Studies from Deakin University in the Area of Civil Engineering Reported (An Analysis of Quality Liability Insurance for Prefabricated Components Using Evolutionary Game Theory): Engineering – Civil Engineering

2022 MAY 26 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Researchers detail new data in Engineering - Civil Engineering. According to news reporting originating from Geelong, Australia, by NewsRx correspondents, research stated, “Managing quality risks of prefabricated components is one of the challenges for prefabricated construction. The quality liability insurance for prefabricated components (QLIPC) is an effective approach to transfer such risks; however, limited research has been conducted on the development of QLIPC.”

Financial supporters for this research include National Key R&D Program of China, Yujie Talent project of NCUT, Innovative Engineering project of NCUT.

Our news editors obtained a quote from the research from Deakin University, “This study introduces an evolutionary game theory (EGT)-based approach incorporating decisions from both government and insurance companies. In the EGT model, a payoff matrix under disparate strategies is constructed and the evolutionary stable strategies (ESS) are deduced. The simulation calculation is then carried out by MATLAB using virtual sample data to demonstrate the analysis. The results show that the government should act as the game promoter because the QLIPC can reduce governance cost and has significant social benefits.”

According to the news editors, the research concluded: “This research contributes a theoretical framework to analyze the QLIPC development using the EGT theory, and it could help the government develop long-term strategies for developing the QLIPC market.”

This research has been peer-reviewed.

For more information on this research see: An Analysis of Quality Liability Insurance for Prefabricated Components Using Evolutionary Game Theory. Canadian Journal of Civil Engineering, 2021. Canadian Journal of Civil Engineering can be contacted at: Canadian Science Publishing, 65 Auriga Dr, Suite 203, Ottawa, On K2E 7W6, Canada. (NRC Research Press - http://www.nrcresearchpress.com/; Canadian Journal of Civil Engineering - http://www.nrcresearchpress.com/journal/cjce)

The news editors report that additional information may be obtained by contacting Hong Xian Li, Deakin University, School of Architecture and the Built Environment, Geelong, Vic 3220, Australia. Additional authors for this research include Yan Liu, Yingbo Ji, Chenyao Lv, Yan Li and Zhen Lei.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1139/cjce-2020-0012. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

(Our reports deliver fact-based news of research and discoveries from around the world.)