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Book Summary:
The Economics of Railroad Safety stems from the traditions of industrial organization and law and economics. The objective of the book is to examine the exact nature of the `safety problem': how much safety should be provided; what might hinder obtaining such a level of provision; and what we can do about it. Discussion of safety is often infused with emotion. By contrast, the author uses a logical approach to laying out the economics of safety, allowing the informed reader to understand exactly what constitute the main issues. Therefore, while the book deals specifically with freight railroads, the theory is applicable to all forms of transportation. The Economics of Railroad Safety is divided into three main sections. The first section puts the railroad safety issue into context. The second section provides a consideration on the economics of safety. The objectives of the third section are to discuss why the market may not produce the socially-optimal level of safety, and to present the range of policy responses that might be deployed to deal with any market failures. The book concludes with a summary of the public policy recommendations on grade crossing, trespassers, industrial injuries, and operational safety. |
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