# 经济代写|博弈论代写Game Theory代考|Summary of the Construction Sector

#### Doug I. Jones

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## 经济代写|博弈论代写Game Theory代考|Summary of the Construction Sector

There are several preliminary takeaways from this chapter. They will be expanded in the coming ones on the theory of the owner (Chapter 11), the theory of the contractor (Chapter 12), construction goods (Chapter 13), construction markets (Chapter 14), and contracting (Chapter 15).

• The economic contributions of construction to GDP are strong for the value-added concept, averaging somewhere around $6 \%$ in developed countries. Using the investment concept, the contribution is approximately $10 \%$.
• Statistical definitions such as those used by ISIC and NACE determine the data. Comparing manufacturing and construction does not completely make sense since construction is a homogenous sector producing buildings and infrastructure (albeit of a great variety!) and the manufacturing sector produces a large variety of products from food to chemicals, from automobiles to furniture. Attributing repair and maintenance to construction and not to the automobile industry makes productivity comparisons useless.
• The multiplier concept proves that the construction sector can be a primary tool to foster economic growth. For an investment of a dollar in the construction industry, the total economy will profit more than for the same investments in services or manufacturing.
• The construction sector contributes even stronger to employment than to GDP.
• The number of annual transactions in construction is small compared with manufacturing. The number of owners is comparatively small; however, the number is still considerable on a national level. Owners have a much stronger position than buyers in manufacturing because they sign up a number of professionals as support.
• The number of firms in construction is large; the concentration very low. Thus, many construction firms have little market power. However, despite the fact that large firms are limited in number, they can yield more market power than small firms.
• In almost all countries, many owners have access to many contractors on the national level. Here, we have the situation of a perfectly competitive market. As we will see later, this is not the determining factor in contracting, when market transactions are concluded. The overall ratio of contractors to owners will be between four firms/owner and eight firms/owner.

## 经济代写|博弈论代写Game Theory代考|Theory of the Owner

We can develop a theory of the owner from consumer theory in Chapter 4 (consumers in perfectly competitive markets). Consumers maximize their utility, and while doing so, they act as price-takers whether they face perfectly competitive markets, monopolies, monopolistic competition, or oligopolies.

This conjures up the image of a consumer very much at the mercy of powerful producers. Hollywood successfully adapts such stories of David (consumer) against Goliath (producer). Doubtlessly, there is often a mismatch between consumer and producer, and for this reason, we have extensive legislation for consumer protection. An example of such legislation are rules for the general terms and conditions that producers often add to their products. The question arises whether an owner in construction is also often in a weak position; can we interchangeably use the terms consumer and owner?
In Chapter 4 consumer theory was constructed with five building blocks:
1) Consumers have stable preferences.
2) Consumers face a budget constraint.
3) Consumers maximize utility by choosing the consumption bundle where the marginal rate of substitution equals relative price.
4) We can construct the individual demand by varying the prices and thus the budget constraint.
5) The market demand curve is the aggregate of the individual demand curves.
In the following chapters, I will analyze whether these assumptions also apply to the owner in construction.

After extending the definition of the entity owner more precisely than in Chapter 10 , I will describe the tasks of an owner. From these two building blocks, we can deduct the owner’s behavior based on available information. After this, we will follow how an owner develops a construction contract, engages in and concludes the procurement of a contractor, and finally supervises the construction process. At the end, I will summarize the main points.

# 博弈论代考

## 经济代写|博弈论代写Game Theory代考|Summary of the Construction Sector

• 建筑业对 GDP 的经济贡献对于增值概念来说是很强的，平均在某处左右6%在发达国家。运用投资理念，出资额约为10%.
• ISIC 和 NACE 使用的统计定义决定了数据。比较制造业和建筑业并不完全有意义，因为建筑业是生产建筑物和基础设施（尽管种类繁多！）的同质部门，而制造业生产从食品到化学品、从汽车到家具的各种产品。将维修和维护归因于建筑业而不是汽车业使得生产率比较变得毫无意义。
• 乘数概念证明建筑业可以成为促进经济增长的主要工具。对建筑业投资 1 美元，整个经济的利润将超过对服务业或制造业的相同投资。
• 建筑业对就业的贡献甚至超过对 GDP 的贡献。
• 与制造业相比，建筑业的年交易量较小。业主数量相对较少；然而，这个数字在全国范围内仍然相当可观。业主在制造业中的地位比买家强得多，因为他们签约了一些专业人士作为支持。
• 施工企业数量多；浓度很低。因此，许多建筑公司几乎没有市场力量。然而，尽管大公司数量有限，但它们可以产生比小公司更多的市场力量。
• 在几乎所有国家，许多业主都可以接触到许多国家级承包商。在这里，我们有一个完全竞争市场的情况。正如我们稍后将看到的，当市场交易结束时，这不是缔约的决定因素。承包商与业主的总体比例将介于四家公司/业主和八家公司/业主之间。

## 经济代写|博弈论代写Game Theory代考|Theory of the Owner

1) 消费者具有稳定的偏好。
2) 消费者面临预算约束。
3）消费者通过选择边际替代率等于相对价格的消费束来最大化效用。
4）我们可以通过改变价格和预算约束来构建个人需求。
5）市场需求曲线是个人需求曲线的总和。

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