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  • Application of game-theoretic models of penalties and bonuses in the construction projects (on company “EFCO”)

Application of game-theoretic models of penalties and bonuses in the construction projects (on company “EFCO”)

Student: Aleshnikov Aleksandr

Supervisor: Igor Tsarkov

Faculty: Faculty of Management

Educational Programme: Master

Year of Graduation: 2014

<p>The study &quot;Application of game-theoretic models of penalties and bonuses in the construction projects (on company &ldquo;EFCO&rdquo;)&quot; explores opportunities for the application game theory for motivation contractors in building projects.</p><p>The <em>purpose</em> of this work is to develop a set of guidelines based on the mechanism of penalties and bonuses to accelerate the implementation of the project.</p><p>To achieve the purpose of the study, the following <em>tasks</em> were performed: examining methods of motivation and control of subcontractors, analyzing the current motivation system of construction for the department of &quot;EFCO&quot;, and developing a model that is able to calculate the project participants motivational bonuses depending on the achievement.</p><p>The study is based on a model of penalties and bonuses created by Estevez-Fernandez and the allocation mechanism by Moulin and Shenker. The authors studied the possibilities of stimulation of the players to reduce the project period, using models based on game theory. The basic principle of the model is developed by the authors in the allocation of bonuses in accordance with the costs incurred to reduce the project. The main problem of this model is that the subcontractors will not give the real cost function, because they are interested in increasing the reward.</p><p>To apply the model penalties and bonuses in the study, methodical recommendations were developed and an adaption of the model produced.</p><p>The main results are:</p><p style="margin-left:55.6pt;">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; construction of game-theoretic models of penalties and bonuses for a real project based on well-known motivational principles;</p><p style="margin-left:55.6pt;">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; establishment of the algorithm for calculating the motivational fund, which can stimulate subcontractors to reduce time of construction project;</p><p style="margin-left:55.7pt;">3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; creation of motivational fund allocation algorithm that would satisfy all the participants of the construction project.</p><p>&nbsp;</p>

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