U.S. Freight Rail Economics and Policy

Are We on the Right Track?

Jeffrey Macher, John Mayo

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English

Routledge
31 March 2021

Economics of industrial organisation; Railway transport industries

Series: Routledge Studies in Transport Analysis

The passage of the Staggers Rail Act in 1980 led brought a renaissance to the freight rail industry. In the decade following, economists documented the effects of the Act on a variety of important economic metrics including prices, costs, and productivity. Over the preceding years, and with the return of the industry to more stable footing, attention to the industry by economists faded. The lack of attention, however, has not been due to a dearth of ongoing economic and policy issues that continue to confront the industry.

In this volume, we begin to rectify this inattention. Rather than retread older analyses or provide yet another look at the consequences of Staggers, we assemble a collection of ten chapters in four sections that collectively provide fresh and up-to-date analyses of the economic issues and policy challenges the industry faces: the first section sets the context through foundational discussion of freight rail; the second section highlights the role of freight rail in an increasingly interrelated economy; the third section examines industry structure and scope in freight rail; and the fourth section assesses current regulatory challenges that confront freight rail. This book will be of great value to researchers, academics, policymakers, and students interested in the fields of freight rail economics and policy, transportation, business history, and regulatory economics.

Edited by: Jeffrey Macher, John Mayo
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 229mm, Width: 152mm,
Weight: 453g
ISBN: 9780367786465
ISBN 10: 036778646X
Series: Routledge Studies in Transport Analysis
Pages: 300
Publication Date: 31 March 2021
Audience: College/higher education , Professional and scholarly , Further / Higher Education , Undergraduate
Format: Paperback
Publisher's Status: Active

"Preface Section I. Foundations ""The Evolution of the Post-Staggers Rail Industry and Rail Policy"" by Mark Burton and Paul Hitchcock ""Economic Foundations for 21st Century Freight Rail Rate Regulation"" by John W. Mayo and Robert D. Willig Section II. Railroads in an Increasingly Interrelated Economy ""International Trade and the Demand for U.S. Rail Services"" by Ferdinando Monte ""Accounting for External Costs in Pricing Freight Transportation: Eight Policy Options"" by David Austin ""Price Effects in Truck-Competitive Railroad Markets"" by Gerard McCullough and Ishay Hadah Section III. The Structure of the Rail Industry ""Restructuring Rail Systems: Implications for Network Quality and Welfare"" by David Besanko ""An Empirical Analysis of Economies of Scope in the U.S. Railroad Industry"" by Azrina Abdullah Al-Hadi and James Peoples Section IV. Railroads and Post-Staggers Regulation ""The Law and Economics of Revenue Adequacy"" by Jeffrey T. Macher, John W. Mayo and Lee Pinkowitz ""Open Access and Revenue Adequacy"" by William Huneke ""Regulation in a ‘Deregulated’ Industry: Railroads in the Post-Staggers Era"" by John W. Mayo and David E.M. Sappington List of Contributors Index"

Jeffrey T. Macher is a Professor of Strategy, Economics and Public Policy in the McDonough School of Business at Georgetown University, USA. John W. Mayo is a Professor of Economics, Business and Public Policy in the McDonough School of Business at Georgetown University, USA.