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《Journal of Hefei University of Technology(Natural Science)》 2009-11
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Study of IC and IR in the principal-agent relationship in evaluating bids of construction projects

SHU Mei-ying (School of Gardens,Zhejiang Institute of Forestry,Lin'an 311300,China)  
In view of the poor performance of the bid evaluation committee,the incentive compatibility(IC) constraint and the individual rationality(IR) constraint in the principal-agent relationship between the bid inviting party and the bid evaluation committee are analyzed according to the game theory.The performance and real income of evaluation experts and the anticipant income of the bid inviting party are analyzed from the angles of the symmetric and asymmetric information.The performance,work cost,measure of risk aversion,and output variance of the bid evaluation committee and the bid inviting party income are discussed under the following different conditions: existence of both the IC and the IR,inexistence of the IR,inexistence of the IC,and absence of the IC and IR.The results show that the IC constraint is more important than the IR.If the bid inviting party wants to improve the bid evaluation efficiency,it must adopt incentive mechanisms which can make the bid evaluation committee work harder and keep the moral hazard under control.
【Fund】: 浙江省教育厅资助项目(20060659)
【CateGory Index】: F284
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