KRČÁL, Ondřej. Comparing Competition and Regulated Monopoly in a Railway Market: An Agent-Based Modeling Approach. In Dagmar Špalková, Lenka Matějová. Proceedings of the 18th International Conference Current Trends in Public Sector Research. 1st ed. Brno: Masaryk University. p. 255-260. ISBN 978-80-210-6611-3. 2014.
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Original name Comparing Competition and Regulated Monopoly in a Railway Market: An Agent-Based Modeling Approach
Authors KRČÁL, Ondřej (203 Czech Republic, guarantor, belonging to the institution).
Edition 1. vyd. Brno, Proceedings of the 18th International Conference Current Trends in Public Sector Research, p. 255-260, 6 pp. 2014.
Publisher Masaryk University
Other information
Original language English
Type of outcome Proceedings paper
Field of Study 50200 5.2 Economics and Business
Country of publisher Czech Republic
Confidentiality degree is not subject to a state or trade secret
Publication form printed version "print"
RIV identification code RIV/00216224:14560/14:00074908
Organization unit Faculty of Economics and Administration
ISBN 978-80-210-6611-3
ISSN 2336-1239
UT WoS 000355578900031
Keywords in English open access; regulation; railway; welfare
Tags International impact, Reviewed
Changed by Changed by: Mgr. Michal Petr, učo 65024. Changed: 12/8/2020 14:11.
Abstract
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.
Links
MUNI/A/0781/2013, interní kód MUName: Regulace trhu dopravních služeb – modely, metody a aplikace (Acronym: ReDoS)
Investor: Masaryk University, Category A
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