Two conventional railway lines in Greater Manchester were replaced by a new light rail system. This paper uses hedonic price methodology to examine whether any of the claimed benefits were capitalised in house prices. No discernible effect was found. This finding contrasts with claims made for the urban transit schemes in other countries. Reasons for the differences and methodological problems with the current literature are discussed.
Topic: 14.4 Rail track
This paper analyses optimal pricing of rail infrastructure use, and optimality conditions for rail and road investment. It is demonstrated that under most circumstances rail charges should be below marginal costs and that investments in both modes should be reduced.
How should the social cost and benefits of a rail service be measured? The authors examine and compare the methods used for two passenger services: those between Sheffield and Barnsley and on the Central Wales line between Shrewsbury and Llanelli.