Dr Cameron Gordon, Canberra University

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Dr Cameron Gordon, Canberra University

  1. 1. PRINCIPLES AND PRINCIPALS OF MAJOR ROAD PROJECTS Dr Cameron Gordon Associate Professor of Economics – University of Canberra SeniorVisiting Fellow – UNSWCanberra Principal Investigator – City University of NewYork INFORMA Major Road Projects Conference 2014 11-12 March 2014, Sydney
  2. 2. Principles for discussion • A road (or any infrastructure) is not an end in and of itself. • Roads (or any infrastructure) should deliver services society desires (e.g. mobility, access, travel time saved etc.) • A service should contribute to economic and/or noneconomic outcomes (e.g. productivity, regional development etc.) • A project is not an end in and of itself. • Projects should be part of purposeful programs designed to achieve desired outcomes. • Funding (actual allocation of scarce resources) is different from financing (devising vehicles for allocating scarce resources). • Cost minimisation is good; cost minimisation with maximum desired outcomes is better. • Transport is a system – not just a mode
  3. 3. Principals (the usual suspects) • The People • Politicians • Policymakers (might be different from Politicians – hopefully not) • Program personnel (department heads, staff etc.) • Project personnel (managers, designers etc.) • Purse-string personnel (financiers,Treasury etc.) • Pioneers? (true innovators; sometimes called ‘leaders’)

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