ABSTRACT
This chapter examines the economics of passenger railways, the features of different structures of passenger railway operations, how these structures have changed over time and how they are continuing to change. It begins by examining the drivers of passenger rail economics, to provide an overview of the factors which affect the success (or otherwise) of particular structures. It then considers four main categories of operational structure, focusing on the extent to which they are integrated both vertically and horizontally, and providing examples of their application in practice. Issues relating to regulation and ownership are then discussed, and the chapter concludes by assessing recent changes to the structure of passenger rail markets around the world and the lessons which can be learned from these changes.
