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Rate-of-Return and Price-Cap Regulations for Urban Railways

Author

Listed:
  • Kidokoro, Y.

Abstract

We 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.

Suggested Citation

  • Kidokoro, Y., 1997. "Rate-of-Return and Price-Cap Regulations for Urban Railways," ISER Discussion Paper 0449, Institute of Social and Economic Research, Osaka University.
  • Handle: RePEc:dpr:wpaper:0449
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    Cited by:

    1. 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.

    More about this item

    Keywords

    REGULATIONS ; TRAFFIC ; RAILWAYS;

    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 Economics
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns

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