GRAHAM IVE is Senior Lecturer in the Economics of Construction at the Bartlett School, University College London. He is the author of a book on the Private Finance Initiative (1998) and an economic adviser to the Construction Industry Council. - STEPHEN GRUNEBERG is a Lecturer on the Construction Management degree at the Bartlett School, University College London. His publications include Construction Economics: An Introduction, and Feasibility Studies in Construction (with D.Weight).