Regulation, Ownership, and Costs: A Historical Perspective from Indian Railways
研究了1874至1912年间印度铁路国有化对运营成本的影响，发现国有化显著降低了成本，主要通过削减劳动力成本实现，这一结果与殖民政府的财政依赖和监管环境有关。
This paper studies the relationship between operational costs and state ownership in Indian railways between 1874 and 1912. We find the move to state ownership significantly decreased working expenses. The cost declines are not driven by anticipation effects, changes in reporting standards, or long run trends. Rather, the evidence suggests the colonial Government of India reduced operational costs by cutting labor costs. Our surprising results can be explained by the undemocratic colonial nature of the Government of India, a fiscal system heavily reliant on railways for revenues, and a regulatory environment under private ownership that weakened incentives to lower costs.