This paper contributes to the debate on investment in transport infrastructure and the allocation of public funds between road and railway projects. We model the two options and provide a consistent framework to appraise investment in typical new inter-urban road and rail projects. Our results...

The unbundling of railways in Britain has been heavily criticised as undermining the passenger rail system. Economic theory suggests that structural separation and short-lived contracts hinder incentives to invest in relation-specific assets. This paper consitutes an initial investigation of...

This paper tests a discrete choice model on the mix of franchised and company owned outlets (contractual heterogeneity) within the firm. This is often explained by the existing literature as due to heterogeneous characteristics of the outlets. However, correspondence between outlets and...

This Paper studies the interaction between repeated auctions of rail franchises of different lengths, uncertainty, and incentives for investment in rolling stock, following the privatization of British Rail. Theoretical predictions are tested empirically using a unique panel of data. Theory...

Twenty-five train operating companies (TOCs) were created between 1994-1997, as part of the restructuring process of the railway industry in Great Britain. The TOCs operate monopoly franchises for the provision of passenger rail services over certain routes - some of which continue to receive...

Despite the abundance, especially in the retailing industry of 'hybrid' organizational forms, characterized by the contemporaneous adoption of vertical integration patterns and delegation via franchise arrangements (namely, Partial Vertical Integration, P.V.I.) within the same firm, no...

In Great Britain (GB) and across Europe significant investment in electricity transmission is expected over the coming years as decarbonisation and market integration efforts are intensified. However, there is also significant uncertainty with the amount, location and timing of new generation...