Author: Cowie, Jonathan

Source: Journal of Transport Economics and Policy (JTEP), Volume 43, Number 1, January 2009 , pp. 85-104(20)

Publisher: Journal of Transport Economics and Policy

Abstract:

The paper examines the issue of subsidy cuts and efficiency gains arising from the first round of franchises from the British passenger rail privatisation. A problem is identified in past studies regarding the lack of a progressive dynamic between subsidy and efficiency over time. This paper assesses efficiency changes and productivity gains achieved by the British train-operating companies over an 8-year period, and then attempts to establish a statistical relationship between efficiency gains and subsidy cuts. Although such a relationship is established, the results more broadly indicate winner's curse syndrome and the strong negotiating position of the incumbent.

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Document Type: Research article

Publication date: 2009-01-01

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