Cost Savings and Productivity in the Railroad Industry
Railroad deregulation has had tremendous effects on the level of costs and productivity gains. I use an unbalanced panel of railroads from 1978 through 1989 to estimate a translog cost function. I find that initially cost savings from partial deregulation were modest. However, by 1989, I find that cost savings were tremendous, with costs being up to 40 percent lower than they would have been under regulation. I also find that while initial effects of deregulation on productivity gains were large, these effects have fallen through time, and currently are comparable to pre-deregulation levels. Copyright 1997 by Kluwer Academic Publishers
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