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The article first describes characteristics of major infrastructure projects. Second, it documents a much neglected topic in economics: that ex ante estimates of costs and benefits are often very different from actual ex post costs and... more

The article first describes characteristics of major infrastructure projects. Second, it documents a much neglected topic in economics: that ex ante estimates of costs and benefits are often very different from actual ex post costs and benefits. For large infrastructure projects the consequences are cost overruns, benefit shortfalls, and the systematic underestimation of risks. Third, implications for cost–benefit analysis are described, including that such analysis is not to be trusted for major infrastructure projects. Fourth, the article uncovers the causes of this state of affairs in terms of perverse incentives that encourage promoters to underestimate costs and overestimate benefits in the business cases for their projects. But the projects that are made to look best on paper are the projects that amass the highest cost overruns and benefit shortfalls in reality. The article depicts this situation as ‘survival of the unfittest’. Fifth, the article sets out to explain how the problem may be solved, with a view to arriving at more efficient and more democratic projects, and avoiding the scandals that often accompany major infrastructure investments. Finally, the article identifies current trends in major infrastructure development. It is argued that a rapid increase in stimulus spending, combined with more investments in emerging economies, combined with more spending on information technology is catapulting infrastructure investment from the frying pan into the fire.

Location: DOI: 10.1093/oxrep/grp024

More Info: Listed as "Most Read" article on the journal's home page. Listed on SSRN's Top Ten Download List for Construction.

Publication Date: Dec 2009

Publication Name: Oxford Review of Economic Policy, vol. 25, no. 3, pp. 344–367

Research Interests:

Critical Theory, Business, Entrepreneurship, Organizational Behavior, Information Systems, and 959 more

(Management, Marketing, Real Estate, Risk Management and Insurance, Business Administration, Business Ethics, Finance, Engineering, Electrical Engineering, Electronic Engineering, Environmental Engineering, Materials Engineering, Mechanical Engineering, Mining Engineering, Chemical Engineering, Civil Engineering, Transportation Engineering, Control Systems Engineering, Petroleum Engineering, Aerospace Engineering, History, Cultural History, Economic History, Sociology, Cultural Studies, Environmental Sociology, Economic Sociology, Media Sociology, Political Sociology, Program Evaluation, Rural Sociology, Social Movements, Social Theory, Sociology of Culture, Sociology of Disaster, Sociology of Sport, Behavioural Science, Geography, Human Geography, Cultural Geography, Historical Geography, Political Geography and Geopolitics, Social Geography, Urban Geography, Environmental Geography, Regional Geography, Area Studies, Asian Studies, European Studies, Japanese Studies, Russian Studies, 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Cultura, Politicas Publicas, Digital Marketing, Signal and Image Processing, 3d Modeling, Multiculturalidad, Entreprenuership, Railway organisation and management, Transportation Planning, Arte contemporáneo, Land Use, Lying, Deception, Truthfulness, Underground Tunnel, Summer Olympics and Urban Development, Large scale systems, Railways and trains, Accounting and Auditing, Social Communication, Construction Contract Management and Dispute Resolution, Research, Monitoring, Evaluation and Impact Assessment Studies, Construction Project Management, Property Development, Project Management and Procurement, Enterprise Information Systems, Tunneling, Project, Programme, Portofolio Management, Big Data, Participatory Decision Making, Disaster Culture, COST ESTIMATION IN PROJECT MANAGEMENT, Administracion, Mediacion, Decision making about very large scale investment projects (“mega-projects”), Poverty Studies, Defense, Administração, Phronesis, Flyvbjerg, Strategic CSR, Metropolitan 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The AMANDA neutrino telescope has been in operation at the South Pole since 1996. The present final array configuration, operational since 2000, consists of 677 photomultiplier tubes arranged in 19 strings, buried at depths between 1500... more

The AMANDA neutrino telescope has been in operation at the South Pole since 1996. The present final array configuration, operational since 2000, consists of 677 photomultiplier tubes arranged in 19 strings, buried at depths between 1500 and 2000 m in the ice. The most recent results on a multi-year search for point sources of neutrinos will be shown. The study of events triggered in coincidence with the surface array SPASE and AMANDA provided a result on cosmic ray composition. Expected improvements from IceCube/IceTop will also be discussed.

Publication Date: 2005

Publication Name: International Journal of Modern Physics A

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El colapso del tiempo y el espacio en la violencia aparecen en las instalaciones de la artista contemporánea colombiana Doris Salcedo.

Publication Name: Revista Universidad de Antioquia

Research Interests:

Marketing, Political Violence and Terrorism, Política, Educación, Economía, and 9 more

(ESCULTURA, Filosofía, Sociología, Antropología, Cultura, Arte contemporáneo, Arte Contemporaneo Colombiano, Que Es Una Instalacion? Con Que Otro Nombre Se Le Conoce? Caracteristicas En El Arte Contemporaneo Colombiano, and Humanidades)

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More Info: Exposición en Seminario "¿Hacia dónde va América Latina? Participación popular, democracia y alianzas progresistas", Buenos Aires, Noviembre de 2012. Organizado por: Isepci http://www.isepci.org.ar/

Publication Date: Nov 2011

Research Interests:

Chile, Chilean Politics, Política, Movimientos sociales, and América Latina edit

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www.isepci.org.ar/seminarios/item/2013-02-04-hacia-donde-va-america-latina-participacion-popular-democracia-y-alianzas-progresistas

testaferreira.wordpress.com/2013/02/05/abrirle-paso-a-la-ruptura/

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Publisher: dialnet.unirioja.es

Publication Date: Jan 1, 2010

Publication Name: Vivat Academia

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More Info: Publicado originalmente en Zona Abierta 41-42, Madrid, 1986

Publication Date: Jun 1987

Publication Name: en Norbert Lechner (comp.), Cultura política y democratización, FLCSO/CLACSO/ICI, Bilbioteca de Ciencas Sociales, Buenos Aires, 1987, pp. 169-188

Research Interests:

Postmodernism, Politica, Posmodernidad, Postmodernidad, Socieda, and 2 more