Rail Costs and Capital Adjustments in a Quasi-Regulated Environment
This paper reports on results obtained from the estimation of a rail cost function using a pooled-time series, cross section of Class I railroads for the period 1974-1986. An analysis is performed of short-run and long-run returns to scale, the extent of capital disequilibrium, and adjustments to way and structures capital in the heavily regulated and quasi-regulated environments before and after the passage of the Staggers Act in 1980. In general, it is found that there is considerable overcapitalization in the rail industry and that this has persisted in spite of the regulatory freedom provided by the Staggers Act.
|Date of creation:||Sep 1991|
|Date of revision:|
|Publication status:||published as Journal of Transport Economics and Policy, vol. 27, no.2 May 1993, pp. 131- 152|
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- Wang Chiang, Judy S & Friedlaender, Ann F, 1985. "Truck Technology and Efficient Market Structure," The Review of Economics and Statistics, MIT Press, vol. 67(2), pages 250-58, May.
- Ernst R. Berndt & Ann F. Friedlaender & Judy Shaw-Er Wang Chiang & Christopher A. Vellturo, 1991. "Mergers, Deregulation and Cost Savings in the U.S. Rail Industry," NBER Working Papers 3749, National Bureau of Economic Research, Inc.
- Friedlaender, A.F., 1991. "Fair Rates and Rates of Return in a deregulated Rail Industry," Working papers 576, Massachusetts Institute of Technology (MIT), Department of Economics.
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