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

Author

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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)

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.

Suggested Citation

  • Yuling Wang & Chunfu Wang & Xiaopeng Deng & Zezhou Wu, 2023. "Evolutionary Game Analysis of the Utilization of Construction Waste Resources Based on Prospect Theory," Sustainability, MDPI, vol. 15(3), pages 1-12, January.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:3:p:2577-:d:1053200
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    References listed on IDEAS

    as
    1. Ritzberger, Klaus & Weibull, Jorgen W, 1995. "Evolutionary Selection in Normal-Form Games," Econometrica, Econometric Society, vol. 63(6), pages 1371-1399, November.
    2. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    3. Nicholas C. Barberis, 2013. "Thirty Years of Prospect Theory in Economics: A Review and Assessment," Journal of Economic Perspectives, American Economic Association, vol. 27(1), pages 173-196, Winter.
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    Cited by:

    1. Xinpei Qiao & Hyukku Lee & Qi Shen & Yuchao Li, 2023. "Research on the Tripartite Evolutionary Game of Zero-Waste City Construction in China," Sustainability, MDPI, vol. 15(13), pages 1-19, July.

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