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on Transport Economics |
| By: | Fageda, Xavier; Flores-Fillol, Ricardo |
| Abstract: | An examination of the impact in the US and EU markets of two major innovations in the provision of air services on thin routes - regional jet technology and the low-cost business model - reveals significant differences. In the US, regional airlines monopolize a high proportion of thin routes, whereas low-cost carriers are dominant on these routes in Europe. Our results have different implications for business and leisure travelers, given that regional services provide a higher frequency of flights (at the expense of higher fares), while low-cost services offer lower fares (at the expense of lower flight frequencies). Keywords: air transportation; regional jet technology; low-cost business model; thin markets. JEL Classification Numbers: L13; L2; L93. |
| Keywords: | Línies aèries, Aviació comercial, 338 - Situació econòmica. Política econòmica. Gestió, control i planificació de l'economia. Producció. Serveis. Turisme. Preus, |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:urv:wpaper:2072/179624&r=tre |
| By: | Flores-Fillol, Ricardo; Nicolini, Rosella |
| Abstract: | This paper examines the conditions allowing the formation of aeropolitan areas as large industrial areas with a high concentration of commercial activities in the proximity of selected airports. We assume that firms deliver their production by plane and land competition takes place among service operators, firms and farmers. Service operators supply facilities that firms can absorb. Our framework identifies a unique land equilibrium characterized by the spatial sequence Airport - Industrial park - Rural area (A-I-R). Aerotropolis-type configurations are associated with the level of transport costs and the degree of intensity of facilities. Keywords: aerotropolis; facilities; bid-rent function. JEL Classification Numbers: L29; L90; R14. |
| Keywords: | Aeroports, Zones industrials, Geografia rural, 338 - Situació econòmica. Política econòmica. Gestió, control i planificació de l'economia. Producció. Serveis. Turisme. Preus, |
| Date: | 2011–07 |
| URL: | http://d.repec.org/n?u=RePEc:urv:wpaper:2072/179625&r=tre |
| By: | Havranek, Tomas (Czech National Bank, Charles University, Prague); Irsova, Zuzana (Charles University, Prague); Janda, Karel (University of California, Berkeley, University ofIowa. Research Institute of Agricultural Economics and CERGEEI, Prague, Czech Republic) |
| Abstract: | One of the most frequently examined statistical relationships in energy economics has been the price elasticity of gasoline demand. We conduct a quantitative survey of the estimates of elasticity reported for various countries around the world. Our meta-analysis indicates that the literature suffers from publication selection bias: insignificant or positive estimates of the price elasticity are rarely reported, although implausibly large negative estimates are reported regularly. In consequence, the aver- age published estimates of both short- and long-run elasticities are exaggerated twofold. Using mixed effects multilevel meta-regression, we show that after correction for publication bias the average long-run elasticity reaches -0:31 and the average short-run elasticity only -0:09. |
| Keywords: | gasoline demand, price elasticity, meta-analysis, publication selection bias |
| Date: | 2011–09 |
| URL: | http://d.repec.org/n?u=RePEc:are:cudare:1118&r=tre |
| By: | Ron Bird (School of Finance and Economics, University of Technology, Sydney); Harry Liem (School of Finance and Economics, University of Technology, Sydney); Susan Thorp (School of Finance and Economics, University of Technology, Sydney) |
| Abstract: | Little empirical work has been done on the return properties of infrastructure as an asset class despite increased allocations by institutional investors. Managers claim infrastructure investments offer real return benefits via a combination of monopolistic and defensive assets. We build a robust factor model of infrastructure returns and estimate the model using U.S. and Australian infrastructure and utility data. We find evidence of excess returns and inflation hedging, but not of defensive characteristics during equity market downturns. We also compare the performance of regulated infrastructure assets to option-based models designed to synthetically replicate infrastructure asset returns, and identify the regulatory risk premium (the premium for government regulation of infrastructure investments). We find that the returns from infrastructure have outperformed option-based replicating strategies over the period from 1995-2009 in Australia, for historical reasons. Finally, we suggest how improved defensive and inflation hedging characteristics can be obtained using a combination of inflation linked bonds and covered call strategies. |
| Keywords: | inflation hedging; regulatory risk premium; infrastructure assets |
| JEL: | G12 G14 |
| Date: | 2011–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:uts:pwcwps:11&r=tre |
| By: | Yildiz, Halis Murat |
| Abstract: | Using an oligopoly model of trade with asymmetric costs, we study the individual and world welfare implications of a hub and spoke trade agreement where the hub country is more efficient than spoke countries. Under a hub and spoke trade regime, the hub country can benefit at the expense of the spokes relative to free trade. Furthermore, if the hub is sufficiently efficient compared to the spokes, such a regime can yield higher global welfare than free trade. Preferential treatment of the efficient hub country in its export markets improves world welfare because it helps allocate a larger share of the world's output to a low cost location. |
| Keywords: | oligopoly; hub and spoke trade agreements; global free trade |
| JEL: | F13 F12 |
| Date: | 2012–02–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:36501&r=tre |