Construction Microeconomics

Construction Microeconomics is a unique and comprehensive reference that describes microeconomic approaches, theories, and models adapted to the construction industry. It focuses on construction clients and contractors, discussing decision-making in the built environment. It includes alternative theories and applications from the construction sector, such as land supply, sustainability, industrialization, and lean construction.

Format: Hardback
Length: 416 pages
Publication date: 09 February 2023
Publisher: John Wiley and Sons Ltd

Construction Microeconomics is a unique and comprehensive reference that delves into the application of microeconomic approaches, theories, and models tailored to the construction industry. It provides a comprehensive coverage of microeconomics applied to construction clients, who initiate construction projects, and contractors who transform the ideas and plans of clients into infrastructure and buildings. By employing the framework of microeconomic theory, this book aims to address critical questions related to decision-making by clients, contractors, and governments concerning projects in the built environment. It explores alternative theories to mainstream microeconomics, such as new institutional economics, behavioral economics, and the capability approach, to provide a broader understanding of the construction industry's dynamics.

The book offers practical applications from the construction sector, including land supply, sustainability, industrialization, and lean construction, to ground the theory in practical construction. It emphasizes the importance of understanding the assumptions underlying microeconomic modeling and the nuances involved in adjusting these assumptions to suit the specific context of the construction industry. It also explores how heterogenous contract goods affect supply and demand, markets, information, technology, and the theories of contractors and owners.

The book delves into the interaction between different actors in the construction industry and how it influences the production process. It examines how land, as a production factor, changes the production function and how ex-ante costs determine the cost theory of contractors. It further highlights the similarities between contracting and the service sector and the unique challenges and opportunities that the construction industry presents.

Construction Microeconomics is an invaluable resource for advanced undergraduate and masters students, lecturers, and academics in construction and related disciplines. It offers a comprehensive and in-depth analysis of microeconomic principles applied to the construction industry, providing valuable insights for professionals seeking to enhance their understanding of this unique facet of the field.

Weight: 856g
Dimension: 257 x 171 x 28 (mm)
ISBN-13: 9781119828785