Randomized trial demonstrates a game-theoretic model's efficacy for predicting price escalations in construction, suggesting practical pricing solutions for uncertain markets.
Key Points
The study highlights a unique game-theoretical model that addresses construction materials price escalation.
Insights were derived from analyzing percentage changes in prices of asphalt, aggregates, concrete, and steel reinforcement.
Analysis leverages historical bid data, employing an algorithmic approach to improve pricing accuracy under uncertainty in markets and materials supply chains..
Overall, the findings indicate a need for innovative solutions that integrate predictive modeling and game theory in pricing strategies.