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Valuation of improved railway rolling stock: A review of the literature and new evidence

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  • Mark Wardman
  • Gerard Whelan

Abstract

The paper provides a comprehensive review of a large amount of previously unpublished British evidence about the valuation of new railway rolling stock and its effects on demand. An important conclusion is that incentives to bias Stated Preference responses and unfamiliarity with the rolling stock being considered have led to inflated values. This has broader implications for the use of Stated Preference techniques. Also provided is fresh empirical evidence for a range of different types of rolling stock and specific rolling stock attributes. A novel aspect of the research was the use of disaggregate Revealed Preference choice data. The estimated rolling stock values are much lower than those obtained from previous studies.

Suggested Citation

  • Mark Wardman & Gerard Whelan, 2001. "Valuation of improved railway rolling stock: A review of the literature and new evidence," Transport Reviews, Taylor & Francis Journals, vol. 21(4), pages 415-447, January.
    • Handle: RePEc:taf:transr:v:21:y:2001:i:4:p:415-447
    DOI: 10.1080/01441640010020115
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    Cited by:

    1. Vautard, Félix & Liu, Chengxi & Fröidh, Oskar & Byström, Camilla, 2021. "Estimation of interregional rail passengers’ valuations for their desired departure times," Transport Policy, Elsevier, vol. 103(C), pages 183-196.
    2. Salanova Grau, Josep Maria & Konstantinidou, Maria & Boufidis, Neofytos & Aifandopoulou, Georgia, 2022. "Estimation of value-of-time and a comparison of an ex ante and an ex post willingness to pay for shared transport services in Thessaloniki," Research in Transportation Economics, Elsevier, vol. 92(C).
    3. Wardman, Mark & Murphy, Paul, 2015. "Passengers’ valuations of train seating layout, position and occupancy," Transportation Research Part A: Policy and Practice, Elsevier, vol. 74(C), pages 222-238.
    4. Hensher, David A. & Goodwin, Phil, 2004. "Using values of travel time savings for toll roads: avoiding some common errors," Transport Policy, Elsevier, vol. 11(2), pages 171-181, April.
    5. Beck, Matthew J. & Rose, John M. & Hensher, David A., 2013. "Environmental attitudes and emissions charging: An example of policy implications for vehicle choice," Transportation Research Part A: Policy and Practice, Elsevier, vol. 50(C), pages 171-182.
    6. Fifer, Simon & Rose, John M., 2016. "Can you ever be certain? Reducing hypothetical bias in stated choice experiments via respondent reported choice certaintyAuthor-Name: Beck, Matthew J," Transportation Research Part B: Methodological, Elsevier, vol. 89(C), pages 149-167.
    7. Mark Wardman, 2012. "Review and meta-analysis of U.K. time elasticities of travel demand," Transportation, Springer, vol. 39(3), pages 465-490, May.
    8. Paulley, Neil & Balcombe, Richard & Mackett, Roger & Titheridge, Helena & Preston, John & Wardman, Mark & Shires, Jeremy & White, Peter, 2006. "The demand for public transport: The effects of fares, quality of service, income and car ownership," Transport Policy, Elsevier, vol. 13(4), pages 295-306, July.
    9. Zheng, Zuduo & Washington, Simon & Hyland, Paul & Sloan, Keith & Liu, Yulin, 2016. "Preference heterogeneity in mode choice based on a nationwide survey with a focus on urban rail," Transportation Research Part A: Policy and Practice, Elsevier, vol. 91(C), pages 178-194.
    10. Currie, Graham & Fournier, Nicholas, 2020. "Valuing public transport customer experience infrastructure–A review of methods & application," Research in Transportation Economics, Elsevier, vol. 83(C).

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