IDEAS home Printed from https://ideas.repec.org/a/oup/oxecpp/v39y1987i4p699-718.html
   My bibliography  Save this article

Natural Monopoly and Railway Policy in the Nineteenth Century

Author

Listed:
  • Foreman-Peck, J S

Abstract

Competition in the British railway system had burnt itself out by the end of the nineteenth century. Regression estimates of a cost fun ction based upon the 1865 railway returns are consistent with the ind ustry being a natural monopoly in which a number of firms were compet ing. The national railway system was not provided at the lowest cost. Analysis of two cross-national data sets implies the regulatory syst ems of other nations, which generally entailed monopolization and nat ionalization, generated lower railway capital costs than did that of the United Kingdom. Copyright 1987 by Royal Economic Society.

Suggested Citation

  • Foreman-Peck, J S, 1987. "Natural Monopoly and Railway Policy in the Nineteenth Century," Oxford Economic Papers, Oxford University Press, vol. 39(4), pages 699-718, December.
    • Handle: RePEc:oup:oxecpp:v:39:y:1987:i:4:p:699-718
    as

    Download full text from publisher

    File URL: http://links.jstor.org/sici?sici=0030-7653%28198712%292%3A39%3A4%3C699%3ANMARPI%3E2.0.CO%3B2-X&origin=bc
    File Function: full text
    Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Brian Mitchell & David Chambers & Nick Crafts, 2011. "How good was the profitability of British railways, 1870–1912?," Economic History Review, Economic History Society, vol. 64(3), pages 798-831, August.
    2. Bogart, Dan, 2010. "A global perspective on railway inefficiency and the rise of state ownership, 1880-1912," Explorations in Economic History, Elsevier, vol. 47(2), pages 158-178, April.
    3. James Foreman-Peck & Leslie Hannah, 2012. "Some Consequences of the Early Twentieth Century Divorce of Ownership from Control," CIRJE F-Series CIRJE-F-864, CIRJE, Faculty of Economics, University of Tokyo.
    4. repec:dau:papers:123456789/4153 is not listed on IDEAS
    5. André de Palma & Julien Monardo, 2019. "Natural Monopoly in Transport," Working Papers hal-02121079, HAL.
    6. Crafts, Nicholas, 2011. "Explaining the first Industrial Revolution: two views," European Review of Economic History, Cambridge University Press, vol. 15(1), pages 153-168, April.
    7. Javier Campos, 2015. "La competencia en el ferrocarril: un análisis del nuevo marco institucional en Europa y en España," Policy Papers 2015-12, FEDEA.
    8. Michael Perelman, 1994. "Retrospectives: Fixed Capital, Railroad Economics and the Critique of the Market," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 189-195, Summer.
    9. Alessia Patuelli, 2017. "Le aziende ferroviarie inglesi e italiane tra Ottocento e Novecento: profili di intervento pubblico," CONTABILIT? E CULTURA AZIENDALE, FrancoAngeli Editore, vol. 2017(2), pages 7-42.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:oxecpp:v:39:y:1987:i:4:p:699-718. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/oep .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.