Rate-of-Return and Price-Cap Regulations for Urban Railways
AbstractWe buid a simple model of commuter railways where congestion exists, show that price-cap (PC) regulation causes congestion compared to rate-of-return (ROR) regulation. We next consider methods to correct it, and show the following results: (i) PC regulation, in which the cap is made contingent on congestion, can correct the congestion without distorting cost-reducing efforts, (ii) PC regulation, in which the cap depends on investment in transportation capacity, can also correct the congestion but distorts cost-reducing efforts. We demonstrate these results by simulation, based on data from the Tokyu To-Yoko line in the Tokyo Metropolitan Area.
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Bibliographic InfoPaper provided by Institute of Social and Economic Research, Osaka University in its series ISER Discussion Paper with number 0449.
Length: 50 pages
Date of creation: 1997
Date of revision:
REGULATIONS ; TRAFFIC ; RAILWAYS;
Find related papers by JEL classification:
- L5 - Industrial Organization - - Regulation and Industrial Policy
- L9 - Industrial Organization - - Industry Studies: Transportation and Utilities
- R4 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Systems
- R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
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- Kidokoro, Yukihiro, 2006. "Regulatory reform and the congestion of urban railways," Transportation Research Part A: Policy and Practice, Elsevier, vol. 40(1), pages 52-73, January.
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