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Comparing the Costs of Vertical Separation, Integration, and Intermediate Organisational Structures in European and East Asian Railways

Fumitoshi Mizutani, Andrew Smith, Chris Nash and Shuji Uranishi

Journal of Transport Economics and Policy, 2015, vol. 49, issue 3, 496-515

Abstract: This is the first study in the academic literature to examine, using econometric methods, the cost impacts of three different approaches to structuring railway systems: vertical separation, vertical integration, and the intermediate holding company model. Our analysis is based on a panel of European and East Asian railways (1994-2010). We find that the optimal railway structure depends on the intensity and type of traffic running on the network. Our research suggests that, at least on cost grounds, countries should be free to choose between vertical integration, the holding company model, or vertical separation. © 2015 LSE and the University of Bath

Date: 2015
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Working Paper: Comparing the Costs of Vertical Separation, Integration, and Intermediate Organisational Structures in European and East Asian Railways (2014) Downloads
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