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If you loop (you should, you should), and you use multiple engines, you're wanting to have each engine go in the opposite direction, since engines do not decelerate for one another if they approach head on. If they are travelling the same direction, the engine in the rear will slow and stop for timing pauses if it catches up to the train in front.
Multiple trains on a line, sooner or later one train will catch up to another, which causes headaches. The best uses for lines are as feeder routes that are short and that either bring outlying stations to your loop, or that cut across loops to feed overcrowded stations to the main squares.
However, the maths of a lot of these features are either trivial or very complex. If I think of more situations where I can make the maths clear I'll post them.
Another issue is that you're pretty much forced to use non-loops at the start of the game, and when new stations pop up it's much easier to reach them via non-loops. That's not to say it's not a good idea to do a major reorganization of all your lines to reach them with loops or non-termini, provided you are still at a stage where your network can cope with a big change without spiralling to disaster.
Also, my analysis is simplistic enough to mislead. Only the stations near the centre of a non-loop are well-served. For example, a station next to a terminus has most of the different station types and connections on one side, so the same will be true of most passengers, so it's little better off than the terminus. Since the numbers of stations are so small, there isn't time to average things out nicely. If you pay special attention to station type balance, you can avoid some problems (don't have two circles at the end of a line).
Done. It doesn't matter if N is odd or even, I just find the argument easier to follow with N odd. I suggest you try the cases N=3, 4 and 5 to understand what's going on and be convinced that it generalizes.
Say the line is straight east and west, going west to a terminus like Δ, O, O, O. The train goes to the Δ and drops off all its O pax at the first O station. Then it goes to the second O and then it must slow to a stop at the third O whether or not there are pax. Then it reverses and goes back to the second O and then the first O... five O's in a row.
With a loop, that's only the O's in a row and the train won't automatically decelerate since there's no terminus.
You can get a regular train to hit four like stations in a row, but you have to plan on micromanaging in the late game. Five like stations is asking for it. Carriages help in a way, but sometimes they blow on by one of the like stations because of pax logic. Even if the carriage does pick up all the pax, you end up getting a big dump of non-O pax at the east end of the line, and if there need to be transfers, that east terminus station can become overcrowded in a flash.
Hopefully the loop will deal with circle and triangle pax (passengers). It might be slow with square pax unless you get a second square on the opposite side of the loop. Unique pax only have to get around half the loop before changing for a more direct route to destination. If the loop gets too long you may need more non-loops to draw off excess pax.
In practice, square pax are a tough problem, especially if there's only one square or a square paradise. Another problem is the huge number of late game circle stations. It gets very hard to reach them all, and you can end up temporarily disconnecting stations so you can deal with others, which can keep things going for a while but ends up with loads of angry disconnected stations.
Hence the famous thread on circle hatred venting :-)
I end up with spreadsheets for allot of what I play (the last big main one being probability calculations for Vermintide).
My background is graphic design and animation. I couldn't add numbers together properly if it meant that I would then get booze for life or that it would save a train from derailing onto a nunnery or something. If I can draw it, I can figure it out, but otherwise a 5 is just a crooked 2 to me.
I would say no. I think your approach is too simple. You're missing one important aspect: train capacity or rather the efficiency of capacity. If you're only using one train, you receive a loop with an one-way passenger flow, while a line will pass most of the stations in two directions. A loop will have to use its capacity for longer directions.
To see the problems I created heptagonal stations with a high variation of the three standard shapes [no images; I've used paper]. The line has following stations: Circle, Triangle, Circle, Square, Circle, Triangle and Circle. To simplify the problems there's only a certain amount of passengers waiting; no additional passengers spawn. So it ist a matter of serving an existing static system.
There are following passengers waiting:
1C = 2s, 4t
2T = 4c
3C = 3s, 3t
4S = 6c
5C = 4s, 2t
6T = 4c
7C = 3s, 3t
The loop connects station 7C with station 1C and will get to turns. I ran four different scenarios, a good and a bad scenario with each line and loop. A scenario is good, if a train picks those shapes first which will exit the train first. A scenario is bad, if a train picks those shapes first which will exit the train last. I will use following representation:
station = stock change | left passengers | free capacity
First scenario; good line
1C = +4t, +2s | 0 | 0
2T = -4t, +4c | 0 | 0
3C = -4c, +3s | 3t | 1 [it doesn't matter]
4S = -5s, +6c | 0 | 0
5C = -6c, +2t | 4s | 4
6T = -2t, +4c | 0 | 2
7C = -4c, +3s, +3t | 0 | 0
6T = -3t | 0 | 3
5C = +3s | 1s| 0
4S = -6s | 0 | 6
3C = +3t | 0 | 3
2T = -3t | 0 | 6
1C = 0 / end of service
Not served: 8 | Not served per trip: 8/12 ~ 0,67 | Not served at all: 1
Free capacity: 25 | Free capacity per trip : 25/12 ~ 2,08 | Remaining Load: 0
Second scenario; bad line
1C = +4t, +2s | 0 | 0
2T = -4t, +4c | 0 | 0
3C = -4c, +1s, +2s | 2s | 0
4S = -3s, +3c | 3c | 0
5C = -3c, +2t | 4s | 1
6T = -5t, +4c | 0 | 2
7C = -4c, +3s, +3t | 0 | 0
6T = -3t | 0 | 3
5C = +3s | 1s| 0
4S = -6s, +3c | 0 | 3
3C = -3c | 2s | 6
2T = 0 | 0 | 6
1C = 0 / end of service
Not served: 12 | Not served per trip: 12/12 = 1 | Not served at all: 3
Free capacity: 21 | Free capacity per trip : 21/12 ~ 1,75 | Remaining Load: 0
Third scenario; good loop
1C = +2s, +4t | 0 | 0
2T = -4t, +4c | 0 | 0
3C = -4c, +3s, +1t | 2t | 0
4S = -5s, +5c | 1c | 0
5C = -5c, +2t, +3s | 1s | 0
6T = -3t, +3c | 1c | 0
7C = -3c, +3t | 3s | 0
1C = 0 | 0 | 0
2T = -3t | 0 | 3
3C = +2t | 0 | 1
4S = -3s, +1c | 0 | 3
5C = -1c, +1s | 0 | 3
6T = -2t, +1c | 0 | 4
7C = -1c, +3s | 0 | 2
1C = 0 / end of service
Not served: 8 | Not served per trip: 8/14 ~ 0,57 | Not served at all: 0
Free capacity: 16 | Free capacity per trip : 16/14 ~ 1,14 | Remaining Load: 4
Fourth scenario; bad loop
1C = +2s, +4t | 0 | 0
2T = -4t, +4c | 0 | 0
3C = -4c, +1s, +3t | 2s | 0
4S = -3s, +3c | 3c | 0
5C = -3c, +3s | 1s, 2t | 0
6T = -3t, +3c | 1c | 0
7C = -3c, +3s | 3t | 0
1C = 0 | 0 | 0
2T = 0 | 0 | 0
3C = 0 | 2s | 0
4S = -6s, +3c | 0 | 3
5C = -3c, +1s, +2t | 0 | 3
6T = -2t, +1c | 0 | 4
7C = -1c, +3t | 0 | 2
1C = 0 / end of service
Not served: 14 | Not served per trip: 14/14 =1 | Not served at all: 2
Free capacity: 12 | Free capacity per trip : 12/14 ~ 0,86 | Remaining Load: 4
Even though a loop has more trips, there is less available capacity. Picked up passengers have a longer travel distance. If you compare the unfinished transports, you see that the good loop is even less efficient than the bad line [3 not served at all versus 4 remaining load]. If you add now spawning passengers the loop with the remaining load is more likely to struggle.
The reason is of course the weakpoints of the loop: You need at leat one train for each direction to create an efficient loop. Just imagine your single train has to pick up 6 squares at the first station after square station: You need an entire loop to be able to pick up another passenger. The line itself doesn't render this issue: There is no reason to pick up the squares; they will be served in the opposite direction.
You can bypass this problem with serveral connecting stations. But if you only use a single track with a single train, a line is better than a loop.
You're pointing out that the interior (non-terminal) stations on a non-loop are better served than the average loop station. But my maths already shows that because of the average N-1 efficiency for interior non-loop against N for loop station. However, I did not consider the aspect of stations being covered in both directions. This is a little complex because, except for a middle station in a non-loop with odd number of stations, the interior stations are covered by trains travelling different numbers of stops in the two directions. A problem with taking advantage of this non-loop efficiency in actual games is that you most often have important stations like squares in the centre, but not many elsewhere (would be interesting to have a city where that is not so true, say with 2nd and 3rd squares a long way from the centre, maybe across rivers). So non-loops get limited by having to serve the centre and the improved service for the interior stations gets a bit wasted by congestion of lines in the centre. But in the occasional situation where you can get interior stations of non-loop far from the centre without distances being too large, then this non-loop advantage could be significant.
But I appreciate you've probably got more experience with the game than me, in terms of time played and achievements (you've got all of them, I'm missing 3). And where we are in accord is in pointing out that non-loops can have some benefits over loops, although in practice the problem of poorly served termini makes it hard to realize non-loop benefits. If non-loop termini are served by only one line, far from the centre, then you're going to have problems dealing with the termini pax, and it's quite difficult to avoid this common scenario without missing out important central stations or having too-great distances between stations.