... as the loss of a scenic view, the value of noise pollution and the value of a lost job. Problems associated with estimating private costs include it takes a long period of time to construct the rail link, as time goes on estimates become less accurate. Also, it is a large scale production, meaning huge sums of money are involved, and this means a small miscalculation in percentage terms could represent a large sum in absolute terms. If any technical difficulties, such as tunneling or external shocks such as industrial disruption, landslides and poor weather could lead to a huge change in costs. During production shortages of materials could occur, leading to inflation. The fact that there is a consortium of firms makes it harder to apportion costs out and there may also be insufficient funds to pay for the project if costs are overrun. (c) Examine the view that ...

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