Journal of Advances in Developmental Research

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Behavioral Economics in Construction: How Subcontractor Psychology Impacts Project Delivery

Author(s) Aditya Pandit
Country United States
Abstract Behavioral economics provides a crucial lens for understanding subcontractor decision-making and construction project performance. Traditional economic models assume rational actors optimizing cost and efficiency, but in reality, subcontractors' behavior is shaped by cognitive biases, risk perception, motivation, and trust dynamics with general contractors. This paper explores key behavioral economic principles—such as heuristics, present bias, and loss aversion—that influence subcontractor decision-making, impacting project delivery, scheduling, and cost efficiency. Psychological factors, including motivation theories like Maslow’s hierarchy and Herzberg’s two-factor model, explain how financial security, recognition, and autonomy drive subcontractor engagement. Communication strategies and trust-building measures are also examined to mitigate project risks associated with misaligned incentives and uncertainty. By integrating behavioral economic insights into construction management, project leaders can enhance subcontractor performance, reduce delays, and improve overall project efficiency. This study underscores the need for adaptive strategies considering subcontractor psychology in decision-making, scheduling, and contractual frameworks.
Keywords Behavioral Economics, Subcontractor Decision-Making, Construction Project Management, Cognitive Biases, Risk Perception, Motivation Theories, Communication Strategies, Trust Dynamics, Loss Aversion, Heuristics, Present Bias, Project Scheduling.
Field Engineering
Published In Volume 15, Issue 1, January-June 2024
Published On 2024-05-02
Cite This Behavioral Economics in Construction: How Subcontractor Psychology Impacts Project Delivery - Aditya Pandit - IJAIDR Volume 15, Issue 1, January-June 2024. DOI 10.5281/zenodo.15104235
DOI https://doi.org/10.5281/zenodo.15104235
Short DOI https://doi.org/g8972r
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