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Natural Monopoly and Railway Policy in the Nineteenth Century

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  • Foreman-Peck, J S

Abstract

Competition in the British railway system had burnt itself out by the end of the nineteenth century. Regression estimates of a cost fun ction based upon the 1865 railway returns are consistent with the ind ustry being a natural monopoly in which a number of firms were compet ing. The national railway system was not provided at the lowest cost. Analysis of two cross-national data sets implies the regulatory syst ems of other nations, which generally entailed monopolization and nat ionalization, generated lower railway capital costs than did that of the United Kingdom. Copyright 1987 by Royal Economic Society.

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  • Foreman-Peck, J S, 1987. "Natural Monopoly and Railway Policy in the Nineteenth Century," Oxford Economic Papers, Oxford University Press, vol. 39(4), pages 699-718, December.
    • Handle: RePEc:oup:oxecpp:v:39:y:1987:i:4:p:699-718
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    Cited by:

    1. Bogart, Dan, 2010. "A global perspective on railway inefficiency and the rise of state ownership, 1880-1912," Explorations in Economic History, Elsevier, vol. 47(2), pages 158-178, April.
    2. Javier Campos, 2015. "La competencia en el ferrocarril: un análisis del nuevo marco institucional en Europa y en España," Policy Papers 2015-12, FEDEA.
    3. Michael Perelman, 1994. "Retrospectives: Fixed Capital, Railroad Economics and the Critique of the Market," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 189-195, Summer.
    4. James Foreman-Peck & Leslie Hannah, 2012. "Some Consequences of the Early Twentieth Century Divorce of Ownership from Control," CIRJE F-Series CIRJE-F-864, CIRJE, Faculty of Economics, University of Tokyo.
    5. Brian Mitchell & David Chambers & Nick Crafts, 2011. "How good was the profitability of British railways, 1870–1912?," Economic History Review, Economic History Society, vol. 64(3), pages 798-831, August.
    6. Alessia Patuelli, 2017. "Le aziende ferroviarie inglesi e italiane tra Ottocento e Novecento: profili di intervento pubblico," CONTABILIT? E CULTURA AZIENDALE, FrancoAngeli Editore, vol. 2017(2), pages 7-42.
    7. Crafts, Nicholas, 2011. "Explaining the first Industrial Revolution: two views," European Review of Economic History, Cambridge University Press, vol. 15(1), pages 153-168, April.
    8. repec:dau:papers:123456789/4153 is not listed on IDEAS
    9. André de Palma & Julien Monardo, 2019. "Natural Monopoly in Transport," Working Papers hal-02121079, HAL.

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