Underestimating Costs in Public Works Projects: Error or Lie?

  title={Underestimating Costs in Public Works Projects: Error or Lie?},
  author={Bent Flyvbjerg and Mette K. Skamris Holm and S{\o}ren L. Buhl},
  journal={Journal of the American Planning Association},
  pages={279 - 295}
Abstract This article presents results from the first statistically significant study of cost escalation in transportation infrastructure projects. Based on a sample of 258 transportation infrastructure projects worth US$90 billion and representing different project types, geographical regions, and historical periods, it is found with overwhelming statistical significance that the cost estimates used to decide whether such projects should be built are highly and systematically misleading… 
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