Megaprojects and Risk: An Anatomy of AmbitionMegaprojects and Risk provides the first detailed examination of the phenomenon of megaprojects. It is a fascinating account of how the promoters of multi-billion dollar megaprojects systematically and self-servingly misinform parliaments, the public and the media in order to get projects approved and built. It shows, in unusual depth, how the formula for approval is an unhealthy cocktail of underestimated costs, overestimated revenues, undervalued environmental impacts and overvalued economic development effects. This results in projects that are extremely risky, but where the risk is concealed from MPs, taxpayers and investors. The authors not only explore the problems but also suggest practical solutions drawing on theory, experience and hard, scientific evidence from the several hundred projects in twenty nations and five continents that illustrate the book. Accessibly written, it will be the standard reference for students, scholars, planners, economists, auditors, politicians and interested citizens for many years to come. |
Contents
The megaprojects paradox | 1 |
A calamitous history of cost overrun | 11 |
The demand for megaprojects | 22 |
Substance and spin in megaproject economics | 32 |
Environmental impacts and risks | 49 |
Regional and economic growth effects | 65 |
Dealing with risk | 73 |
Conventional megaproject development | 86 |
Lessons of privatisation | 92 |
Other editions - View all
Megaprojects and Risk: An Anatomy of Ambition Bent Flyvbjerg,Nils Bruzelius,Werner Rothengatter Limited preview - 2003 |
Megaprojects and Risk: An Anatomy of Ambition Bent Flyvbjerg,Nils Bruzelius,Werner Rothengatter No preview available - 2003 |
Common terms and phrases
Aalborg access links accountability actual traffic auditing Auditor-General Baltic Sea Belt and Øresund Belt link Belt project Bent Flyvbjerg billion build-operate-transfer cent Channel tunnel Chapter concession construction costs conventional approach Copenhagen cost estimates cost overrun cost underestimation Danish Ministry Danish Parliament Danish Transport Council Denmark Deutsche Bahn AG Document effects environment environmental impact assessment Eurotunnel Evaluation feasibility studies Fehmarn Belt fixed link Flyvbjerg Folketinget high-speed rail identified implementation infrastructure investments institutional interest issues Journal Major Projects Association megaproject decision megaproject development ment monitoring operations Øresund link Øresund projects organisation participation performance specifications Planning Policy political possible predicted private sector problems Project Appraisal project development project promoters rail link rail projects regional regulatory regime rent-seeking Research revenues risk analysis risk capital risk management role sovereign guarantee state-owned enterprise Sund & Bælt technical toll roads traffic forecasts transport infrastructure projects underestimated urban rail World Bank