The Influence Of Contract Reference Point Effect On Contractors' Performance Behavior In Construction Project:A Scenario-based Experiment Research

In the context that construction projects are becoming more complex and participants are increasingly diversified,the EPC and IPD contract model is increasingly being used in construction projects.The nature of these integrated development contract models is to achieve theproject value increment in the whole life cycle by utilizing the professional competence of the general contractor.However,only when the contractor provide the performance that is conducive to the overall project,can the project achieve value increment.Thus,the key to achieve value increment is the choice of contract performance behavior.Introducing the contractual reference point theory into the construction project,the choice of contractor's contract performance behavior performance is affected by the initial contract,Thus the initial contract has an important impact on the contractor's contract performance behavior.However,the owners in China's construction project organizations are in a dominant position in engineering transactions.,and most of them tend to choose rigid contracts to transfer risks in order to effectively control investment.Even after the emergence of the risk-sharing theory,the construction project contractor gradually intends to inject a reasonable risk-sharing contract mechanism to improve the contractor's performance.But in the situation that contractor credit enhancement mechanism is not perfect,the market information asymmetry,and the contractor and owners both trust is insufficient,the risk-sharing in the owner's initial contract is faced with the corresponding choice of the contractor's contract performance.For the dilemma of the owners who injects the risk-sharing incentive,the reason of which is that the mechanism of effect of the project contract on the performance of the contractor is not clear.In view of the above analysis,the contract reference point theory is applied to the post-contract performance of the contractor after the construction contract in this study,to explore how the construction contract as a reference point affect the performance of the contractor after the performance.The main contents are as follows:(1)Establishing the mechanism model of contract reference point to contractor's performanceThrough reviewing the research of performance and reference effect,explore the relationship between the contract reference point and the contractor's performance choice and put forward the theoretical hypotheses of contract reference point contract performance under different conditions.(2)Designing scenario-based experiment to verifies the effect mechanism of the contract reference point on contract performance under different contract conditionsBy setting the different post-contract adjustment events under different contract conditions,verify the changes of the performance of the subjects under this situation,and then verify the contract on the contractor performance behavior.On the one hand,the research results will expand the behavior research approach of construction project contract governance research and provide a new path for the performance improvement of engineering projects;On the other hand,it will also determine the influence mechanism of reference point s on performance under different contract condition through the situation experiment,which will help the project owner to establish the contract conditions which induce the contractor to provide the better performance.