COMPARABILITY IN ROAD AND RAIL INVESTMENT APPRAISAL: THE TRANS- PENNINE RAIL STUDY EXAMPLE
1992
In recent years, there has been much discussion of whether road and rail transport are close substitutes for each other, and of whether the current British approach to evaluating transport infrastructure investment disadvantages rail schemes relative to highway projects. The paper describes how these issues were addressed during the Trans- Pennine Rail Strategy Study. This study developed strategies for investment in the Trans-Pennine rail network, using an approach consistent with Department of Transport forecasting techniques. The paper describes the study, the approach used and the results obtained. It discusses the impact of alternative evaluation criteria on the viability of the strategies. Criteria considered were financial, economic and the hybrid "Section 56 Grant" approach. Some conclusions are reached on methods of achieving comparability and the impact of current appraisal rules on investment decisions. (A) For the covering abstract of the seminar see IRRD 859831.
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