This paper uses a stochastic cost frontier model to investigate the efficiency of Britain’s private railways during the period 1893-1912. We find that there was substantial inefficiency in the industry with no sign of reduction over time. Our main conclusion is that principal agent problems...

Mind the Gap is an unprecedented attempt to quantify the size of one of the most pervasive barriers to energy efficiency – principal-agent problems, or in common parlance, variations on the ‘landlord-tenant’ problem. In doing so, the book provides energy analysts and economists with unique...