Optimism bias evaluation and decision-making risk forecast on bridge project cost based on reference class forecasting: Evidence from China

The high uncertainty of megaproject results in increasing complexity in the decisionmaking and ultimately leads to different degrees of cost overrun and project delays. One of the critical reasons for cost overrun and delay is the optimism bias of decision makers. Although the previous literature has analyzed the cost overrun distribution of...

A Monte Carlo approach to the ship-centric Markov decision process for analyzing decisions over converting a containership to LNG power

A Monte Carlo approach to the ship-centric Markov decision process (SC-MDP) is presented for analyzing whether a container ship should convert to LNG power in the face of evolving Emission Control Area regulations. The SC-MDP model was originally developed as a means to analyze uncertain, sequential decision making problems. However, the...