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@inproceedings{1159653,
author = {Krčál, Ondřej},
address = {Brno},
booktitle = {Proceedings of the 18th International Conference Current Trends in Public Sector Research},
edition = {1.},
editor = {Dagmar Špalková, Lenka Matějová},
keywords = {open access; regulation; railway; welfare},
howpublished = {tištěná verze "print"},
language = {eng},
location = {Brno},
isbn = {978-80-210-6611-3},
pages = {255-260},
publisher = {Masaryk University},
title = {Comparing Competition and Regulated Monopoly in a Railway Market: An Agent-Based Modeling Approach},
year = {2014}
}
TY - JOUR
ID - 1159653
AU - Krčál, Ondřej
PY - 2014
TI - Comparing Competition and Regulated Monopoly in a Railway Market: An Agent-Based Modeling Approach
PB - Masaryk University
CY - Brno
SN - 9788021066113
KW - open access
KW - regulation
KW - railway
KW - welfare
N2 - This paper introduces an agent-based model of a passenger railway line. The model is used for comparing the welfare of the railway market under unregulated duopoly and monopoly with maximum-price regulation. In the model, the railway operators gradually adjust passenger fares and eliminate train departures until the market reaches steady state. The paper analyses the steady-state data generated using two sets of parameter values. It finds that for most maximum-price levels, including the price that would be chosen by an unregulated monopoly, the total welfare in the monopolistic market is significantly lower compared to the duopoly market. However, there are some levels of maximum price which produce similar or even higher welfare than the duopoly market. The paper suggests that if correctly implemented, a simple maximum-price regulation may generate welfare outcomes comparable to competition.
ER -
KRČÁL, Ondřej. Comparing Competition and Regulated Monopoly in a Railway Market: An Agent-Based Modeling Approach. Online. In Dagmar Špalková, Lenka Matějová. \textit{Proceedings of the 18th International Conference Current Trends in Public Sector Research}. 1. vyd. Brno: Masaryk University, 2014. s.~255-260. ISBN~978-80-210-6611-3. [citováno 2024-04-24]
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