Megaprojects and Risk: An Anatomy of Ambition by Bent Flyvbjerg & Nils Bruzelius & Werner Rothengatter

Author:Bent Flyvbjerg & Nils Bruzelius & Werner Rothengatter [Flyvbjerg, Bent]
Language: eng
Format: epub
Publisher: Cambridge University Press
Published: 2003-02-12T18:30:00+00:00

Basic instruments of accountability

Having redrawn the borderlines for the roles of the private and public sectors, it is now possible to identify four basic instruments that are key to the establishment of an appropriate process and institutional set-up for the development of major infrastructure projects:4

(1) Transparency;

(2) Performance specifications;

(3) Explicit formulation of the regulatory regime, and clear identification – and where relevant, elimination – of policy risks before decisions are taken;

(4) The involvement of risk capital.

Below, each of the four instruments of accountability is described in more detail.

Private involvement should be weakened:

• Lobby groups should be given less opportunity for rent-seeking behaviour

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