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Aouad, G F, Hinks, J, Cooper, R, Sheath, D M, Kagioglou, M and Sexton, M (1998) An information technology (IT) map for a generic design and construction process protocol. Journal of Construction Procurement, 4(02), 132–51.
Edwards, P J and Bowen, P A (1998) Risk and risk management in construction: towards more appropriate research techniques. Journal of Construction Procurement, 4(02), 103–15.
Lingard, H, Hughes, W and Chinyio, E (1998) The impact of contractor selection method on transaction costs: a review. Journal of Construction Procurement, 4(02), 89–102.
Ribeiro, F L (1998) Delivering large scale building projects: a case study. Journal of Construction Procurement, 4(02), 77–88.
Runeson, G and Raftery, J (1998) Neo-classical micro-economics as an analytical tool for construction price determination. Journal of Construction Procurement, 4(02), 116–31.
- Type: Journal Article
- Keywords: construction economics; price determination; tendering; tendering theory
- ISBN/ISSN: 1358-9180
- URL:
- Abstract:
This paper demonstrates that neo-classical microeconomics is a suitable tool of analysis for the building industry, but that its acceptance requires some change in the way construction economists look at the industry and its output. It examine the history of economics-based discussions of construction price determination by considering the construction economics literature since 1974, and briefly outlines the mainstream economic model of price determination in the context of construction projects. It answers the main arguments which have been advanced against the application of Micro-economic model to construction price determination and demonstrates that this model is not only relevant to construction but also the gains in informative content.