A Loss-Aversion Approach to Optimize Infrastructure Spending

摘要

Funding for construction and infrastructure projects is, in essence, an economic decision that is often made by economists and politicians who are more concerned about economics than about the performance issues that concern engineers and asset managers. This research, therefore, shed some light on integrating the two worlds of behavioural economics and construction/infrastructure asset management. This integration is part of ongoing research by the authors to benefit from the wealth of well-established theories in the behavioural economic and the microeconomic domains to provide rational economic reasoning behind construction/infrastructure decisions.