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Appraisal in the rail sector: General issues and British experience in dealing with them

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  • Nash, Chris

Abstract

This paper first considers the role of appraisal in rail systems, and shows how this extends far beyond simply appraising investment projects to considering long run strategy, renewals, quality of service and closures. It then discusses the particular issues which make rail appraisals complex, including the long life of assets, the complexity of the range of options available, the many dimensions of quality of service, network effects, externalities, the importance of the impacts on other modes and the issue of wider economic impacts. Finally it illustrates these issues with reference to the history of the appraisal of high speed rail in Britain, where key arguments have concerned the robustness of demand forecasts over such long time periods, the valuation of business time savings, the adequacy of the appraisal of alternatives and the extent of wider economic impacts.

Suggested Citation

  • Nash, Chris, 2014. "Appraisal in the rail sector: General issues and British experience in dealing with them," Research in Transportation Economics, Elsevier, vol. 47(C), pages 19-26.
    • Handle: RePEc:eee:retrec:v:47:y:2014:i:c:p:19-26
    DOI: 10.1016/j.retrec.2014.09.015
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    References listed on IDEAS

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    1. André de Palma & Robin Lindsey & Emile Quinet & Robert Vickerman, 2011. "Handbook Of Transport Economics," PSE-Ecole d'économie de Paris (Postprint) halshs-00754912, HAL.
    2. Anthony J. Venables, 2007. "Evaluating Urban Transport Improvements: Cost-Benefit Analysis in the Presence of Agglomeration and Income Taxation," Journal of Transport Economics and Policy, University of Bath, vol. 41(2), pages 173-188, May.
    3. Fowkes, Tony, 2007. "The design and interpretation of freight stated preference experiments seeking to elicit behavioural valuations of journey attributes," Transportation Research Part B: Methodological, Elsevier, vol. 41(9), pages 966-980, November.
    4. Chris Nash, 2011. "Competition and Regulation in Rail Transport," Chapters, in: André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.), A Handbook of Transport Economics, chapter 33, Edward Elgar Publishing.
    5. Daniel J. Graham, 2007. "Agglomeration, Productivity and Transport Investment," Journal of Transport Economics and Policy, University of Bath, vol. 41(3), pages 317-343, September.
    6. Wardman, Mark, 2004. "Public transport values of time," Transport Policy, Elsevier, vol. 11(4), pages 363-377, October.
    7. André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.), 2011. "A Handbook of Transport Economics," Books, Edward Elgar Publishing, number 12679.
    8. Lyons, Glenn & Jain, Juliet & Holley, David, 2007. "The use of travel time by rail passengers in Great Britain," Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(1), pages 107-120, January.
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    Cited by:

    1. Ginés de Rus & Javier Campos & Armando Ortuno & M. Pilar Socorro & Jorge Valido, 2020. "Evaluación Económica de Proyectos y Políticas de Transporte: Metodología y Aplicaciones Parte 2: Análisis coste-beneficio de proyectos ferroviarios: líneas de alta velocidad y suburbanas," Working Papers 2020-12, FEDEA.

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    More about this item

    Keywords

    Appraisal; Rail; Britain;
    All these keywords.

    JEL classification:

    • R42 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government and Private Investment Analysis; Road Maintenance; Transportation Planning
    • R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion; Travel Time; Safety and Accidents; Transportation Noise
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures

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