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Synergizing stakeholder collaboration for value co-creation in China's prefabricated decoration diffusion: A
Hongjuan Wu1, Yipin Huang1, Guiwen Liu1
1School of Management Science and Real Estate, Chongqing University, No.174 Shazheng Street, Shapingba District, 400044, Chongqing, China.
Heliyon
|August 19, 2024
Summary
Prefabricated decoration (PD) in China needs strategic adjustments for widespread adoption. Incentivizing contractors and setting optimal subsidy thresholds are key to boosting value co-creation in the construction industry.
Area of Science:
- Construction Management
- Industrialized Building Systems
- Sustainability in Construction
Background:
- The prefabricated decoration (PD) sector in China presents an opportunity for construction industry revolution, sustainability, and industrialization.
- The diffusion of PD in China faces challenges, necessitating an understanding of value creation and stakeholder interactions.
- Stakeholder strategies significantly impact PD's value co-creation, requiring in-depth exploration within the evolving landscape.
Purpose of the Study:
- To elucidate dynamic interactions among local governments, developers, and decoration contractors in China's PD sector using evolutionary game theory.
- To establish a tripartite evolutionary game model to investigate evolutionary stable equilibriums and optimal strategies for PD diffusion.
- To provide practical strategic guidance for stakeholders promoting PD adoption in the construction industry.
Main Methods:
- Development of a tripartite evolutionary game model based on game theory.
- Empirical analysis conducted in Chongqing City to validate game models and findings.
- Scrutiny of subsidy thresholds, subsidy biases, PD proportion, and innovation allocation strategies.
Main Results:
- An assembly rate threshold for subsidies (65%-70%) is recommended to encourage PD adoption.
- Incentivizing decoration contractors is crucial for catalyzing PD diffusion.
- Excessive PD proportion and immature product investments can impede industry development, requiring dynamic strategy recalibration.
Conclusions:
- The study characterizes stakeholder value co-creation mechanisms during PD diffusion, enriching value co-creation theory in emerging construction industries.
- Findings offer practical strategic guidance for promoting PD adoption domestically and internationally, especially in early-stage development cities.
- Dynamic stakeholder strategy adjustment is essential for overcoming barriers and fostering PD's growth in the construction sector.
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