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The Value of Time: Evidence from Auctioned Cab Rides 时间的价值:来自拍卖出租车的证据
Pub Date : 2020-04-01 DOI: 10.3386/w27087
Nicholas Buchholz, Laura Doval, Jakub Kastl, Filip Matějka, Tobias Salz
We recover valuations of time using detailed data from a large ride-hail platform, where drivers bid on trips and consumers choose between a set of rides with different prices and waiting times. We estimate demand as a function of prices and waiting times and find that price elasticities are substantially higher than waiting-time elasticities. We show how these estimates can be mapped into values of time that vary by place, person, and time of day. We find that the value of time during non-work hours is 16% lower than during work hours. Most of the heterogeneity in the value of time, however, is explained by individual differences. We apply our estimates to study optimal time incentives in highway procurement. Standard industry practices, which set incentives based on a uniform value of time, lead to mis-priced time costs by up to ninety percent.
我们使用来自大型叫车平台的详细数据来恢复时间估值,在这个平台上,司机对行程进行竞标,消费者在一组不同价格和等待时间的行程中进行选择。我们估计需求是价格和等待时间的函数,发现价格弹性大大高于等待时间弹性。我们将展示如何将这些估计映射为随地点、人员和时间变化的时间值。我们发现非工作时间的时间价值比工作时间的时间价值低16%。然而,时间价值的大部分异质性可以用个体差异来解释。我们应用我们的估计来研究公路采购的最优时间激励。标准的行业惯例是基于统一的时间价值来设定激励措施,这导致高达90%的时间成本被错误定价。
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引用次数: 41
Predicting and Forestalling Market Tipping: The Case of Ride-Hailing Apps in the UK 预测和预防市场小费:以英国打车应用为例
Pub Date : 2020-01-17 DOI: 10.2139/ssrn.3521477
G. Barker, M. Cave
The risk that a two-sided market with strong indirect network effects may tip into a monopoly is well-known. The questions of whether this will happen in practice, whether this creates problems, and if so what can be done to address those problems, are less well investigated. This paper addresses these questions in relation to ride-hailing apps in the UK, also drawing on limited data observations in other countries. The UK market place exhibits a large number of car-based transport services which differ in the degree of vertical integration exhibited. In some, the intermediary service of car booking is combined with the provision of the physical service; in the case of a pure ride-hailing app, it is separated. UK and other countries’ data show that the emergence of ride-hailing apps has had a major effect on the wider market place; such entrants gaining substantial share in a growing market place. The data do not yet permit a firm conclusion as to the inevitability of market tipping in ride-hailing, but the possibility remains. The paper considers alternative regulatory measures which might be prepared or adopted against the possibility of such tipping. These include revisions of existing regulation to reduce distortions in the wider market place; new interventions including enhanced data reporting; measures to prevent dominant firms from injuring their rivals by such practices as requiring the single-homing of drivers; data-sharing; and price control.
具有强大间接网络效应的双边市场可能陷入垄断的风险是众所周知的。这些问题是否会在实践中发生,是否会产生问题,如果会产生问题,可以做些什么来解决这些问题,都没有得到很好的调查。本文针对英国打车应用的这些问题,也借鉴了其他国家有限的数据观察。英国市场展示了大量以汽车为基础的运输服务,这些服务在垂直整合的程度上有所不同。在某些情况下,租车的中介服务与实体服务的提供相结合;在纯叫车应用的情况下,它是分开的。英国和其他国家的数据显示,打车应用的出现对更广泛的市场产生了重大影响;这些进入者在不断增长的市场中获得了可观的份额。目前的数据还不能让我们对网约车市场小费的必然性做出确切的结论,但这种可能性仍然存在。该文件考虑了可能准备或采用的替代监管措施,以防止此类小费的可能性。这些措施包括修订现有法规,以减少更广泛市场中的扭曲;新的干预措施,包括加强数据报告;采取措施防止占主导地位的公司通过要求司机单独驾驶等做法伤害竞争对手;数据共享;还有价格控制。
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引用次数: 1
Competition in Ride-Hailing Markets 网约车市场的竞争
Pub Date : 2019-09-29 DOI: 10.2139/ssrn.3461119
AmirMahdi Ahmadinejad, Hamid Nazerzadeh, A. Saberi, Nolan Skochdopole, Kane Sweeney
We present a model for competition between ride-hailing platforms. Riders choose a platform to maximize their utility which is decreasing in price and waiting time. Drivers can accept ride requests from both platforms. Platforms compete via prices over riders and drivers. We investigate whether competition leads to market failure in the form of the ``tragedy of the commons'' as platforms deplete the shared resource of open cars. Our theoretical analysis shows that in all equilibria, riders and drivers will use both platforms and prices will be equal; market failure is a possibility, but under certain conditions, the possibility of rapid deterioration of market throughput deters the platforms from undercutting each other's prices and gives rise to high-throughput equilibria. This result is also supported by numerical analysis, using parameters estimated from Uber data, and simulations. We observe that if riders are not very sensitive to waiting times, the loss of efficiency due to competition could be small.
我们提出了一个网约车平台之间竞争的模型。乘客选择一个平台,以最大限度地提高他们的效用,这是在减少价格和等待时间。司机可以接受两个平台的乘车请求。平台通过价格竞争乘客和司机。我们研究了竞争是否会以“公地悲剧”的形式导致市场失灵,因为平台耗尽了开放式汽车的共享资源。我们的理论分析表明,在所有均衡中,乘客和司机都会同时使用两个平台,而且价格是相等的;市场失灵是可能的,但在一定条件下,市场吞吐量迅速恶化的可能性阻止了平台相互削价,从而产生高吞吐量均衡。这一结果也得到了数值分析的支持,使用了从Uber数据中估计的参数,并进行了模拟。我们观察到,如果乘客对等待时间不是很敏感,那么由于竞争而导致的效率损失可能很小。
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引用次数: 7
An Exploration of Exchangeable Ticket Airfare: Advantages and Potential Challenges 可换票制机票:优势与潜在挑战
Pub Date : 2019-09-05 DOI: 10.2139/ssrn.3448469
Mark E. Ferguson
Exchangeable Ticket airfare (ET) are airline tickets sold at a small premium to standard non-refundable tickets where, for a determined window before the planned departure date, the original ticket holder can attempt to resell the ticket via an exchange and, assuming the ticket holder is able to sell the ticket, the original ticket holder is rebated the selling price (listed on the exchange) of the ticket minus a transaction fee. If a match is not made to resell the ticket, the customer receives no rebate. It is possible under such a system that the original ticket holder may receive a larger rebate than what they originally paid for the ticket, although the airline always has the option of repurchasing these tickets to avoid such an arbitrage opportunity. The airline can set the conditions of the ET such as the transfer fees, floors on the price a ticket can be exchanged for and the length of the no-transfer window; the length of the time period before the date of departure where the tickets can no longer be exchanged. The setting of these conditions will balance the airline's dual goals of making the ETs attractive to the targeted set of customers while limiting the potential cannibalization of “last-minute” ticket sales, which typically sell for higher fare prices.
可换票机票(ET)是一种比标准不可退票机票价格略高的机票,在计划出发日期之前的一个确定的窗口,原始持票人可以尝试通过交换重新出售机票,假设持票人能够出售机票,原始持票人将获得机票销售价格(在交换中列出)减去交易费用的回扣。如果没有进行匹配以转售门票,客户将不会获得退款。在这种制度下,原机票持有人可能会获得比他们最初购买机票更多的回扣,尽管航空公司总是有回购这些机票的选择,以避免这种套利机会。航空公司可以设定ET的条件,如转机费用、机票可兑换的楼层价格和无转机窗口的长度;离境日期前不能再换票的时间长度。这些条件的设置将平衡航空公司的双重目标,即使ETs对目标客户群具有吸引力,同时限制“最后一刻”机票销售的潜在蚕食,这通常以更高的票价出售。
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引用次数: 0
Evaluating Sustainable Competitive Advantages: Entry and Exit Barriers 评估可持续竞争优势:进入和退出障碍
Pub Date : 2015-10-06 DOI: 10.2139/ssrn.2671741
Baijnath Ramraika, CFA, P. Trivedi
The authors discuss entry and exit barriers and their interaction as basic building blocks of a decision making process for evaluating competitive advantage of a business. While the concept of entry barriers is much discussed in the context of high quality businesses, the authors posit that exit barriers are also very important and in many cases, may cancel the positive effects of entry barriers. Through the examples of auto makers and airlines, the author show that when strong exit barriers coincide with a high fixed cost structure, the returns on capital frequently end up in poor territory.
作者讨论了进入和退出障碍及其相互作用,作为评估企业竞争优势的决策过程的基本组成部分。虽然进入壁垒的概念在高质量企业的背景下得到了很多讨论,但作者认为,退出壁垒也非常重要,在许多情况下,可能会抵消进入壁垒的积极影响。通过汽车制造商和航空公司的例子,作者表明,当强大的退出壁垒与高固定成本结构相吻合时,资本回报率往往会很低。
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引用次数: 0
Effect of Merger on Financial Performance: A Case Study of Kingfisher Airlines 并购对财务绩效的影响——以翠鸟航空为例
Pub Date : 2015-01-04 DOI: 10.2139/ssrn.3205827
Megha Aggarwal, Shikha Singh
In the era of 21 century, for obtaining benefits of synergy merger and acquisitions, commonly known as M& A, are the most widely used strategies of the organizations. To obtain benefits such as entering in new market, cost reduction, cross selling, risk diversification, increasing shareholder’s value, M&A can be done within the industry or outside the industry . Media provide reports on daily basis for various updates of any of the industry either Bollywood for latest releases, sports for world cup matches or stock market for ups and downs. Aviation industry of India is also in news for its various deals of Merg er and Acquisition in recent years. This paper has focused on one of these mergers - Air Deccan and Kingfisher Airlines. The main objective of this paper is to analyze financial performance of Kingfisher Airlines pre and post - merger. Financial performance h as been analyzed with the help of ratios specifically in the areas of profitability, Liquidity and Leverage. Further T - test has been used to determine the significance differences in these financial performance areas. Data has been collected from various A nnual Reports of Kingfisher Airlines for pre and post - merger period. Analyses shows that there is no significant benefit has been achieved by Kingfisher after the merger. Analysis also shows that there is no improvement in company’s return on equity, inter est coverage, earnings per share and dividend per share.
在21世纪的时代,为了获得协同效益,企业并购是组织最广泛使用的战略。为了获得进入新市场、降低成本、交叉销售、分散风险、增加股东价值等利益,并购既可以在行业内进行,也可以在行业外进行。媒体每天为任何行业的各种更新提供报道,无论是宝莱坞的最新发布,世界杯比赛的体育还是股票市场的起伏。近年来,印度航空业也因各种并购交易而上了新闻。本文的研究重点是其中的一次合并——德干航空和翠鸟航空。本文的主要目的是分析翠鸟航空公司并购前后的财务绩效。在盈利能力、流动性和杠杆率的帮助下,对财务业绩进行了分析。进一步使用T检验来确定这些财务绩效领域的显著性差异。数据收集自翠鸟航空公司合并前后的各种年度报告。分析表明,翠鸟合并后并没有取得明显的效益。分析还表明,公司的股本回报率、利息覆盖率、每股收益和每股股息没有改善。
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引用次数: 9
Deployment of Manufacturing Flexibility: An Empirical Analysis of the North American Automotive Industry 制造业柔性部署:对北美汽车工业的实证分析
Pub Date : 2012-06-05 DOI: 10.2139/ssrn.2077659
Manu Goyal, Serguei Netessine, Taylor R. Randall
The ability to manufacture several products on the same production line and switch seamlessly among them allows a firm to both hedge against demand uncertainty and respond to competition. In this paper, we empirically analyze the deployment of manufacturing flexibility in the North American automotive industry. In particular, we track demonstrated ability to manufacture automobiles with different platforms at 75 assembly plants over a period of eight years. We find that, consistent with extant theory, flexible capacity is used to manufacture products with high demand uncertainty and low demand correlation. We find evidence of product life-cycle effects: flexible capacity is used to manufacture models that are early in their life-cycle as well as aging models. Moreover, we find strong evidence that automotive manufacturers use flexibility as a “competitive weapon”; flexibility is deployed in market segments in which there are a larger number of flexible competitors. However, this use of flexibility as a competitive weapon may not be optimal, as suggested by lower plant productivity.
在同一条生产线上生产多种产品并在它们之间无缝切换的能力使公司既可以对冲需求不确定性,又可以应对竞争。本文对北美汽车工业的制造柔性部署进行了实证分析。特别是,我们在8年的时间里跟踪了75家装配厂用不同平台制造汽车的示范能力。研究发现,与现有理论一致,柔性产能被用于制造需求不确定性高、需求相关性低的产品。我们发现了产品生命周期效应的证据:柔性产能被用于制造处于生命周期早期的模型以及老化模型。此外,我们发现强有力的证据表明,汽车制造商使用灵活性作为“竞争武器”;灵活性被部署在有更多灵活竞争者的细分市场中。然而,正如较低的植物生产率所表明的那样,这种将灵活性作为竞争武器的使用可能不是最佳的。
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引用次数: 31
Corporate Average Fuel Economy Standards and the Market for New Vehicles 企业平均燃油经济性标准与新车市场
Pub Date : 2010-12-21 DOI: 10.2139/ssrn.1744268
T. Klier, Joshua Linn
This article presents an overview of the economics literature on the effect of corporate average fuel economy (CAFE) standards on the new vehicle market. Since 1978, CAFE has imposed fuel economy standards for cars and light trucks sold in the U.S. market. This article reviews the history of the standards, followed by a discussion of the major upcoming changes in implementation and stringency. It describes strategies that firms can use to meet the standards and reviews the CAFE literature as it applies to the new vehicle market. The review concludes by highlighting areas for future research in light of the upcoming changes to CAFE.
本文概述了有关企业平均燃油经济性(CAFE)标准对新车市场影响的经济学文献。自1978年以来,CAFE一直对在美国市场销售的轿车和轻型卡车实施燃油经济性标准。本文回顾了这些标准的历史,然后讨论了在实现和严格性方面即将发生的主要变化。它描述了企业可以用来满足标准的策略,并回顾了CAFE文献,因为它适用于新车市场。回顾的最后,根据即将到来的CAFE变化,强调了未来研究的领域。
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引用次数: 37
Scenario Analysis, Decision Trees and Simulation for Cost Benefit Analysis of the Cargo Screening Process 货物筛选过程成本效益分析的情景分析、决策树与仿真
Pub Date : 2010-01-01 DOI: 10.2139/ssrn.2830279
Galina Sherman, Peer-Olaf Siebers, U. Aickelin, David A. Menachof
In this paper we present our ideas for conducting a cost benefit analysis by using three different methods: scenario analysis, decision trees and simulation. Then we introduce our case study and examine these methods in a real world situation. We show how these tools can be used and what the results are for each of them. Our aim is to conduct a comparison of these different probabilistic methods of estimating costs for port security risk assessment studies. Methodologically, we are trying to understand the limits of all the tools mentioned above by focusing on rare events.
在本文中,我们提出了我们的想法,通过使用三种不同的方法进行成本效益分析:情景分析,决策树和模拟。然后,我们介绍我们的案例研究,并在现实世界的情况下检查这些方法。我们将展示如何使用这些工具以及每个工具的结果。我们的目的是对这些不同的估计港口安全风险评估研究成本的概率方法进行比较。在方法上,我们试图通过关注罕见事件来理解上述所有工具的局限性。
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引用次数: 5
The Price of Gasoline and the Demand for Fuel Economy: Evidence from Monthly New Vehicles Sales Data 汽油价格与燃油经济性需求:来自每月新车销售数据的证据
Pub Date : 2009-08-01 DOI: 10.2139/ssrn.1514554
T. Klier, Joshua Linn
This paper uses a unique data set of monthly new vehicle sales by detailed model from 1978- 2007, and implements a new identification strategy to estimate the effect of the price of gasoline on consumer demand for fuel economy. We control for unobserved vehicle and consumer characteristics by using within model-year changes in the price of gasoline and vehicle sales. We find a significant demand response, as nearly half of the decline in market share of U.S. manufacturers from 2002-2007 was due to the increase in the price of gasoline. On the other hand, an increase in the gasoline tax would only modestly affect average fuel economy.
本文利用1978- 2007年的月度新车销售数据集,采用一种新的识别策略来估计汽油价格对消费者燃油经济性需求的影响。我们通过使用汽油价格和汽车销售的年内变化来控制未观察到的车辆和消费者特征。我们发现了一个显著的需求反应,因为2002-2007年美国制造商市场份额下降的近一半是由于汽油价格的上涨。另一方面,汽油税的增加只会对平均燃油经济性产生轻微影响。
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引用次数: 24
期刊
TransportRN: Cost/Benefit Analysis in Practice (Topic)
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