This article reports on the use of a two-step estimation method to analyze the productive structure of the airport industry in Spain. The author used the dual cost function and translog joint cost function to complete the estimation method. The author derives some parameters from the translog function such as economies of scale and price elasticities. The author concludes that, particularly when the data is scarce, the two-step estimation method for translog cost function is a useful technique. Comparing the results obtained with the empirical evidence for the airport industry, the aggregate output variable can induce to substantial errors in the estimation of technological parameters. In a practical example, the author notes that the separation of passenger and freight data into separate categories to measure airport output allows one to support the hypothesis that the economies of scale verified in the airport industry are associated with load and unload operations rather than with handling passengers through the terminal building.
{"title":"Two Step Estimation Method for Translog Cost Function : An Application to Spanish Airport Network","authors":"Martin Cejas, R. Rendeiro","doi":"10.1400/16944","DOIUrl":"https://doi.org/10.1400/16944","url":null,"abstract":"This article reports on the use of a two-step estimation method to analyze the productive structure of the airport industry in Spain. The author used the dual cost function and translog joint cost function to complete the estimation method. The author derives some parameters from the translog function such as economies of scale and price elasticities. The author concludes that, particularly when the data is scarce, the two-step estimation method for translog cost function is a useful technique. Comparing the results obtained with the empirical evidence for the airport industry, the aggregate output variable can induce to substantial errors in the estimation of technological parameters. In a practical example, the author notes that the separation of passenger and freight data into separate categories to measure airport output allows one to support the hypothesis that the economies of scale verified in the airport industry are associated with load and unload operations rather than with handling passengers through the terminal building.","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2005-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75216779","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article reports on a study of panel data on car ownership at the household level, with the goal of describing the level of persistence over time in car ownership, covering a period from 1992 to 2001. The models used estimate separate car ownership models for households with one adult (single males and single females) and households with two adults (couples). The authors describe these models, and present their estimation results, including estimates of average levels of state dependence and elasticities with respect to income and car cost. The descriptive analysis of the change in car ownership shows strong persistence over time. For example, only 24% of couples with zero or one car changed car ownership status over the ten year period. Of these 24%, only one change into or out of car ownership was typically observed for each household. Change in income appears to have very limited impact on car ownership levels in the short run. In addition, state dependence indicates that car ownership only adjusts slowly over time to policy changes; thus, it is difficult to use policy instruments to reduce car ownership in the short run.
{"title":"Dynamic Models of Car Ownership a the Household Level","authors":"Søren Leth-Petersen, Thomas. Bue Biorner","doi":"10.1400/16932","DOIUrl":"https://doi.org/10.1400/16932","url":null,"abstract":"This article reports on a study of panel data on car ownership at the household level, with the goal of describing the level of persistence over time in car ownership, covering a period from 1992 to 2001. The models used estimate separate car ownership models for households with one adult (single males and single females) and households with two adults (couples). The authors describe these models, and present their estimation results, including estimates of average levels of state dependence and elasticities with respect to income and car cost. The descriptive analysis of the change in car ownership shows strong persistence over time. For example, only 24% of couples with zero or one car changed car ownership status over the ten year period. Of these 24%, only one change into or out of car ownership was typically observed for each household. Change in income appears to have very limited impact on car ownership levels in the short run. In addition, state dependence indicates that car ownership only adjusts slowly over time to policy changes; thus, it is difficult to use policy instruments to reduce car ownership in the short run.","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2005-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79309352","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While changes in freight rates are usually taken to indicate short-run adjustments in the shipping industry and market, changes in second-hand ship prices are often taken to indicate longer term changes in market conditions and future trading opportunities. This paper addresses the issue of the particular roles of market fundamentals and market sentiment in determining second-hand ship prices. The author tests his hypotheses using data on second-hand ship prices from the dry bulk carrier structure. The author begins with a discussion of the possible ways in which market fundamentals and market sentiment might influence the market for second-hand ships; cointegration analysis is used to test for the expected long-run relationships. Short-run tests are then applied to check the causality between the variables. The results lend support to the market fundamentals hypothesis, but the author stresses that it may be premature to conclude that market sentiment plays no part in the determination of second-hand ship prices.
{"title":"MARKET FUNDAMENTALS, MARKET SENTIMENT AND SECOND-HAND SHIP PRICES","authors":"G. Wright","doi":"10.1400/16934","DOIUrl":"https://doi.org/10.1400/16934","url":null,"abstract":"While changes in freight rates are usually taken to indicate short-run adjustments in the shipping industry and market, changes in second-hand ship prices are often taken to indicate longer term changes in market conditions and future trading opportunities. This paper addresses the issue of the particular roles of market fundamentals and market sentiment in determining second-hand ship prices. The author tests his hypotheses using data on second-hand ship prices from the dry bulk carrier structure. The author begins with a discussion of the possible ways in which market fundamentals and market sentiment might influence the market for second-hand ships; cointegration analysis is used to test for the expected long-run relationships. Short-run tests are then applied to check the causality between the variables. The results lend support to the market fundamentals hypothesis, but the author stresses that it may be premature to conclude that market sentiment plays no part in the determination of second-hand ship prices.","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2005-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88588547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Why do firms keep excess capacity? : testing hypotheses in the airline industry","authors":"M. Schnell","doi":"10.1400/16950","DOIUrl":"https://doi.org/10.1400/16950","url":null,"abstract":"","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88181166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
P. Coto-Millán, A. Rodríguez-Álvarez, B. R. Legidos, V. Inglada
This article reports on a study that compares technical efficiency in a sample of 19 international airline companies (1992-2000), focusing on changes in technical efficiency that may have occurred as a result of the restructuring of the industry after liberalization (deregulation and privatization) in air transport. The authors first review the methodology used to make the estimations (based on the stochastic model of Battese and Coelli, 1995), then describe the variables and data found. The authors then discuss economic specifications and the functional forms chosen, outline the results of the estimation, and discuss their conclusions. The results show that there has been an improvement in efficiency during the study period. American and Asian companies are found to be most efficient, along with some European countries such as Lufthansa. The authors caution that there are still some markets which are operated under regulatory regimes; in Europe, there are also companies with public ownership.
{"title":"CHANGES IN THE WORLD AIR INDUSTRY: AN ANALYSIS OF TECHNICAL EFFICIENCY","authors":"P. Coto-Millán, A. Rodríguez-Álvarez, B. R. Legidos, V. Inglada","doi":"10.1400/16921","DOIUrl":"https://doi.org/10.1400/16921","url":null,"abstract":"This article reports on a study that compares technical efficiency in a sample of 19 international airline companies (1992-2000), focusing on changes in technical efficiency that may have occurred as a result of the restructuring of the industry after liberalization (deregulation and privatization) in air transport. The authors first review the methodology used to make the estimations (based on the stochastic model of Battese and Coelli, 1995), then describe the variables and data found. The authors then discuss economic specifications and the functional forms chosen, outline the results of the estimation, and discuss their conclusions. The results show that there has been an improvement in efficiency during the study period. American and Asian companies are found to be most efficient, along with some European countries such as Lufthansa. The authors caution that there are still some markets which are operated under regulatory regimes; in Europe, there are also companies with public ownership.","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2004-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76066864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article reports on a study of commodity traffic efficiency in 23 selected ports of the Spanish port system (SPS). The authors used the Data Envelopment Analysis (DEA) technique to identify how specific and specialized each port is (the DEA evaluates top performance, rather than average performance). The authors introduce the DEA methodology, then describe their study, including the variables used and a quick description of the main attributes of the SPS. The DEA methodology is applied using port equipment as the input data and commodity traffic (including containers) as the output data of each port. The authors then discuss various scenarios, using variation rates for each of the selected outputs: liquid bulk, solid bulk, and general commodities. The authors conclude that, by using the DEA and tolerance analysis model as a starting point, it is possible to analyze the incidence of the different types of traffic in the efficiency index. This incidence analysis helps to determine how some ports, due to their traffic, are very sensitive to variations in that same traffic. Therefore, those ports must be aware of their traffic patterns so as not to lose their position in the efficiency ranking (advice that the authors recommend be heeded by all ports, whether efficient or not).
{"title":"An efficiency analysis with tolerance of the Spanish port system","authors":"M. Bonilla, Sala R. Casarús, A. Medal","doi":"10.1400/16923","DOIUrl":"https://doi.org/10.1400/16923","url":null,"abstract":"This article reports on a study of commodity traffic efficiency in 23 selected ports of the Spanish port system (SPS). The authors used the Data Envelopment Analysis (DEA) technique to identify how specific and specialized each port is (the DEA evaluates top performance, rather than average performance). The authors introduce the DEA methodology, then describe their study, including the variables used and a quick description of the main attributes of the SPS. The DEA methodology is applied using port equipment as the input data and commodity traffic (including containers) as the output data of each port. The authors then discuss various scenarios, using variation rates for each of the selected outputs: liquid bulk, solid bulk, and general commodities. The authors conclude that, by using the DEA and tolerance analysis model as a starting point, it is possible to analyze the incidence of the different types of traffic in the efficiency index. This incidence analysis helps to determine how some ports, due to their traffic, are very sensitive to variations in that same traffic. Therefore, those ports must be aware of their traffic patterns so as not to lose their position in the efficiency ranking (advice that the authors recommend be heeded by all ports, whether efficient or not).","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2004-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77406519","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A number of conversion factors are often needed when projecting freight transport growth, depending on the level of detail of the projection. Here we investigate conversion factors that convert production in fixed prices in different industries into production of different commodities and further into weight terms. Data to describe these conversions are hard to come by and modellers have been left to resort to various ad hoc assumptions. We have obtained a data set covering the period from 1981 to 1992 detailing production by industry and commodity both in fixed prices and in tons based on the Danish national accounts. With these data we are able to check some of the assumptions that have commonly been made. Our findings thus have implications for future freight modelling exercises, in particular for what data it is necessary to collect and what relationships it is necessary to seek to model explicitly. We find that it is necessary to account for changing composition of production across industries, but that the commodity mix within each industry safely can be regarded as constant. Changing value densities account for almost a third of transport growth; however, this is attributable to the first year of data. Otherwise, value densities could be regarded as constant with our data. Finally, we find that using import or export data to impute value densities induces unacceptably large errors. (A)
{"title":"A REVIEW OF SOME CRITICAL ASSUMPTIONS IN THE RELATIONSHIP BETWEEN ECONOMIC ACTIVITY AND FREIGHT TRANSPORT","authors":"O. Kveiborg, M. Fosgerau","doi":"10.1400/16913","DOIUrl":"https://doi.org/10.1400/16913","url":null,"abstract":"A number of conversion factors are often needed when projecting freight transport growth, depending on the level of detail of the projection. Here we investigate conversion factors that convert production in fixed prices in different industries into production of different commodities and further into weight terms. Data to describe these conversions are hard to come by and modellers have been left to resort to various ad hoc assumptions. We have obtained a data set covering the period from 1981 to 1992 detailing production by industry and commodity both in fixed prices and in tons based on the Danish national accounts. With these data we are able to check some of the assumptions that have commonly been made. Our findings thus have implications for future freight modelling exercises, in particular for what data it is necessary to collect and what relationships it is necessary to seek to model explicitly. We find that it is necessary to account for changing composition of production across industries, but that the commodity mix within each industry safely can be regarded as constant. Changing value densities account for almost a third of transport growth; however, this is attributable to the first year of data. Otherwise, value densities could be regarded as constant with our data. Finally, we find that using import or export data to impute value densities induces unacceptably large errors. (A)","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2004-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78842034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Concerns regarding the environmental impacts of petrol and diesel cars have stimulated the development of vehicle technologies based on alternative fuels. In contrast to the scientific research which has led to these significant technological developments, there has been a relative paucity of published academic research on the demand from consumers for such vehicles, and this small literature has been almost entirely US-based. This paper, which reports work funded by the UK Economic and Social Research Council, represents the first study of its kind in the UK. Two stated preference experiments based on households' purchase choices between conventional vehicles and alternative-fuel vehicles were conducted. The data were analysed using various state-of-the-art formulations of logit models including error components logit and random parameters logit. Elasticities derived from the preferred models show that demand for alternative-fuel vehicles is much more sensitive to purchase price than demand for conventional vehicles, although the operating cost elasticities are more in line with existing evidence. It is concluded that alternative-fuel vehicles are unlikely to achieve a significant market share without non-marginal technological and/ or legislative/ fiscal developments to encourage their take-up. (A)
{"title":"A mixed logit model of U.K. household demand for alternative-fuel vehicles.","authors":"R. Batley, J. Toner, M. J. Knight","doi":"10.1400/16901","DOIUrl":"https://doi.org/10.1400/16901","url":null,"abstract":"Concerns regarding the environmental impacts of petrol and diesel cars have stimulated the development of vehicle technologies based on alternative fuels. In contrast to the scientific research which has led to these significant technological developments, there has been a relative paucity of published academic research on the demand from consumers for such vehicles, and this small literature has been almost entirely US-based. This paper, which reports work funded by the UK Economic and Social Research Council, represents the first study of its kind in the UK. Two stated preference experiments based on households' purchase choices between conventional vehicles and alternative-fuel vehicles were conducted. The data were analysed using various state-of-the-art formulations of logit models including error components logit and random parameters logit. Elasticities derived from the preferred models show that demand for alternative-fuel vehicles is much more sensitive to purchase price than demand for conventional vehicles, although the operating cost elasticities are more in line with existing evidence. It is concluded that alternative-fuel vehicles are unlikely to achieve a significant market share without non-marginal technological and/ or legislative/ fiscal developments to encourage their take-up. (A)","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2004-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85436004","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
R. Stough, K. Button, M. Thibault, C. Pommerening, K. Jefferson, A. Clarke
Many transport economists have expressed support for the use of charging as a mechanism for rationing scarce road space, for indicating where additional capacity is needed, and for generating revenues for road investment. Since the work of Vickrey in the US and Walters in the UK in the 1960s most of the focus has been on the imposition of 'Road Pricing' in urban areas. The interest in the recently introduced charges in central London is a reflection of this. This study is concerned with the emerging problems found on many longer distance roads. In theory, these should be open to the same economic approaches as their urban counter-parts. In practice, the reality of the political economy is that there are often a variety of institutional barriers that impede the introduction of economic based charges. The paper looks at some of these in the context of a particular route in the US where there appears to be sufficient demand to initiate more rational, if not economically ideal, charging structures. (A)
{"title":"The political economy constraints on deployement of a large scale electronic 'hor roadway': a US example","authors":"R. Stough, K. Button, M. Thibault, C. Pommerening, K. Jefferson, A. Clarke","doi":"10.1400/16898","DOIUrl":"https://doi.org/10.1400/16898","url":null,"abstract":"Many transport economists have expressed support for the use of charging as a mechanism for rationing scarce road space, for indicating where additional capacity is needed, and for generating revenues for road investment. Since the work of Vickrey in the US and Walters in the UK in the 1960s most of the focus has been on the imposition of 'Road Pricing' in urban areas. The interest in the recently introduced charges in central London is a reflection of this. This study is concerned with the emerging problems found on many longer distance roads. In theory, these should be open to the same economic approaches as their urban counter-parts. In practice, the reality of the political economy is that there are often a variety of institutional barriers that impede the introduction of economic based charges. The paper looks at some of these in the context of a particular route in the US where there appears to be sufficient demand to initiate more rational, if not economically ideal, charging structures. (A)","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2004-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90952106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Performance measurement is a crucial exercise in strengthening the com- petitiveness of a port since the results provide a benchmark by which the port can be assessed relative to others. A large volume of related literature has been accumulated. Studies on which factors are influential to the overall performance of a port, however, are limited. Using two simultaneous equations, this paper aims to empirically identify the determinants of port performance with a data set of major container terminals in Asia. A weighted two-stage least square estimation is applied to solve the equations. The findings show that port performance is significantly influenced by berth utilisation. At the same time, other factors such as the frequency with which shipping lines call at a port, geograph- ical location of a port and economic activities of a porťs hinterland also play a role in determining a port's performance.
{"title":"AN ECONOMETRIC APPROACH TO PERFORMANCE DETERMINANTS OF ASIAN CONTAINER TERMINALS.","authors":"Dong-Wook Song, Chulwoo Han","doi":"10.1400/16900","DOIUrl":"https://doi.org/10.1400/16900","url":null,"abstract":"Performance measurement is a crucial exercise in strengthening the com- petitiveness of a port since the results provide a benchmark by which the port can be assessed relative to others. A large volume of related literature has been accumulated. Studies on which factors are influential to the overall performance of a port, however, are limited. Using two simultaneous equations, this paper aims to empirically identify the determinants of port performance with a data set of major container terminals in Asia. A weighted two-stage least square estimation is applied to solve the equations. The findings show that port performance is significantly influenced by berth utilisation. At the same time, other factors such as the frequency with which shipping lines call at a port, geograph- ical location of a port and economic activities of a porťs hinterland also play a role in determining a port's performance.","PeriodicalId":44910,"journal":{"name":"International Journal of Transport Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2004-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86881680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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