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A major gap in the automation of construction cost estimation is the need of manual inputs to complete cost estimation processes. To address this gap, the authors propose a new method for matching wood building elements from a Building Information Modeling (BIM)-based design to cost data entries in a cost database. The proposed method uses a java constructor and HashMap to create objects, and store and retrieve the created values of the objects. Term matching and natural language processing (NLP) techniques are used in the method to match items from a design model and automatically extract their unit costs from a cost database. These unit costs retrieved are then used in generating the cost estimates. The proposed method was tested on estimating a wood construction model retrieved online. A cost estimate was successfully generated. Comparison of the experimental results with results from the state-of-the-art commercial software showed that the algorithms developed from the proposed method reduced the manual inputs required in generating wood construction cost estimates.
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The Cost of Information: The Case of Constant Marginal Costs
We develop an axiomatic theory of information acquisition that captures the idea of constant marginal costs in information production: the cost of generating two independent signals is the sum of their costs, and generating a signal with probability half costs half its original cost. Together with Blackwell monotonicity and a continuity condition, these axioms determine the cost of a signal up to a vector of parameters. These parameters have a clear economic interpretation and determine the difficulty of distinguishing states. (JEL D82, D83)
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- Award ID(s):
- 1944153
- PAR ID:
- 10429106
- Date Published:
- Journal Name:
- American Economic Review
- Volume:
- 113
- Issue:
- 5
- ISSN:
- 0002-8282
- Page Range / eLocation ID:
- 1360 to 1393
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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- Free Publicly Accessible Full Text
-
Accepted Manuscript1.0
- Journal Article:
- https://doi.org/10.1257/aer.20190185
