An economic theory of the public transit firm

Wayne K. Talley

Transportation Research Part B: Methodological, 1988, vol. 22, issue 1, 45-54

Abstract: This paper presents an economic theory of the public transit firm that considers the public transit firm's operating objectives related to size maximization and cost minimization as well as its operating options and passenger quality-of-service characteristics. The theory indicates that the variables to be used in the performance evaluation of a public transit firm are its operating options and fare. A single measure for transit performance evaluation is the shadow price in maximizing passengers subject to an overall deficit constraint (to be financed by government).

Date: 1988
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