Railways and the Just Price

21 Pages Posted: 31 Aug 2006

Date Written: August 25, 2006

Abstract

How much should one expect to pay for a railway ticket? This is a fairly simple question, but one which has vexed policymakers for almost two centuries. The difficulty for policymakers is that, once one departs from competitive economic models, it is very difficult to determine what the price 'should' be. This paper surveys responses made by policymakers throughout rail's history. It makes a qualified case for the use of fairness, rather than efficiency, as a key tool in regulation.

Keywords: railway regulation, fair pricing, efficienct pricing

JEL Classification: C70, D63, K23, L92

Suggested Citation

Wills-Johnson, Nick, Railways and the Just Price (August 25, 2006). Available at SSRN: https://ssrn.com/abstract=927548 or http://dx.doi.org/10.2139/ssrn.927548

Nick Wills-Johnson (Contact Author)

DBP ( email )

PO Box Z5267
St Georges Terrace
Perth, 6831
Australia

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