 
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. |
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Contents
- The Megaprojects paradox
- A calamitous history of cost overrun
- The demand for Megaprojects
- Substance and spin in Megaproject economics
- Environmental impacts and risk
- Regional and economic growth effects
- Dealing with risk
- Conventional Megaproject development
- Lessons of privatisation
- Four instruments of accountability
- Accountable Megaproject decision making
- Beyond the Megaprojects paradox
- Appendix. Risk and accountability at work: a case study
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