Abstract：Multi-party collaborative governance is an important way to control the core safety risks of urban underground engineering. However, the decision-making results of the main participants in risk control and management based on bounded rationality have hindered the formation of collaborative governance. In order to explore the reasonable strategy choices of the main participants with related payoff, the evolutionary game research method was adopted in this work to construct the three-party game model of ‘Owner-Contractor-Insurance Company’. From the overall perspective, the payoff matrices of three-party different risk control strategies and two-party different knowledge sharing strategies were analyzed, and the gradual trends of different strategy combinations were deduced. The research shows that: in the three-party game model, active management of the core safety risks from owner, positive management of the core safety risks from contractor and participating of insurance company in the management of the core safety risks result in the evolutionary stable strategies of all parties. Based on the above conclusions, some suggestions on risk collaborative governance mechanism, including strengthening risk collaborative governance, solidifying governance structure of ‘three elements’ and optimizing risk governance incentives, are provided.
