Portrait of Matthew Shepherd

Matthew Shepherd : Principal

Matthew has worked across the transport sector, including in demand forecasting, economic impact assessment, litigation, and policy advice. He has led projects using the Green Book and WebTAG to produce economic and financial cases for clients as diverse as the UK Department for Transport (DfT), Gatwick Airport, and clients across Europe. Outside the GB rail industry, he has produced demand forecasts for bus concessions in the Netherlands and contributed to the business case for transport infrastructure in continental Europe. He is a member of the UITP’s Transport Economics Commission.

Matthew speaks English.

Tel: +44 (0) 1865 253030

Matthew's specialisms include:

professional experience

  • Directed an econometric study for the Passenger Demand Forecasting Council on the relationship between unplanned disruption and train operator revenue (2017)

  • Advised a client on the realism of demand forecasts for a rail infrastructure project to inform the client’s engagement with the relevant government body (2017)

  • Led the team producing a Total Cost of Ownership model on behalf of a client to inform the client’s business plan (2017)

  • Assisted a client in understanding the economic impacts of increasing exports from the UK (2016)

  • Reviewed economic analysis on behalf of a party applying for capacity on the GB rail network (2016)

  • Advised a technology company on the evidence for discrimination to inform engagement with policy officials in the Local Authority (2016)


  • Gudgeon, L., Martins-Tonks, R., Shepherd, M. and Solomon, P. (2015), ‘Do passengers respond to fare changes? Does inflation matter?’, Papers and Proceedings of the European Transport Conference, Frankfurt, 2015.

  • Magee, T., Martins-Tonks, R. and Shepherd, M. (2013), ‘Responding slowly to change? Passenger rail demand in Great Britain’, Papers and Proceedings of the European Transport Conference, Frankfurt, 2013.

  • Wright, I., Meaney, A., Shepherd, M. and Booth, A. (2012), ‘The Bus Passenger Survey and concessionary fares in the UK—more light in the darkness?’, Papers and Proceedings of the European Transport Conference, Glasgow, 2012.

  • Hoe, T. and Shepherd, M. (2011), ‘Cutting public expenditure: medium and long term implications for transport infrastructure’, Papers and Proceedings of the European Transport Conference, Glasgow, 2011.


  • MSc Economics and Econometrics, University of Exeter

  • BA Hons Economics, University of Exeter

Latest Insights:  Matthew Shepherd

With many countries around the world signing up to targets of net zero carbon emissions, what is the role of economics in the climate change debate? Economics can help to…
The second article in this two-part series on Social Discount Rates (SDRs), as used in project and policy appraisal, discusses new evidence on how the rate at which the SDR…
The social discount rate (SDR) is a crucial component of the UK government’s approach to project and policy appraisal. Government guidance has stipulated the same SDR (3.5%) since 2003. In…
In March, the UK Department for Transport (DfT) published ‘Decarbonising Transport: Setting the Challenge’, a policy paper outlining current and planned policies needed to decarbonise the UK’s domestic transport sector.…