> minimize the ratio between railroads’ operating costs and their revenues through various cost-cutting and (ostensibly) efficiency-increasing measures. Maybe

> minimize the ratio between railroads’ operating costs and their revenues through various cost-cutting and (ostensibly) efficiency-increasing measures. Maybe this is better than the old way, but I still don’t see it as optimal. If their target is to profit 10 cents on every $1 in cost, does that mean they wouldn’t take a job that profits 9 cents off a $1 in cost? As a shareholder, I just care about total profit. If a railroad grew its revenue 3x but halves it’s margin, I’d be as happy as can be, profits just went up 50%. But it’s PSR would look awful.