If HSR is not sufficiently greener than air transport, the introduction of HSR will increase the environmental pollution and reduce social welfare; otherwise it will increase the environmental benefit. When the increase of the emission of HSR due to the increased speed is sufficiently high, the competition would be detrimental to the environment.
The welfare is improved with low substitutability; when the substitutability is high, the cooperation would improve the welfare if the hub airport is heavily capacity-constrained.
With HSR, passengers traveling with aircraft and private car are reduced, leading to environmental benefits. Increasing the travel cost of private car is picked up by air transport rather than HSR, leading to negative environmental impacts.
The operation of aviation industry is socially efficient in the observed period, although its CO2 emission per passenger kilometer is higher than the one with rail.
The level of passengers delays would be increased with intermodal passenger movement, while social benefits can be expected at airports with large amounts of short haul flights.