IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i3p2577-d1053200.html

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/3/2577/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/3/2577/
    Download Restriction: no
    ---><---

    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yigang Wei & Yuanyuan Shao & Xiaoliang Yang & Keming Zheng & Lupeng Zhang, 2025. "Dynamic interplay in biomass fuel technological innovation: a tripartite evolutionary game analysis," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-15, December.
    2. Yan Li & Jiale Zhang, 2024. "Evolutionary Game Analysis of Low-Carbon Incentive Behaviour of Power Battery Recycling Based on Prospect Theory," Sustainability, MDPI, vol. 16(7), pages 1-24, March.
    3. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. José F. Tudón M., 2019. "Perception, utility, and evolution," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(2), pages 191-208, December.
    2. Carolin Bock & Maximilian Schmidt, 2015. "Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions," Review of Financial Economics, John Wiley & Sons, vol. 27(1), pages 68-82, November.
    3. Hong, Yan-Zhen & Su, Yi-Ju & Chang, Hung-Hao, 2023. "Analyzing the relationship between income and life satisfaction of Forest farm households - a behavioral economics approach," Forest Policy and Economics, Elsevier, vol. 148(C).
    4. Karagözoğlu, Emin & Keskin, Kerim, 2024. "Consideration sets and reference points in a dynamic bargaining game," Journal of Economic Behavior & Organization, Elsevier, vol. 219(C), pages 381-403.
    5. Dominika Czyz & Karolina Safarzynska, 2023. "Catastrophic Damages and the Optimal Carbon Tax Under Loss Aversion," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 85(2), pages 303-340, June.
    6. Alex Imas & Sally Sadoff & Anya Samek, 2017. "Do People Anticipate Loss Aversion?," Management Science, INFORMS, vol. 63(5), pages 1271-1284, May.
    7. Bryce McLaughlin & Jann Spiess, 2022. "Algorithmic Assistance with Recommendation-Dependent Preferences," Papers 2208.07626, arXiv.org, revised Oct 2025.
    8. Mariya Burdina & Scott Hiller, 2021. "When Falling Just Short is a Good Thing: The Effect of Past Performance on Improvement," Journal of Sports Economics, , vol. 22(7), pages 777-798, October.
    9. Carlo Barone & Katherin Barg & Mathieu Ichou, 2021. "Relative risk aversion models: How plausible are their assumptions?," Rationality and Society, , vol. 33(2), pages 143-175, May.
    10. Klein, Martin & Deissenroth, Marc, 2017. "When do households invest in solar photovoltaics? An application of prospect theory," Energy Policy, Elsevier, vol. 109(C), pages 270-278.
    11. Genakos, Christos & Roumanias, Costas & Valletti, Tommaso, 2023. "Is having an expert “friend” enough? An analysis of consumer switching behavior in mobile telephony," Journal of Economic Behavior & Organization, Elsevier, vol. 213(C), pages 359-372.
    12. Jasman Tuyon & Zamri Ahmada, 2016. "Behavioural finance perspectives on Malaysian stock market efficiency," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 16(1), pages 43-61, March.
    13. Abdel-khalik, A. Rashad, 2014. "Prospect Theory predictions in the field: Risk seekers in settings of weak accounting controls," Journal of Accounting Literature, Elsevier, vol. 33(1), pages 58-84.
    14. Andrea Lippi & Laura Barbieri & Mariacristina Piva & Werner De Bondt, 2018. "Time-varying risk behavior and prior investment outcomes: Evidence from Italy," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 13(5), pages 471-483, September.
    15. Ding, Yihong & Robinson, Elizabeth & Balcombe, Kelvin, 2025. "The role of experience in climate adaptation: Evidence from a field experiment in China," China Economic Review, Elsevier, vol. 94(PB).
    16. Austin, Chelsea Rae & Bobek, Donna D. & Jackson, Scott, 2021. "Does prospect theory explain ethical decision making? Evidence from tax compliance," Accounting, Organizations and Society, Elsevier, vol. 94(C).
    17. Chi, Yichun & Zheng, Jiakun & Zhuang, Shengchao, 2022. "S-shaped narrow framing, skewness and the demand for insurance," Insurance: Mathematics and Economics, Elsevier, vol. 105(C), pages 279-292.
    18. Jaroslava Hlouskova & Jana Mikocziova & Rudolf Sivak & Peter Tsigaris, 2014. "Capital Income Taxation and Risk-Taking under Prospect Theory: The Continuous Distribution Case," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 64(5), pages 374-391, November.
    19. Torben Schubert & Elisabeth Baier & Christian Rammer, 2018. "Firm capabilities, technological dynamism and the internationalisation of innovation: A behavioural approach," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(1), pages 70-95, January.
    20. Mujcic, Redzo & Powdthavee, Nattavudh, 2022. "How Do Humans Respond to Huge Financial Losses?," IZA Discussion Papers 15536, IZA Network @ LISER.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:3:p:2577-:d:1053200. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.