A Benefit Cost Analysis of the New South Wales Railway System

Davidson, B. R.

doi:10.1111/aehr.222002

Cited by 38 publications

(4 citation statements)

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“…As a principal component of economic analysis, incremental costs and benefits of reducing accidents were widely studied in railroads. Davidson developed benefit-cost analysis of the New South Wales railway system in Australia and the analytical results suggested that the net benefits were substantial, although the study excludes certain indirect benefits from its calculations ( 3 ). Liu et al evaluated the infrastructure improvement for derailment prevention with benefit-cost analysis ( 4 ).…”

Section: Benefit-cost Analysismentioning

confidence: 99%

“…NPV is equal to the benefits minus costs over a specified time period (e.g., 20 years) and the benefit-cost ratio is equal to the benefits divided by the costs. These two major outputs were employed in the previous studies ( 3 , 6 , 11 ). As shown in the equation below, the monetary values of benefits and costs were discounted to constant (year 2017) dollars.…”

Section: Benefit-cost Analysismentioning

confidence: 99%

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Prevention of End-of-Track Collisions in Passenger Terminals via Positive Train Control: Benefit-Cost Analysis and Operational Impact Assessment

Zhang

Liu

Holt³

2020

Transportation Research Record: Journal of the Transportation R

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End-of-track collisions at passenger terminals have raised safety concerns because of their potentially severe consequences such as infrastructure and rolling stock damage, service disruption, and even casualties. As introduced in the previous study sponsored by the U.S. Federal Railroad Administration, the implementation of Positive Train Control (PTC) systems at passenger terminal stations could potentially prevent end-of-track collisions. As the second phase of that project, this paper aims to provide a comprehensive evaluation of the proposed concept of operation via quantitatively identifying the safety benefits, incremental costs, and operational impacts associated with PTC enforcement on terminating tracks. The benefit-cost analysis indicates that the safety benefits may exceed the incremental costs over a 20-year period under specified circumstances and assumptions. In addition, the preliminary results disclose that the operational impact in PTC enforcement should be negligible, except for the rare occurrence of wayside interface unit (WIU) failure or radio failure in the Interoperable Electronic Train Management System (I-ETMS)-type PTC system that would result in a stop well short of the targeted point and potentially delay both onboard passengers and inbound/outbound trains. Both benefit-cost analysis and operational impact assessment methodologies are implemented in a decision tool that can be customized for different terminals with heterogeneous infrastructure and operational characteristics and be adapted to other transportation modes.

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Section: Benefit-cost Analysismentioning

confidence: 99%

Section: Benefit-cost Analysismentioning

confidence: 99%

Prevention of End-of-Track Collisions in Passenger Terminals via Positive Train Control: Benefit-Cost Analysis and Operational Impact Assessment

Zhang

Liu

Holt³

2020

Transportation Research Record: Journal of the Transportation R

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“…9 In contrast, Davidson's explicit attempt to evaluate the direct and indirect benefits of railways suggests that they yielded a handsome return. Once social benefits are included, investment in New South Wales railways between 1852 and 1920 produced an annual rate of return of 15 per cent, or twice the longterm bank overdraft rate (Davidson, 1982). These benefits would have been lost had railway building been left to private enterprise since private investors would have been unable to capture enough of these social benefits to make railway building profitable.…”

Section: ^91mentioning

confidence: 99%

Government and the Colonial Economies

Boot

1998

Aust Econ Hist Rev

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From the time of Macquarie the beneficial effects of government came less from material support than from the recognition of an emerging free society, dependent for its success on the rule of law, the strengthening of property rights, improved administration, low taxation, and an environment of confidence and opportunity that encouraged voluntary flows of people and capital from Britain and Ireland. After 1860, the value of the government contribution to growth was reduced by the destabilizing and growth‐distorting consequences of public investment. The economic contribution of colonial governments in thi later period was found less in their willingness to construct public capital assets and more in the provision of a favourable and permissive environment in which private decision‐makers were to a large extent free to pursue their own private ends.

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“…As other analysts argued at the time, however, such externalities were to play an extremely important role-cj. Davidson (1982).…”

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confidence: 99%