Construction Microeconomics

Cover Title Page Copyright Foreword by Gerard de Valence Preface References 1 Introduction 1.1 Navigating the Maze of Economic Literature 1.2 Tools and Presentations 1.3 Methodological Approach 1.4 Theoretical Background 1.5 What You Can and Cannot Expect 1.6 Audience 1.7 Structure of the Text References Part I: Microeconomics 2 Basic Economic Principles 2.1 Consensual Ideas 2.2 Scarcity and Choice 2.3 Decision-Making 2.4 Markets 2.5 Trade and Comparative Advantage 2.6 Government References 3 Consumers in Perfectly Competitive Markets 3.1 Perfectly Competitive Markets 3.2 Consumer Behavior 3.3 Demand Curve 3.4 Further Reading References 4 Producers in Perfectly Competitive Markets 4.1 Producer Behavior 4.2 Production Theory 4.3 Cost Theory 4.4 Supply Curve References 5 Interaction in Perfectly Competitive Markets 5.1 Equilibrium Price and Quantity 5.2 Comparative Statics 5.3 Elasticities of Demand and Supply 5.4 Consumer and Producer Surplus 5.5 Time-Dependent Supply Curves and Market Outcomes 5.6 Welfare 5.7 Efficiency and Equity References 6 Imperfect Markets 6.1 Monopoly 6.2 Monopolistic Competition 6.3 Monopsony 6.4 Oligopoly References 7 Factor Markets 7.1 Factor Supply of Households 7.2 Factor Demand of Firms 7.3 Demand and Supply on Factor Markets References 8 Uncertainty, Risk, and Information 8.1 Uncertainty and Risk 8.2 Information References 9 Game Theory and Auctions 9.1 Game Theory 9.2 Auctions References Part II: Applied Construction Microeconomics 10 Construction Sector 10.1 Definition 10.2 Economic Contribution 10.3 Actors in the Construction Sector 10.4 Summary of the Construction Sector References 11 Theory of the Owner 11.1 The Owner as an Entity 11.2 Tasks of the Owner 11.3 Behavior of the Owner 11.4 Information of the Owner 11.5 Developing a Contract 11.6 Procurement of a Contractor 11.7 Supervision of the Construction Process 11.8 Summary References 12 Theory of the Contractor 12.1 The Contractor as an Entity 12.2 Tasks of the Contractor 12.3 Behavior of the Contractor 12.4 Information of the Contractor 12.5 Bidding 12.6 Contractor Pricing 12.7 Production 12.8 Summary References 13 Construction Goods 13.1 Goods and Services 13.2 Typology of Construction Goods 13.3 Summary References 14 Construction Markets 14.1 Characteristics of Markets 14.2 Particularities of Construction Markets 14.3 Analysis of Construction Markets 14.4 Owners 14.5 Contractors 14.6 Geography of Construction Markets 14.7 Entry and Exit Barriers 14.8 Summary References 15 Contracting 15.1 Construction Goods 15.2 Construction Markets 15.3 Owner's Demand 15.4 Contractor's Supply 15.5 Construction Contracts 15.6 Contracting Market Design 15.7 Pricing of Construction Contracts 15.8 Supply and Demand in Construction 15.9 The Owner as Monopsonist 15.10 Bargaining for the Contract Price 15.11 Change Orders and Claims 15.12 Summary References 16 Market Imperfections 16.1 Imperfect Information 16.2 Externalities 16.3 Collusion and Corruption 16.4 Mechanics or Ethics of Collusion 16.5 Conclusion References 17 Government 17.1 Government as Actor on Markets 17.2 Taxes and Subsidies 17.3 Regulations 17.4 Interest Rates 17.5 Inflation References 18 Public Goods 18.1 Characteristics of Private Goods 18.2 Theory of Public Goods 18.3 Free Riding 18.4 Cost–Benefit Analysis 18.5 Construction Goods as Public Goods 18.6 Strategic Misrepresentation and Optimism Bias References 19 Conclusion 19.1 Methodical Context 19.2 Owners 19.3 Contractors 19.4 Construction Goods 19.5 Construction Markets 19.6 Contracting References Index End User License Agreement