Editorial: It's now or never to save California's bullet train (via latimesopinion)
and far past their deadline for completion all tend to suffer from the same fundamental problem: optimism bias. That’s the tendency to underestimate the challenges in building huge, complex public works and to overestimate the benefits those projects will deliver.
From the beginning, its proponents vastly oversimplified the complexity of the project and underestimated the expense. That is why the once $33-billion project is now estimated to cost $80 billion or more to complete. With each update, the project is slated to cost more and deliver less than voters were promised in 2008.
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