The British Passenger Rail Privatisation: Conclusions on Subsidy and Efficiency from the First Round of Franchises
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.
Document Type: Research article
Publication date: 2009-01-01
JTEP is international both in terms of authors and readership. Since it first appeared, more than 650 papers have been published from Europe, North America, the Pacific Rim/Australasia, Africa, Asia, and South America. This international variety is also reflected in the readership.
Published three times a year, the journal covers all modes of transport and a wide variety of economic themes, including: Passenger Transport, Freight Transport, Shipping, Aviation, Transport Infrastructure, Environment & Energy, Traffic, Planning and Policy, Safety, Costs & Pricing, Competition, Evaluation, Productivity, Demand & Elasticities, Service Quality, Economies of Scale, Economics Regulation and Choice.
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