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on Transport Economics |
| By: | Firman Permana Wandani (Ministry of Public Works, JL); Yuichiro Yoshida (Graduate School for International Development and Cooperation, Hiroshima University) |
| Abstract: | This paper investigates the spatial dimensions of automobile and motorcycle trips on national roads between neighboring cities in Indonesia, using spatial econometric models. Vehicle trips are measured in terms of vehicle kilo- meters traveled (VKT) for both types of vehicles. The study finds that motorcycle trips are characteristically local because there is no sign of a spatial correlation with neighboring cities for such trips; by contrast, automobile trips are often made across city boundaries, although the models demonstrate only small spatial correlations among neighboring cities for automobile trips. The models also indicate that road capacity, gasoline prices, income in the region, population and worker density, city size, and number of public buses, have significant effects on VKT. The results suggest that in general, urban transportation policies for national roads could be less complex because local solutions may be more effective in solving the traffic problems of individual Indonesian cities. |
| Date: | 2013–12 |
| URL: | http://d.repec.org/n?u=RePEc:hir:idecdp:3-11&r=tre |
| By: | Yoon, Chang-Ho; Na, Kyoung-Youn |
| Abstract: | This study examines the impact of ICT growth on the productivity effects of transportation infrastructure. Using dynamic panel data of OECD member countries, the study finds econometrically meaningful results on examining the complementarity between ICT and transportation infrastructures. The network effect of growth of motorway infrastructure in advanced countries tends to accelerate when the ICT network grows beyond a certain threshold level. -- |
| Keywords: | Intelligent Transport System,ICT convergence,productivity growth,complementarity |
| JEL: | O47 O38 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse13:88526&r=tre |
| By: | Apanasevic, Tatjana; Markendahl, Jan; Arvidsson, Niklas |
| Abstract: | Swedish public transport organizations have set an objective to double usage of the public transport during the next coming five years. This study attempts to investigate if the current ticket solutions support the goal of the public transport companies, and if the available mobile phone solutions can lower barriers for consumers. In order to do that, critical travelling moments for users of different market segments were estimated during a pre-study stage. The following focus group discussions helped to validate problems identified during the pre-study. At the same time, focus groups provided deeper consumer insights on general consumer perception of the transport service, ticketing, mobile payment, quality of service, consumer expectations related to the public transport services, and consumer satisfaction and loyalty. The conducted research helped to identify problems existing in public transport ticketing and mobile payment areas, which have the negative impact on the usage of the public transport service and contribute with additional barriers for users. Moreover, this conclusion is supported by multiple examples that clearly illustrate what does not work, and why it does not work. Hence, mentioned solutions do not support the overall objective of the public transport operators. The comprehension of these problems and barriers can contribute to a better understanding of consumer needs and expectations, and help the public transport service providers to improve the service. -- |
| Keywords: | Mobile Payment Services,Public Transport,Public Transport Ticketing,m-Ticketing,Focus Group,Consumer Expectations of a Service,Perception of a Service,Quality of Service,Customer Satisfaction,Loyalty |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse13:88466&r=tre |
| By: | Jesus Gonzalez-Feliu (LET - Laboratoire d'économie des transports - CNRS : UMR5593 - École Nationale des Travaux Publics de l'État [ENTPE] - Université Lumière - Lyon II) |
| Abstract: | Ce travail s'intéresse à la modélisation du transport de marchandises en ville dans une optique d'aide à la décision, plus précisément sur les problèmes de tournées de véhicules (PTV) en introduisant une nouvelle variante qui combine deux niveaux ou échelons dans une approche systémique. Dans un premier temps, les principales expériences de " city logistics " en Europe son présentées, en faisant un zoom sur l'Italie, ainsi que des lignes d'action dans la planification des systèmes de distribution urbaine des marchandises qui puissent devenir opérationnels et efficients. Ensuite, cette thèse s'intéresse les principales problématiques et limites de l'optimisation de systèmes de transports à niveaux multiples, en unifiant les concepts et la notation via une proposition théorique de la gestion de systèmes de transport multi-niveaux. Ensuite, une nouvelle famille de problèmes est introduite. Ces problèmes d'optimisation de tournées de véhicules s'intéressent à des systèmes à niveaux multiples, en détaillant le cas basique : le problème de routes de véhicules à deux niveaux. Nous proposons des modèles mathématiques pour ce problème et des résultats numériques pour illustrer les avantages et les limites de la modélisation de ces systèmes. |
| Keywords: | logistique urbaine ; problème de tournées de véhicules ; systèmes multiniveaux ; management ; localisation. |
| Date: | 2013–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-00922810&r=tre |
| By: | Shachmurove, Yochanan; Vulanovic, Milos |
| Abstract: | In this study we examine how Specified Purpose Acquisition Companies (SPACs) were used as a financing tool for companies in the shipping industry in period 2004-2011. We confirm that SPACs focused on acquisitions in the shipping industry have similar characteristics as the population of SPACs that entered U.S financial markets in the same period. When their characteristics differ, SPACs focused on shipping are larger in size than the rest of SPACs, have larger number of underwriters in syndicate, and have a higher rate of merger success. Also, the founders of shipping SPACs tend to be, on average, younger than their counterparts. Additionally, we confirm that shipping companies merge into SPACs for the benefits of acquiring public listing and receiving SPAC’s cash. The fact that some SPACs in our sample went private soon after the merger makes us believe that financing motives were more important than public listing motives -- |
| Keywords: | SPACs,Blank Checks,Shipping Finance,IPO,Mergers,Private Equity,Maritime Finance |
| JEL: | G24 G32 G34 |
| Date: | 2013–12 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:88633&r=tre |
| By: | George Verikios; Xiao-guang Zhang |
| Abstract: | Australian urban transport industries experienced substantial reform during the 1990s leading to significant structural change. Urban transport is typically an important expenditure item for households and structural change in these services may affect households differently depending on their position in the distribution of income and expenditure. We estimate the effects on household income groups of this structural change by applying a computable general equilibrium model incorporating microsimulation behaviour with top-down and bottom-up links. We compare estimates based on a pure microsimulation approach, a top-down approach and a hybrid top-down/bottom-up approach. We estimate small reductions in real income and small reductions in inequality; this pattern is largely replicated across regions. Our results are insensitive to the inclusion of bottom-up links; in contrast, applying a pure microsimulation approach gives accurate results at the aggregate level but underestimates the variation in effects across deciles and regions. |
| Keywords: | computable general equilibrium, income distribution, microeconomic reform, microsimulation, urban transport |
| JEL: | C68 C69 D31 L92 |
| Date: | 2013–12 |
| URL: | http://d.repec.org/n?u=RePEc:cop:wpaper:g-239&r=tre |
| By: | Park, Jieun; Kim, Junghwan; Nam, Changi; Kim, Seongcheol |
| Abstract: | Car is now more than just a transportation method. Now a smartphone or a portable device can be easily connected to your car and this allows us to enjoy broader range of contents like music and navigation. This study aims to study investigate what leads drivers to use such car-connectivity services. Based on the Unified Theory of Acceptance and Use of Technology (UTAUT) as theoretical framework, this study examines the relationship between four derived constructs (facilitating condition, technographics, mobile literacy, and prior similar experience) and behavioral intention to use car connectivity functionalities. The results show that two of them (facilitating condition and technographics) have significant impact on the intention to use car connectivity services but the other two (mobile literacy and prior similar experience) did not show statistically significant relationship with the behavioral intention. -- |
| Keywords: | Car connectivity,facilitating condition,technographics,intention to use new technology,the UTAUT |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse13:88467&r=tre |
| By: | A. Mohammad Hassan (College of Engineering, Seoul National University); Jorn Altmann (College of Engineering, Seoul National University) |
| Abstract: | IP/MPLS service providers rely on transport networks to provide bandwidth on demand with the lowest possible provisioning time. However, due to the static nature of transport networks and the differences in the communication languages and switching systems, the IP/MPLS and transport network management systems are isolated from each other. To address this issue, a mediator called "ONE Adapter" has been developed. It allows automatic interaction and coordination of network management functions between the two network management systems.The objective of this paper is to capture the deployment impact of the mediator on the business of IP/MPLS providers and transport service providers, and to illustrate the changes in the market. To achieve that, we have conducted a survey of the literature on business models in the telecommunication sector and analyzed the service offerings of 15 leading telecommunication operators.The result is a description of the current Internet ecosystem, includingthe market players, their roles, and relationships. Furthermore, our results suggest that amediator deployment will change the way how the IP/MPLS network and the transport network interact. It will allow new players to enter the market and new business models to emerge. This study will help IP/MPLS and transport service providers to anticipate the changes in the market due to a NMS mediator entering the market. |
| Keywords: | Network Service Provider, IP/MPLS Network, New Technology Deployment Impact, Business Model, Internet Ecosystem. |
| JEL: | L22 L26 L86 L96 M15 M21 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:snv:dp2009:2013106&r=tre |
| By: | M. Beatrice Lignola (Università di Napoli Federico II); Jacqueline Morgan (Università di Napoli Federico II and CSEF) |
| Abstract: | The great interest into hierarchical optimization problems and the increasing use of game theory in many economic or engineering applications led to investigate optimization problems with constraints described by the solutions to a quasi-variational inequality (variational problems having constraint sets depending on their own solutions, present in many applications as social and economic networks, financial derivative models, transportation network congestion and traffic equilibrium). These problems are bilevel problems such that at the lower level a parametric quasi-variational inequality is solved (by one or more followers) meanwhile at the upper level the leader solves a scalar optimization problem with constraints determined by the solutions set to the lower level problem. In this paper, mainly motivated by the use of approximation methods in infinite dimensional spaces (penalization, discretization, Moreau-Yosida regularization ...), we are interested in the asymptotic behavior of the sequence of the infimal values and of the sequence of the minimum points of the upper level when a general scheme of perturbations is considered. Unfortunately, we show that the global convergence of exact values and exact solutions of the perturbed bilevel problems cannot generally be achieved. Thus, we introduce suitable concepts of regularized optimization problems with quasi-variational inequality constraints and we investigate, in Banach spaces, the behavior of the approximate infimal values and of the approximate solutions under and without perturbations. |
| Date: | 2013–12–28 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:350&r=tre |
| By: | Fung, Ka Wai Terence; Wan, Wilson |
| Abstract: | This paper attempts to examine the impact of merger and acquisition on Value at Risk (VaR) of China Eastern Airline. The VaR is estimated for the whole sample and pre-merger periods by three methods: RiskMetrics , AR-GARCH and Generalized Extreme Value (GEV). The regression-based model reports the highest VaR followed by RiskMetrics and GEV. All models report a low VaR after the 11 June, 2009 merger, indicating a negative impact of merger and acquisition on VaR. |
| Keywords: | Value at Risk, merger and acquisition, GARCH |
| JEL: | G11 G3 G34 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:52568&r=tre |
| By: | Bruce A. Babcock (Center for Agricultural and Rural Development (CARD)); Sebastien Pouliot (Center for Agricultural and Rural Development (CARD)) |
| Abstract: | The proposed decision by the Environmental Protection Agency (EPA) to reduce biofuel mandates that can be met by ethanol to about 13 billion gallons is predicated in part on a finding that consumption of ethanol is largely limited to the amount that can be consumed in E10, a blended fuel containing 10 percent ethanol. One way to increase ethanol consumption beyond E10 levels is with E85, which contains up to 83 percent ethanol. Historical consumption of E85 provides a poor predictor of the level of possible consumption because the price of E85 has never been low enough to save owners of flex vehicles money. We use a new model of E85 demand to estimate the feasibility and cost of meeting higher ethanol mandate levels than those proposed by EPA. Our model shows that if existing E85 stations could sell as much E85 as demanded by consumers, and if E85 were priced at fuel-cost parity with E10, then ethanol consumption in E85 would be 1.65 billion gallons. If E85 were priced to generate a 20 percent reduction in fuel costs to consumers, then ethanol consumption would increase by 3.6 billion gallons per year. These calculations assume no growth in the number of flex vehicles above the level that existed on January 1, 2013. However, it is not realistic to assume that existing E85 stations could sell unlimited amounts of the fuel. Imposing an upper limit on monthly E85 sales of 45,000 gallons per station reduces ethanol-in-E85 consumption levels to 700 million gallons per year at parity prices, and 900 million gallons per year at a price that results in a 20 percent reduction in fuel costs. The large gap between how much E85 would be demanded by consumers and what can realistically be sold by existing stations shows that both price and the number of gasoline stations selling E85 constrain consumption. We show the impact of adding E85 sales outlets in urban areas where flex vehicles are concentrated by calculating the different combinations of new sales outlets and E85 retail prices needed to achieve a ethanol consumption targets beyond E10. An additional ethanol consumption target of 800 million gallons could be achieved with an E85 retail price of $2.32 per gallon and no new stations. If 500 new stations were added, then the required retail price increases to $2.71 per gallon. These results demonstrate that meeting a 14.4 billion gallon ethanol mandate is feasible in 2014 with no new stations, modestly lower E85 prices, and judicious use of available carryover RINs (Renewable Identification Numbers). Meeting a two billion gallon increase in consumption would require installing at least 3,000 new stations. At a cost of $130,000 per station, this would require a one-time investment of $390 million, or about 20 cents per gallon of increased ethanol consumption in one year. With 3,000 additional stations, the retail price of E85 would have to be discounted to $2.10 per gallon to generate two billion gallons of additional ethanol consumption. With a total of 3,500 new stations, the required E85 retail price increases to $2.60 per gallon. The large impact that adding new stations has on the retail price of E85 given a level of E85 sales gives EPA a powerful tool to incentivize investment in new stations that can facilitate meeting expanded ethanol consumption targets. Any gap that arises between the wholesale price of ethanol needed to support a lower retail E85 price and the cost of producing and transporting ethanol would be closed by the price of RINs. RIN prices also indicate the cost that owners of oil refineries bear to meet biofuel mandates. Thus, there exists an inverse relationship between the cost of compliance with mandates and the number of new E85 stations. This means that owners of oil refineries who bear the costs of complying with mandates can reduce their compliance costs by investing in new E85 stations. If EPA were to set the 2014 ethanol mandate at 14.4 billion gallons and the mandate was met by 13 billion gallons of ethanol in E10, 800 million gallons of ethanol in E85, and 600 million banked RINs, then the RIN price that would cover the gap between the required $2.32 per gallon price of E85 and the cost of producing and transporting ethanol would be 69 cents per RIN. With 500 additional stations, the RIN price would drop to 18 cents. This drop in RIN price represents more than a $7 billion drop in the total value of RINs that would be used for compliance in 2014. In this scenario, the cost of adding the additional stations would be $65 million. This dramatic decrease in the total cost of RINs from adding new E85 stations is what gives EPA the tool they need to incentivize the investments that would facilitate expanded ethanol mandates. EPA’s proposed rule would reduce mandated volumes of biofuels in part, because of “supply concerns associated with the blendwall.†We demonstrate in this paper that the important supply concern associated with the E10 blendwall pertains to the supply of stations that sell E85, not the supply of the biofuel. The lack of stations that sell the fuel results in a lack of demand for ethanol, not a lack of supply. EPA’s justification for reducing ethanol mandates means that mandates will not be increased beyond E10 levels until the number of stations that sell E85 increases sufficiently. Our results demonstrate that the number of stations that sell E85 will not increase until EPA sets ethanol mandates beyond E10 levels. If increased mandates wait for the stations to be built, mandates will never increase. Our results showing that 800 million gallons of ethanol can be consumed as E85 in 2014, even with no additional investment in E85 stations can provide one way out of this policy dilemma. Combining this additional consumption of ethanol in E85 with consumption of ethanol in E10 and available banked RINs would facilitate meeting a 14.4 billion gallon mandate in 2014. Adopting a 14.4 billion gallon ethanol mandate would send a clear signal that EPA is not locked into keeping ethanol mandates below E10 levels. It would also increase RIN prices enough to incentivize investments in new E85 stations, which would give EPA the freedom to move the ethanol mandate to 15 billion gallons in 2015. Our results show that it will take at least 3,000 additional stations selling E85 to achieve a 15 billion gallon mandate without use of carryover RINs. If all 3,000 stations needed an additional tank for E85, then it will involve a one-time investment cost of approximately $390 million, or about 20 cents for each gallon of ethanol sold in E85. Because this investment cost is far below what compliance costs would be without the investment, owners of oil refineries would have a strong incentive to make the investment. |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:ias:cpaper:14-pb17&r=tre |