the previous two contracts depend greatly on the proportion of cost borne by the contractor and the daily operating cost.

Hybrid Revit and a new MCDM approach of energy effective nursing-home designed by natural stone and green insulation materials

Thu, 27 Mar 2025 13:19:49 +0200

The requisition for maintainable constructions has been greatly raising over the last several years. To fulfil the maintainability necessities of a construction, decisions or changes must be done to a construction in the course of the preconstruction and design steps. This can be plausible utilizing building information modelling. To indicate the utilize of building information modelling in maintainable planning, an example nursing-house is received for modelling research. The energy efficiency of nursing-home is analysed utilizing Autodesk Revit and Green Building Studio simulation which contained different characteristics such as annual heating and cooling loads, annual energy usage. Through using the utilize of different building, insulation and roof materials in the nursing-home modelling, the nursing-home modelling is changed into a greener construction modelling. In addition, the effects of using green walls on the facade of the building on the energy performance were analysed. Utilizing simulation, the utilize of non-natural sources can be dramatically decreased through substituting for them with the utilize of sustainable natural sources by that means energy saving. Building information modelling has substantiated to be effective in providing maintainability with alternative material’s assessment and earlier decision-making. Furthermore, this study employed an integrated new MCDM model to evaluate the performance of four natural stones for utilize in a nursing home setting.

Journal of Civil Engineering and Management

Optimal time-based and cost-based contracts in construction projects under asymmetric information

Hybrid Revit and a new MCDM approach of energy effective nursing-home designed by natural stone and green insulation materials