This work analyzes the impact of the new network of High Speed Trains (HST) currently being developed in Spain. A multinomial logit model is estimated from which elasticities of demand with respect to basic variables (travel times, frequency and price) are calculated. Results indicate that travelers’decisions depend strongly on travel times and, consequently, railways are expected to capture large market shares in the near future due to travel time savings. However, the impact varies according to the type of route and also depends on the competitive reaction from airlines.

Key words: Modal choice, travel time elasticity, price elasticity, multinomial logit.
JEL classification: R42, L91.