In cognitive psychology, some experiments for games were reported, and they demonstrated that real players did not use the “rational strategy” provided by classical game theory and based on the notion of the Nasch equilibrium. This psychological phenomenon was called the disjunction effect....

Periodic review and adjustment of resource allocations to construction projects is critical for subcontractors to maintain profitability under traditional unit price or lump sum contracts. Project managers strive to control subcontractors in an effort to meet budgets and schedules;...

Purpose – The purpose of this paper is to illustrate the expressive power of Wald's maximin model and the mathematical modeling effort requisite in its application in decision under severe uncertainty. Design/methodology/approach – Decision making under severe uncertainty is art as well as...