Rail costs and capital adjustments in a quasi regulated environment
Name
28596188.pdf
Size
2.07 MB
Format
Adobe PDF
Checksum (MD5)
3be5ff44e8ce5e76c2f26876d03c06bd
Author(s)
Friedlaender, Ann Fetter
Date Issued
1991
Publisher
MIT Center for Energy and Environmental Policy Research
Series/Report no.
Working paper (Massachusetts Institute of Technology. Center for Energy Policy Research) ; MIT-CEPR 91-013.
Abstract
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.
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