The literature on costs of price adjustment has long argued that changing prices is a complex and costly process. In fact, some authors have suggested that we should think of firms' price-setting activities as "producing" prices, similar to the way firms use production processes to produce goods...

Ongoing pressure on prices for construction projects adds to the significance of cost estimation accuracy in building construction. Due to competition from Asian entrants, main contractors in the plant engineering industry are starting to face a similar situation. In the present paper, the cost...