I have been thinking about the game 1822, including versions like MX and PNW. A key question is how much value you get from running your minor company for one extra Operating Round at the beginning of the game. It is important to figure out exactly what that extra time is worth.

To keep things simple, let us assume all the minor companies are exactly the same. They will earn $30 (which is 20 plus 10) when running with an ‘L’ train. They will earn $40 (20 plus 20) when running with a ‘2’ train. Because of this, getting your minor into an earlier stock round is worth at least $15 more. You get one extra payment of $15, and the company keeps an extra $15. You also move from earning $15 to earning $20 one round earlier. However, as the saying goes, discount rates are hard, so we have to look closely at the rolling stock.

Any company needs three Operating Rounds to change its ‘L’ train into a ‘2’ train. After buying a train, the company has $40. It keeps $15, so it has $55 after one round. After two rounds, it has $70. After three rounds, it has $85, which allows it to upgrade. But this assumes you have enough time before the ‘L’ trains become obsolete. Starting in Stock Round 1 is safe. Stock Round 2 is usually safe. Stock Round 3 is risky and depends on how many trains are removed from the game. Waiting longer increases the risk of losing the ‘L’ train, which is usually disastrous and a waste of money.

Minors started after the first ‘2’ train comes out can keep extra money over the $100 minimum bid. This helps reduce the risk, but it also costs the president extra money from their own pocket.

There are other benefits to starting early. The extra Operating Round means one extra track build. This lets you head toward a concession, a related minor, or a destination. You could also use this build to block or annoy other nearby minors before they start, though we will focus on the positive goals here. Minor companies always move up in stock price. This means they will be worth more when they are absorbed by a major company. This seems like a positive, though it might differ between versions like 1822 MX and 1822 PNW.

Your strategy also becomes more concrete and clear early on. This can sometimes be a downside, but usually it is not. You can grab the concession you want cheaply because it is speculative for everyone else. You might be able to use a private company instantly instead of just holding it. For example, you could attach a Pullman to a ‘2’ train or use building cubes. Your opponents would get less value from those items, which might let you win auctions more cheaply.

The main costs are the opportunity cost of auctions you cannot win, which can be significant, and the loss you take from bidding over face value. If we look at a 5-player game with 4 starting minors, it seems clear they should all have a premium of at least $15, and probably more. Similarly, how much should a ‘better’ minor be worth? If it starts at a $30 city, it is not just an extra $5 per round. This minor can upgrade its ‘L’ to a ‘2’ in two rounds instead of three. This bumps the stock price up $10 one round faster. So, it should go for at least $5 more, but likely $10 or $15. It also puts later companies at risk of not upgrading their ‘L’ trains. The fact that one company is in the first Stock Round affects the rest. It is a surprisingly complex problem that requires more thought.