|The Midland Railway's St. Pancras Station|
Channon’s study of the Midland Railway’s extension to London in 1869 provided the most detail on what decision-makers knew when formulating a major policies. He argued that those who made the decision, the General Manager and a small group of directors, could not be considered traditional ‘profit maximisers’ as their ‘knowledge of costs revenues, and alternatives was either too rudimentary or too incomplete to form the basis of accurate profit forecasts.’ Indeed, construction costs, especially in London, were particularly hard to predict. Therefore, if Channon's assessment of the knowledge Midland Railway decision-makers' had is applied to the cases above, it suggests that those directing policy within nineteenth century railway companies possessed rudimentary information regarding the cost of, and potential revenues from, their ventures.
 Irving, R.J., The North Eastern Railway Company, (Leicester, 1976) , p.166
 Hodgkins, David, The Second Railway King: The Life and Times of Sir Edward Watkin, (Melton Priory, 2002) , p.486
 Channon, Geoffrey, Railways in Britain and the United States, 1830-1940: Studies in Economic and Business History, (Aldershot, 2001), p.107