Megaprojects and Risk: An Anatomy of Ambition

Megaprojects and Risk: An Anatomy of Ambition

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by Bent Flyvbjerg, Nils Bruzelius, Werner Rothengatter
     
 

Megaprojects and Risk provides the first detailed examination of the phenomenon of megaprojects. It is an account of how the promoters of multibillion-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… See more details below

Overview

Megaprojects and Risk provides the first detailed examination of the phenomenon of megaprojects. It is an account of how the promoters of multibillion-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 and hard, scientific evidence from the several hundred projects in twenty nations that illustrate the book. Accessibly written, it will be essential reading in its field for students, scholars, planners, economists, auditors, politicians, journalists and interested citizens.

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Product Details

ISBN-13:
9780521804202
Publisher:
Cambridge University Press
Publication date:
02/13/2003
Pages:
218
Product dimensions:
5.98(w) x 8.98(h) x 0.83(d)

Table of Contents

List of figures
List of tables
Acknowledgements
1The megaprojects paradox1
2A calamitous history of cost overrun11
3The demand for megaprojects22
4Substance and spin in megaproject economics32
5Environmental impacts and risks49
6Regional and economic growth effects65
7Dealing with risk73
8Conventional megaproject development86
9Lessons of privatisation92
10Four instruments of accountability107
11Accountable megaproject decision making125
12Beyond the megaprojects paradox136
App.: Risk and accountability at work: a case study143
Notes152
Bibliography180
Index201

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