Reasoned bargaining protocol in construction contracts using a novel Bayesian game

The objective of this paper is to provide new insights on some dimensions of the bargaining process - asymmetries and uncertainties in particular by using a Novel Expert Bayesian Game (NEBG). We develop decision support system for determining the price in construction supply contract. Our results confirm that uncertainty affects negotiators' behaviour and modifies the likelihood of a self-enforcing agreement to emerge. The validation analysis revealed that a novel approach to Bayesian Network (BN) construction by combining domain knowledge from experts possessing incomplete observation data substantially improved the estimation ability of negotiators. Exhibiting a high success rate and profit as well as short-negotiation time, the proposed model is superior to those reported in previous research.