Construction Microeconomics

Construction Microeconomics focusses on the role of the contractor in construction projects. From that perspective, a production theory is of central importance, but modified by the market transactions which tie contractor and client together. It covers microeconomics applied to the construction sector, and includes alternative theories to mainstream microeconomics, such as new institutional economics, behavioural economics and the capability approach. This will help readers to understand that microeconomic theory relies heavily on assumptions for modelling and will allow the reader to engage in a wider discussion by adjusting such assumptions. Applications from the construction sector including land supply, sustainability, industrialization, and lean construction will be provided to ground the theory in practical construction.