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Megaprojects and Risk: Anatomy of Failure

Author

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  • Emanuil Diamandiev

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

The study analyses systematic weaknesses in megaproject management in Bulgaria through a qualitative comparative approach and in-depth case analysis. Based on three emblematic projects -- Hemus Highway, Sofia Metro, and Belene NPP -- recurring management deficits such as institutional fragmentation, political instability, lack of transparency and inadequate risk management are identified. The theoretical framework builds on concepts such as planning optimism, institutional governance and risk management. The study offers comparative analysis with European best practices and outlines structured recommendations for improvement. The findings contribute to enriching theoretical literature on megaprojects in the context of transition economies and provide a basis for future empirical research and institutional reforms.

Suggested Citation

  • Emanuil Diamandiev, 2025. "Megaprojects and Risk: Anatomy of Failure," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 86-106, Desember.
    • Handle: RePEc:nwe:iisabg:y:2025:i:4:p:86-106
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    Keywords

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    JEL classification:

    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • L4 - Industrial Organization - - Antitrust Issues and Policies

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