SIR PETER HALL

ALAN ALTSHULER

MARTIN WACHS

Megaprojects and Risk: An Anatomy of Ambition provides the first detailed examination of the phenomenon of megaprojects. It is a fascinating 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, that the Machiavellian formula for approval is:

(underestimated costs) + (overestimated revenues) + (undervalued environmental impacts) + (overvalued economic development effects) = (project approval)

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 their own in-depth experience as advisers on megaprojects. The book is illustrated with examples of megaprojects from twenty nations and five continents that illustrate the book. Accessibly written, it will be the standard reference for interested citizens, politicians, journalists, auditors, economists, planners, students and scholars for many years to come.