Investment, Re-procurement and Franchise Contract Length in the British Railway Industry |
Common terms and phrases
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 effect on investment Electric entrants euro explanation franchise contracts freight GNER Goswell Road hold-up problem Horizontal Consolidation incentive to invest increased infrastructure investment in rolling Joint ownership Laffont and Tirole longer contracts market power million/yr monopoly number of passengers open access competition OPRAF Annual Reports Porterbrook Positive privatisation problem of asset profits Rail Franchising Railtrack re-procurement regulator renegotiation require risk rolling stock assets Rolling Stock Companies rolling stock investment rolling stock leasing significantly different Source South West Trains Spontaneous Investment Stagecoach Strategic Rail Authority subscription suggests Table tilting trains Total passenger miles track Train Operating Companies under-investment variable measures vertically integrated Virgin Trains www.cepr.org