Comparing Investments in New Transport Infrastructure: Roads versus Railways?

Luisa Affuso A · Julien Masson · David Newbery

28 citations0/0 files storedFiscal Studies

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Transport and Economic Policies transportation and logistics systems Fiscal Policy and Economic Growth

Abstract

Abstract 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 suggest that road improvements have substantially higher returns than railway schemes. These findings cast doubt on the rationale of the new transport policy for the UK, which proposes to allocate more public funds to the (private) railways than total new investment in strategic roads.

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References

1980Transport statistics, Great Britain 1996Blueprint 5: True Costs of Road Transport 1995Transport and the Environment 1989Cost Recovery from Optimally Designed Roads 1991Analysing demand for rail travel 1998Efficient Transport for Europe 1998Infrastructure-Induced Mobility

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