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Railroad Capital Stock Changes in the Post-Deregulation Period

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  • Bereskin, C.Gregory

Abstract

This paper involves the estimation of a model of railway road and equipment capital stocks and the changes in their levels that have occurred since 1983. The model is based on balancing the level of investment and the level of degradation of the capital stocks to create a data series for roadway capital and for equipment capital. A two-stage least squares errors in variables model is applied. This is appropriate as degradation and exact constant dollar investment are not directly observable. Results obtained from the model indicate that Class I railroads have increased their absolute capital stock levels over the period examined. This holds for both roadway and equipment capital although roadway capital has increased at a somewhat faster rate.

Suggested Citation

  • Bereskin, C.Gregory, 2007. "Railroad Capital Stock Changes in the Post-Deregulation Period," Journal of the Transportation Research Forum, Transportation Research Forum, vol. 46(1).
    • Handle: RePEc:ags:ndjtrf:206878
    DOI: 10.22004/ag.econ.206878
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    File URL: https://ageconsearch.umn.edu/record/206878/files/991-1101-1-PB.pdf
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    References listed on IDEAS

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    1. Ivaldi, M & McCullough, G J, 2001. "Density and Integration Effects on Class I U.S. Freight Railroads," Journal of Regulatory Economics, Springer, vol. 19(2), pages 161-182, March.
    2. Douglas W. Caves & Laurits R. Christensen & Joseph A. Swanson, 1981. "Economic Performance in Regulated and Unregulated Environments: A Comparison of U. S. and Canadian Railroads," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 96(4), pages 559-581.
    3. Caves, Douglas W & Christensen, Laurits R & Swanson, Joseph A, 1981. "Productivity Growth, Scale Economies, and Capacity Utilization in U.S. Railroads, 1955-74," American Economic Review, American Economic Association, vol. 71(5), pages 994-1002, December.
    4. Lee, Tenpao & Baumel, C. Phillip, 1987. "The Cost of Structure of the U.S. Railroad Industry Under Deregulation," Staff General Research Papers Archive 11685, Iowa State University, Department of Economics.
    5. John D. Bitzan & Theodore E. Keeler, 2003. "Productivity Growth and Some of Its Determinants in the Deregulated U.S. Railroad Industry," Southern Economic Journal, John Wiley & Sons, vol. 70(2), pages 232-253, October.
    6. Keeler, Theodore E, 1974. "Railroad Costs, Returns to Scale, and Excess Capacity," The Review of Economics and Statistics, MIT Press, vol. 56(2), pages 201-208, May.
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    Cited by:

    1. Seedah, Dan & Harrison, Robert, 2010. "Measuring the Impact of Intermodal Rail Movements in State Transportation Planning," 51st Annual Transportation Research Forum, Arlington, Virginia, March 11-13, 2010 207257, Transportation Research Forum.
    2. Bereskin, C. Gregory, 2009. "Railroad Economies of Scale, Scope, and Density Revisited," Journal of the Transportation Research Forum, Transportation Research Forum, vol. 48(2).

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