"This train is without a destination": a cost benefit analysis of the retention of railway services - the Penistone line

The paper undertakes a cost-benefit analysis of a disinvestment using readily available data and demonstrates that a relatively straightforward yet systematic approach can provide useful input to the decision-making process. Despite various assumptions necessitated by the analysis, it is argued that the net benefits of the railway line retention are unlikely to be significantly sensitive to their variation within feasible limits. The most significant component in the analysis is seen to be the operative costing system and it is argued that this should be revised.