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 u npublished British evidence about the valuation of new railway rolling stoc k and its effects on demand. An important conclusion is that incentives to bias Stated Preference responses and unfamiliarity with the rolling stock b eing considered have led to inflated values. This has broader implications for the use of Stated Preference techniques. Also provided is fresh empiric al evidence for a range of different types of rolling stock and specific ro lling stock attributes. A novel aspect of the research was the use of disag gregate Revealed Preference choice data. The estimated rolling stock values are much lower than those obtained from previous studies.