By Scott Dennis, Wayne K Talley
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Extra resources for Railroad Economics (Research in Transportation Economics)
Example text
WATERS II of regulation. Commissions are seen as ‘‘captured’’ by the regulated (or perhaps even founded in the first place for the protection of the industry). The regulatory agency comes to regard the industry as a client to be protected and served, and the well-being of the industry becomes the focus of the regulatory agency. , Stigler, 1971; Posner, 1974; Peltzman, 1976). S. rail industry was sinking financially. , in part because of the more sparse population and markets, but also because Canadian transport policy granted some freedoms for their large railways to compete with new modes as they arose.
Passenger markets, particularly urban and shorthaul intercity travel, raise some economic arguments for subsidy. There is the traditional characteristic of highly divisible demands facing indivisible or lumpy supply, hence situations of very low marginal costs and the possibility of incentive pricing to increase utilization. Another argument for a subsidy to support social marginal cost pricing is the ‘‘Mohring effect’’ (introduced by Mohring, 1972). 24 Low prices to stimulate consumption also stimulate supply which leads to increased capacity and shorter headway and waiting time.
For example, Ramsey pricing could be consistent with having high markups on food and low markups on luxury goods, if the former were relatively inelastic and the latter elastic; but public policy might object on fairness grounds. Efficiency versus fairness concerns have haunted regulatory debates for decades. This provides a segway to review the rise and dominance of regulation over railroads that would last over much of the twentieth century. 5. RAIL REGULATION IN NORTH AMERICA The capital intensity and associated financial risks for railways result in a market structure where the number of firms generally is limited, often only one serving a particular market.
