M. Wardman et G. Whelan, Valuation of improved railway rolling stock: a review of the literature and new evidence, TRANSP REV, 21(4), 2001, pp. 415-447
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.