engleski

Application of New Institutional Economics to construction management: literature analysis using keywords

The New Institutional Economics has been playing an increasingly important role in the construction management literature. This applies especially to the transaction cost theory and the principal-agent theory, both of which have been recurrently applied to the research in the field since the onset of the new millennium. This analysis of the construction management literature uses keywords containing the most important concepts of this theoretical framework. Keywords have become important parts of academic papers, and they are crucial in the literature search. However, this literature analysis shows a rather superficial understanding of the New Institutional Economics in the field. Although both the principal-agent theory and the transaction cost theory are parts of this theoretical framework, the analysis of literature presented here shows that the construction management community favours the latter to the former by a wide margin. More important, the interconnections between the two appear to be poorly understood.

New Institutional Economics; transaction cost theory; principal-agent theory; literature analysis; construction management

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