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An economic theory of the public transit firm

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  • Talley, Wayne K.

Abstract

This paper presents an economic theory of the public transit firm that considers the public transit firm's operating objectives related to size maximization and cost minimization as well as its operating options and passenger quality-of-service characteristics. The theory indicates that the variables to be used in the performance evaluation of a public transit firm are its operating options and fare. A single measure for transit performance evaluation is the shadow price in maximizing passengers subject to an overall deficit constraint (to be financed by government).

Suggested Citation

  • Talley, Wayne K., 1988. "An economic theory of the public transit firm," Transportation Research Part B: Methodological, Elsevier, vol. 22(1), pages 45-54, February.
    • Handle: RePEc:eee:transb:v:22:y:1988:i:1:p:45-54
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    Cited by:

    1. K. Obeng, 2011. "Indirect production function and the output effect of public transit subsidies," Transportation, Springer, vol. 38(2), pages 191-214, March.
    2. Kofi Obeng & Golam Azam, 1995. "The Intended Relationship Between Federal Operating Subsidy and Cost," Public Finance Review, , vol. 23(1), pages 72-94, January.
    3. Guo, Qianwen & Sun, Yanshuo & Schonfeld, Paul & Li, Zhongfei, 2021. "Time-dependent transit fare optimization with elastic and spatially distributed demand," Transportation Research Part A: Policy and Practice, Elsevier, vol. 148(C), pages 353-378.
    4. Karlaftis, Matthew G., 2003. "Investigating transit production and performance: a programming approach," Transportation Research Part A: Policy and Practice, Elsevier, vol. 37(3), pages 225-240, March.

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