Critically evaluate the role of economic theory in the UK Construction Industry

Evaluate the extent to which both Bidding Theory proposed by Friedman (1956) and the neo-classical micro-economic theory of price determination advocated by Hillebrandt (1974) reflect the realities of price determination in the construction market?

Critically evaluate how Ronald Coase’s neo-classical theory of transaction costs could be applied to the procurement process to increase efficiency and reduce costs.

Critically appraise the potential benefits of adapting the SROI model for the feasibility appraisal of construction projects.

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