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Age of stock Asset Flexibility asset specificity behaviour bidders British Rail BRITISH RAILWAY INDUSTRY CEPR Policy Paper Coach-company Ownership coefficient collapse in rolling Committed Investment Contract Length contractual arrangement delay investment demand discretionary investment Dixit and Pindyck Electric entrants euro explanation franchise contracts franchise extension freight GNER hold-up problem incentive to invest increased infrastructure investment in rolling Joint ownership Laffont and Tirole longer contracts million/yr monopoly number of passengers open access competition OPRAF Annual Reports Porterbrook Positive predict privatisation problem of asset profits Rail Franchising Railtrack re-procurement regulator renegotiation Reports and Press require risk rolling stock assets Rolling Stock Companies rolling stock investment rolling stock leasing significant significantly different Source South West Trains Spontaneous Investment Stagecoach Strategic Rail Authority subscription suggests Table tilting trains Total passenger miles track Train Miles mile Train Operating Companies under-investment variable measures vertically integrated Virgin Trains