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Please use this identifier to cite or link to this item: http://hdl.handle.net/2262/62075

Title: The impact of structural and contractual arrangements on a vertically separated railway
Author: Affuso, Luisa
Newbery, David
Keywords: Railways
Britain
Franchises
Unbundling
Vertical separation
Contracts
Issue Date: 2002
Publisher: Economic & Social Research Institute
Citation: Affuso, Luisa; Newbery, David. 'The impact of structural and contractual arrangements on a vertically separated railway'. - Economic & Social Review, Vol. 33, No. 1, Spring, 2002, pp. 83-92, Dublin: Economic & Social Research Institute
Abstract: The unbundling of railways in Britain has been heavily criticised as undermining the passenger rail system. Economic theory suggests that structural separation and short-lived contracts hinder incentives to invest in relation-specific assets. This paper consitutes an initial investigation of this proposition. It investigates whether the investment pattern of the rail passenger franchisees responds to structural and contractual characteristics using a unique panel of data on the privatised railways in Britain. Its findings suggest that unbundling and competition for franchises combined with commercial objectives can provide strong incentives towards better performance, as is the case for investment behaviour.
URI: http://hdl.handle.net/2262/62075
ISSN: 00129984
Appears in Collections:The Economic and Social Review, Vol. 33, No. 1, Spring, 2002
Economic and Social Review Archive: Complete Collection 1969-

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