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Construction Management and Economics Volume 10, 1992 - Issue 4
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Original Articles

Risk attitude and systematic bias in estimating and forecasting

Stephen Mak School of Land and Construction Management, Thames Polytechnic, Oakfield Lane, Dartford, Kent, DA1 2SZ, UK
&
John Raftery School of Land and Construction Management, Thames Polytechnic, Oakfield Lane, Dartford, Kent, DA1 2SZ, UK
Pages 303-320 | Published online: 24 May 2006

Citations (19)

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Read on this site (4)

Peter E. D. Love, Lavagnon A. Ika & Jeffrey K. Pinto. (2023) Smart heuristics for decision-making in the ‘wild’: Navigating cost uncertainty in the construction of large-scale transport projects. Production Planning & Control 0:0, pages 1-18.
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Budi Hartono & Chee Meng Yap. (2011) Understanding risky bidding: a prospect‐contingent perspective. Construction Management and Economics 29:6, pages 579-593.
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John Raftery, Josephine Csete & Sammy K.-F. Hui. (2001) Are risk attitudes robust? Qualitative evidence before and after a business cycle inflection. Construction Management and Economics 19:2, pages 155-164.
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Stephen Mak, Jenny Wong & David Picken. (1998) The effect on contingency allowances of using risk analysis in capital cost estimating: a Hong Kong case study. Construction Management and Economics 16:6, pages 615-619.
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Articles from other publishers (15)

Peter E. D. Love, Lavagnon A. Ika & Jeffrey K. Pinto. (2024) Homo Heuristicus: From Risk Management to Managing Uncertainty in Large-Scale Infrastructure Projects. IEEE Transactions on Engineering Management 71, pages 1940-1949.
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Peter E. D. Love, Lavagnon A. Ika, Jane Matthews & Weili Fang. (2024) Risk and Uncertainty in the Cost Contingency of Transport Projects: Accommodating Bias or Heuristics, or Both?. IEEE Transactions on Engineering Management 71, pages 205-219.
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Peter E. D. Love, Jeffrey K. Pinto & Lavagnon A. Ika. (2022) Hundreds of Years of Pain, With Minimal Gain: Capital Project Cost Overruns, the Past, Present, and Optimistic Future. IEEE Engineering Management Review 50:4, pages 56-70.
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Siddharth BhandariKeith R. Molenaar. (2020) Using Debiasing Strategies to Manage Cognitive Biases in Construction Risk Management: Recommendations for Practice and Future Research. Practice Periodical on Structural Design and Construction 25:4.
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Ali Rostami, James Sommerville, Ing Liang Wong & Cynthia Lee. (2015) Risk management implementation in small and medium enterprises in the UK construction industry. Engineering, Construction and Architectural Management 22:1, pages 91-107.
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Budi Hartono, Sinta R. Sulistyo, Poetry P. Praftiwi & Danar Hasmoro. (2014) Project risk: Theoretical concepts and stakeholders' perspectives. International Journal of Project Management 32:3, pages 400-411.
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Acelya Ecem Yildiz, Irem Dikmen & M. Talat Birgonul. (2014) Using Expert Opinion for Risk Assessment: A Case Study of a Construction Project Utilizing a Risk Mapping Tool. Procedia - Social and Behavioral Sciences 119, pages 519-528.
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Budi Hartono, Sinta R. Sulistyo & Nezar Alfian. 2013. Proceedings of the Institute of Industrial Engineers Asian Conference 2013. Proceedings of the Institute of Industrial Engineers Asian Conference 2013 1413 1420 .
Du Y. Kim, Seung H. Han & Hyoungkwan Kim. (2008) Discriminant Analysis for Predicting Ranges of Cost Variance in International Construction Projects. Journal of Construction Engineering and Management 134:6, pages 398-410.
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Chris Fortune & Owen Cox. (2005) Current practices in building project contract price forecasting in the UK. Engineering, Construction and Architectural Management 12:5, pages 446-457.
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Seung H. HanJames E. DiekmannJong H. Ock. (2005) Contractor’s Risk Attitudes in the Selection of International Construction Projects. Journal of Construction Engineering and Management 131:3, pages 283-292.
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David H. Picken & Stephen Mak. (2001) Risk analysis in cost planning and its effect on efficiency in capital cost budgeting. Logistics Information Management 14:5/6, pages 318-329.
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Stephen MakDavid Picken. (2000) Using Risk Analysis to Determine Construction Project Contingencies. Journal of Construction Engineering and Management 126:2, pages 130-136.
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P.J. EDWARDS & P.A. BOWEN. (1998) Risk and risk management in construction: a review and future directions for research. Engineering, Construction and Architectural Management 5:4, pages 339-349.
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Peter Love, Lavagnon A. Ika & Jeffrey K. Pinto. (2022) Fast-and-Frugal Decision-Making: Setting a Research Agenda for Navigating Uncertainty in Large-Scale Transport Projects. SSRN Electronic Journal.
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