The selection of projects from a set of possible alternatives is a key decision in any organization. However, all entities that allocate resource budgets across several projects and initiatives face the same fundamental problem: to select the most valuable projects given a finite budget. The...

Current decision-making models assume that an individual's attitude towards risk does not vary across different sources. A decision maker's processing of known probabilities and the resulting degree of probability weighting should therefore be unique. This paper provides evidence that challenges...