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| Author: | Cowie, J. |
| Title: | The British passenger rail privatisation |
| Journal: | Journal of Transport Economics and Policy
2009 : JAN, VOL. 43:1, p. 85-104 |
| Index terms: | rail transport passenger transport subsidies efficiency United Kingdom privatization |
| Language: | eng |
| Abstract: | The study examines the issue of subsidy cuts and efficiency gains stemming from the first British passenger rail privatisation round of franchises. A problem is recognized in past studies concerning the lack of a progressive dynamic between subsidy and efficiency over time. This paper evaluates efficiency changes and productivity gains achieved by the British train-operating firms over an 8-year period, and then attempts to establish a statistical connection between efficiency gains and subsidy cuts. Even though such a relationship is established, the results more broadly imply winner's curse syndrome and the incumbent's strong negotiating position. |
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