A new study claims the net cost of staging the Australian Grand Prix last year, even after taking account of wider economic benefits, was a whopping $60 million
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COST BENEFIT ANALYSIS
Why do the worst infrastructure projects get built?
Under-estimating the cost of major infrastructure projects and over-estimating the demand is so chronic that forecasters deserve some harsh medicine, according to Professor Bent Flyvbjerg from Oxford University’s Said Business School. He says “some forecasts are so grossly misrepresented that we need to consider not only firing the forecasters but suing them too – perhaps [...]
READ MOREWould we build another Opera House?
An argument I see frequently in relation to massive infrastructure projects like High Speed Rail (HSR) is that we should simply get on and build them because they’re ‘visionary’ and ‘nation building’. For example, a commenter recently likened investment in HSR to the decision to build the Sydney Opera House. If cost-benefit analysis had been [...]
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