Cost certainty and time certainty are major concerns to both clients and contractors, as they have a direct impact on resources. An international study of contractors’ cost certainty and time certainty is presented. Based on the performance and practice of contractors in Japan, the UK and the US, the multiple regression analysis reveals cost certainty to be influenced by time certainty and its ...

In this paper, we consider the distributed power tracking and energy balancing problem of a general storage system subject to unreliable switching communication network. order deal with uncertainty network topology, observer-based approach has been proposed. First, an adaptive observer is employed recover reference for entire each unit. Second, based on estimated power, certainty equivalent con...

BACKGROUND Within the standard gamble approach to the elicitation of health preferences, no previous studies compared probability equivalent (PE) and certainty equivalent (CE) techniques OBJECTIVE This study aimed to explore the differences between CE and PE techniques when payoffs are expressed in terms of life-years or quality of life. METHODS Individuals were interviewed through both CE ...

For one–period projects under certainty, the notion of Net Present Value (NPV) formally translates the notion of economic profit, where the discount rate is the cost of capital. Under uncertainty, the cost of capital is the expected rate of return of an equivalent-risk alternative that the investor might undertake and is often found by making recourse to the Capital Asset Pricing Model. This pa...

This paper presents two studies on narrow bracketing and myopic loss aversion. The first study shows that the tendency to segregate multiple gambles is eliminated if subjects face a certainty equivalent or a probability equivalent task instead of a binary choice. The second study argues that the behavioral differences previously attributed entirely to myopic loss aversion are partly because lon...