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Transport Problems

Research Article

REFERENCE CLASS FORECASTING IN ICELANDIC TRANSPORT INFRASTRUCTURE PROJECTS

Summary. Previous studies have indicated that the majority of infrastructure projects have cost overruns. The root causes are traced to political, technical and psychological reasons at the initial stage of the project. The consequence is either unintentional overoptimistic forecasting of perceived results or calculated interpretation of facts in favour of personal and political interests. These phenomena are called planning fallacies and strategic misrepresentation

Thordur Vikingur FRIDGEIRSSON

Transport Problems , ISSUE 2, 103–115