Valuation of improved railway rolling stock: A review of the literature and new evidence

The paper provides a comprehensive review of a large amount of previously unpublished British evidence about the valuation of new railway rolling stock and its effects on demand. An important conclusion is that incentives to bias Stated Preference responses and unfamiliarity with the rolling stock being considered have led to inflated values. This has broader implications for the use of Stated Preference techniques. Also provided is fresh empirical evidence for a range of different types of rolling stock and specific rolling stock attributes. A novel aspect of the research was the use of disaggregate Revealed Preference choice data. The estimated rolling stock values are much lower than those obtained from previous studies.