The application of utility theory in the decision-making process for investing in ADR insurance

Construction Research Congress 2010: Innovation for Reshaping Construction Practice - Proceedings of the 2010 Construction Research Congress

Volumn , Issue , 2010, Pages 1284-1295

  Song, Xinyi ^a   Peña Mora, Feniosky ^a   Arboleda, Carlos A ^b  

^a Department of Earth and Environmental Sciences   (United States)

^b Department of Civil Engineering and Engineering Mechanics and of Earth and Environmental Engineering ^*  (Colombia)

Author keywords

[No Author keywords available]

Indexed keywords

ALTERNATIVE DISPUTE RESOLUTION; COST-INCREASES; DECISION MAKING PROCESS; DURING CONSTRUCTION; EXPECTED VALUES; INSURANCE COMPANIES; INSURANCE POLICIES; INSURANCE PREMIUMS; LOSS FUNCTIONS; NUMERICAL EXAMPLE; PROFIT TARGETS; PROJECT PARTICIPANTS; UTILITY THEORY;

BUDGET CONTROL; COSTS; DECISION MAKING; DECISION THEORY; INVESTMENTS; PROFITABILITY; REFRIGERATORS; RESEARCH; RISK MANAGEMENT;

INSURANCE;

EID: 77956312709     PISSN: None     EISSN: None     Source Type: Conference Proceeding    
DOI: 10.1061/41109(373)129     Document Type: Conference Paper

References (11)

1. Bell, D. E., Raiffa, H., & Tversky, A. (Eds.). (1988). Decision making: Descriptive, normative, and prescriptive interactions. New York: Cambridge University Press, ISBN: 0521368510.
2. Bowers, N.L., Gerber, H.U., Hickman, J.C., Jones, D.A. and Nesbitt, C.J. (1997) "Actuarial Mathematics." Society of Actuaries. Hardback.
3. Clemen, R.T. (1997) "Making Hard Decisions: An Introduction to Decision Analysis." Belmont CA: Duxbury Press
4. Hoshiya, M., Nakamura, T. and Mochizuki, T. (2004) "Transfer of Financial Implications of Seismic Risk to Insurance." Natural Hazards Review, ASCE, 5(3), 141-146.
5. Keeney, R. L., & Raiffa, H. (1993). Decisions with multiple objectives: Preferences and value tradeoffs. New York: Cambridge University Press, ISBN: 0521438837.
6. Li, Shu (2003) "The role of Expected Value illustrated in decision-making under risk: single-play vs multiple play." Journal of Risk Research. 6 (2), 113-124 (2003)
7. National Vital Statistics Reports. (2006) "Life Table for the total population: United States, 2003" Vol. 54, No. 14, April 19, 2006
8. th 2009)
9. Pritchett, S. T., Schmit, J. T., Doerpinghaus, H. I., and Athearn, J. L.(1996) "Risk management and insurance: (7th edition)." West Publishing Company, Minneapolis.
10. Song, X., Menassa, C., Peña Mora, F. and Conger, R. (2009a), "Applying Insurance Pricing Models for Pricing Alternative Dispute Resolution as an Insurance Product," 2009 Construction Research Congress (CRC), Seattle, Washington, April 5-7, 2009.
11. Song, X., Peña-Mora, F., Arboleda, C., Conger, R., and Menassa, C. (2009b), "The Potential Use of Insurance as a Risk Management Tool for ADR Implementation in Construction Disputes," ASCE International Workshop on Computing in Civil Engineering, Austin, Texas, USA, June 24-27, 2009.