Megaprojects and Risk: An Anatomy of Ambition

by Bent Flyvbjerg , Nils Bruzelius , Werner Rothengatter

• ISBN13: 9780521009461
• ISBN10: 0521009464
• Format: Paperback
• Copyright: 2003-03-10
• Publisher: Cambridge University Press

Summary

Megaprojects 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.

Table of Contents

1. The Megaprojects paradox

2. A calamitous history of cost overrun

3. The demand for Megaprojects

4. Substance and spin in Megaproject economics

5. Environmental impacts and risk

6. Regional and economic growth effects

7. Dealing with risk

8. Conventional Megaproject development

9. Lessons of privatisation

10. Four instruments of accountability

11. Accountable Megaproject decision making

12. Beyond the Megaprojects paradox

Appendix. Risk and accountability at work: a case study.