Information asymmetries between vendors and customers in the advanced construction technology diffusion process

Advanced construction technologies (ACTs) are transforming infrastructure projects, yet there has been little research into and theorization of the process by which these innovations are diffused. The purpose of this paper is to address this paucity of research by exploring the problems of information asymmetries between vendors and customers in the ACT diffusion process. Specifically, the paper explores whether information asymmetries exist between vendors and customers in the ACT diffusion process and what forms they take. A structured survey of 153 vendors and customers of advanced construction technologies was undertaken across three international ACT exhibitions in Australia. By comparing the perspectives of both customers and vendors across 15 technology diffusion process variables using importance-performance analysis and principal component analysis, significant differences are found between vendors' and customers' perceptions of how effectively information flows in the ACT diffusion process. The results show that vendors are significantly more optimistic than customers about information asymmetries on a wide range of diffusion variables. They also highlight significant potential for information asymmetries to occur which can undermine the advanced technology diffusion process. The results provide important new conceptual and practical insights into an under-researched area, which is of increasing importance to a major industry, which is being transformed by advanced technological developments.