The Economic Benefits of the Channel Tunnel
分析英吉利海峡隧道的社会与私人盈利性，通过建模跨海峡市场竞争，发现隧道的大容量和低边际成本将压低价格、带来巨大社会效益，但私人盈利性不确定且对竞争和需求变化敏感。
The Channel Tunnel John Kay, Alan Manning and Stefan Szymanski The Channel Tunnel connecting the UK to France is due to open in May 1993. This paper analyses both the social and private profitability of the Tunnel project We do this by modelling the competitive process in the cross-Channel market and assessing the impact of the Tunnel on prices and demand. We find that the characteristics of the Tunnel (enormous capacity and very low marginal costs) will have the effect of driving down prices and hence providing a huge social benefit. We find that the private profitability is less clear cut and although positive, is quite sensitive to changes in the strength of competition and demand. This analysis can be used to explain the fact that although the Channel Tunnel is widely perceived as a beneficial infrastructure project, it proved extremely difficult to raise finance for the venture.