Contract Analysis of Railway Control

Author: Li Hongchang
Publisher:
Publish Date: 2005-08-01
Features: Although the rise of other transportation modes can partly explain the decline of the Western railway industry, the backward regulatory system of railways still bears significant responsibility. The key to reforming and restructuring the railway industry lies in clarifying the boundaries between government functions and market functions, particularly in identifying the scope and areas where government regulation can be more efficient than market coordination. This book employs theories from contract economics and regulatory economics to construct logical, geometric, and mathematical models of regulatory contracts, examining the contractual nature of railway regulation and arguing that contractual governance is the inherent essence of regulation, while regulatory methods are the external manifestations of contractual governance. Based on empirical research on railway regulation worldwide, the book summarizes several principles for regulatory restructuring, proposes directions for the restructuring of China's railway regulation, and explores general regulatory issues for network-based infrastructure industries. This book is primarily intended for railway and transportation industry workers, policy researchers, government officials, and corporate professionals, as well as a broader readership interested in contract or regulatory theory and research on network-based infrastructure industries.