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on Transport Economics |
| By: | Michael L. Anderson; Fangwen Lu; Yiran Zhang; Jun Yang; Ping Qin |
| Abstract: | Congestion plays a central role in urban and transportation economics. Existing estimates of congestion costs rely on stated or revealed preferences studies. We explore a complementary measure of congestion costs based on self-reported happiness. Exploiting quasi-random variation in daily congestion in Beijing that arises because of superstitions about the number four, we estimate a strong effect of daily congestion on self-reported happiness. When benchmarking this effect against the relationship between income and self-reported happiness we compute implied congestion costs that are several times larger than conventional estimates. Several factors, including the value of reliability and externalities on non-travelers, can reconcile our alternative estimates with the existing literature. |
| JEL: | R41 R48 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:21551&r=all |
| By: | Charles Raux (LET - Laboratoire d'économie des transports - CNRS - UL2 - Université Lumière - Lyon 2 - École Nationale des Travaux Publics de l'État [ENTPE]); Ayman Zoubir (LET - Laboratoire d'économie des transports - CNRS - UL2 - Université Lumière - Lyon 2 - École Nationale des Travaux Publics de l'État [ENTPE]) |
| Abstract: | This paper analyzes the socio-demographic profile and travel behavior of the “Velov” bikesharing scheme members in Lyon (France). This scheme started in 2005 and has now around 350 stations and 4500 bikes in operation, with more than 50,000 annual members. Thanks to a specific Internet-based survey more than 3,000 respondents were described by their detailed socio-demographic profile, their travel means and habits, a one-day activity-travel diary and additionally a seven days activity-travel diary log by around 700 volunteers. By this way the survey covers all travel modes and day-to-day variations in travel behavior beyond the sole use of shared bike. We analyze with a discrete choice model the socio-demographic and spatial factors affecting the probability of being an annual member of the Velov scheme. Then we explore with descriptive statistics their daily travel behavior involving as well bike sharing as other traditional modes. When possible this behavior is compared with the latest Household Travel Survey available in the Lyon area (2006). Velov annual members are rather younger and hold higher social positions when compared with the Lyon’s reference population. An individual higher social position and the residential proximity to stations have both separate and positive effects on the probability of being an annual member of the service. Velov members are not captive from public transport, they have access to a car and they are fully multimodal in their day-to-day travel behavior. Velo’v bikes are used by them for any activity, not necessarily every day, like any other travel mode. |
| Keywords: | Bikesharing,Lyon,annual members,one week travel diary,discrete choice model,descriptive statistics |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-01193169&r=all |
| By: | ALVAREZ-SANJAIME, Oscar; CANTOS-SANCHEZ, Pedro; MONER-COLONQUES, Rafael; SEMPERE-MONERRIS, José J. |
| URL: | http://d.repec.org/n?u=RePEc:cor:louvrp:2503&r=all |
| By: | D. Wurstbauer; S. Lang; W. Schaefers; C. Rothballer |
| Abstract: | This paper is the first to investigate the systematic risk factors driving European infrastructure equity returns using traditional asset pricing models. As infrastructure companies are exposed to specific risks such as regulatory changes, a lack of product diversification and construction risks, the pricing should differ substantially from that of general equities. Further differences are expected, due to the monopolistic environment in which many infrastructure companies operate. The major issue researchers face when analyzing infrastructure stocks is the lack infrastructure indices with a sufficiently high number of constituents and data history. Therefore, the data sample will be constructed by retrieving all dead and active European stocks and subsequently filtering them, based on the Standard Industrial Classification (SIC). Accordingly, only stocks in the sectors of telecommunication, transport and utilities are chosen. As the industry definitions include a large variety of economic activities in the infrastructure sectors, such as service or product suppliers, the sample needs to be screened in a second step for companies that focus mainly on "pure" infrastructure business. This screening will be conducted on the basis of the business descriptions retrieved from various data sources, such as Datastream and Google Finance and annual reports (asset test and revenue test). As indicated, the body of literature on asset pricing studies of infrastructure equities is very limited. This is surprising, since investor appetite for infrastructure investments and has grown significantly over the past few years. Consequently, this paper contributes to our understanding of infrastructure equities. Portfolio managers and investors can draw on the findings, in order to manage their risk exposure more efficiently. |
| Keywords: | Asset Pricing; Fama French; Infrastructure Investments; Systematic Risk |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_43&r=all |
| By: | Bilotkach, Volodymyr; Hüschelrath, Kai |
| Abstract: | In the last two decades, airline alliances were not only successful in extending the size of their networks, but also received approvals by public authorities to intensify their cooperation through to merger-like revenue-sharing joint ventures (JVs). We empirically investigate the impact of the implementation of such joint ventures on both the respective airlines' competitive strategies as well as productive efficiency. Using U.S. DOT T100 International Segment data and applying airline-market fixed effects models, we find that joint ventures - compared to services with a lower degree of cooperation - lead to a 3-5 percent increase in capacity between the respective partner airlines' hub airports; however, this is done at the expense of services elsewhere in the network. Productive efficiency, as measured by load factors, is found to be 0.5-5 percent lower for joint venture routes compared to routes operated under antitrust immunity only. We use our empirical results to discuss implications for the balancing of competition and cooperation in transatlantic airline markets. |
| Keywords: | air transportation,alliances,antitrust immunity,efficiencies,GMM estimator |
| JEL: | L41 L93 K21 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:15059&r=all |
| By: | Boile, Maria; Theofanis, Sotirios; Baveja, Alok |
| Abstract: | The paper presents a conceptual framework for developing regional partnerships and stakeholder collaborations to maximize port industry performance, improving port competitiveness and advancing the regional economy. A unique simulation tool is proposed as a core aspect of this framework. This tool will have the ability to quantify benefits of other projects, evaluate the impact of suggested policies and alternative business or operational strategies, and identify potential bottlenecks in the existing infrastructure under anticipated future conditions. In turn, all these will facilitate informed decision-making and increase the probability of consensus building. Example applications of the proposed tool in the NY/NJ region are presented. Further, two other important aspects of the framework, the outreach and educational components are discussed in this paper. The important role that academic institutions can play in developing and implementing the components of the proposed framework and a review of initiatives currently under way at Rutgers University, are also presented in this work. |
| Keywords: | Political Economy, Public Economics, Research and Development/Tech Change/Emerging Technologies, |
| URL: | http://d.repec.org/n?u=RePEc:ags:ndtr06:208008&r=all |
| By: | A. Kashyap; J. Berry |
| Abstract: | The capitalisation of transit access in property values has long been investigated by property researchers and policy analyst. A premium in property price induced by transit services measures the rate of capitalisation and indicates positive impact of transit investments, which can be used to develop transit-based policies such as value-capture and transit-oriented development strategies. Land development impacts of mass transit have long been studied in the developed economies. Yet relatively little is known by the outside world about the Indian experience due to India’s rather short history in the development of mass transit and real estate market. This paper attempts to fill the gap by presenting evidence from India, with a detailed case study of Jaipur Metro Rail Corporation by selecting two transit lines in Jaipur, the study examined land development context and estimated hedonic housing price models to measure the proximity premiums associated with these metro lines. The empirical evidence shows that investments in mass transit can have significant and positive impacts on land development. Properties with transit proximity enjoy sizable price or value premiums. The research findings underscore the importance of introducing zoning and other land regulatory changes prior to the initiation of transit projects as well as applying value-capture tools to help finance investments and redress inequities. |
| Keywords: | Capitalisation; Land Development; Property Values; Transit; Value capture |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_266&r=all |
| By: | Dominique Bouf (LET - Laboratoire d'économie des transports - CNRS - UL2 - Université Lumière - Lyon 2 - École Nationale des Travaux Publics de l'État [ENTPE]); Christian Desmaris (LET - Laboratoire d'économie des transports - CNRS - UL2 - Université Lumière - Lyon 2 - École Nationale des Travaux Publics de l'État [ENTPE], IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon) |
| Abstract: | This paper addresses the issue of high speed trains (TGV) and spatial equity through the example of France. We begin with an examination of various concepts corresponding to the word equity. With these concepts, we address the TGV's impacts on the French regions from three dimensions: economic development, prices and financing. First, with a simple model, we show that high speed rail has contrasting territorial effects on growth of GDP per capita, combining polarization and diffusion. Beyond that, the pricing system, applying some methods of yield management, is not fair either. As for the financing of LGV network, the amount and nature of the contributing are highly dependent on the infrastructure considered. Regarding this question, the development of high-speed lines is spatially unfair. |
| Abstract: | Ce papier vise à qualifier les effets des trains à grande vitesse (TGV) en France sur l'équité spatiale. A cette fin, nous commençons par examiner divers concepts contenus par ce mot polysémique. Avec ces concepts, nous nous interrogeons sur les impacts du TGV sur les régions françaises à partir de trois dimensions : le développement démographique et économique, les prix et le financement. Nous montrerons tout d’abord, par un modèle simple, que la grande vitesse ferroviaire présente des effets territoriaux contrastés sur la croissance du PIB par habitant, combinant polarisation et diffusion. Au-delà, la tarification propre au TGV, fondée sur une forme de « yield management », apparaît comme opaque, peu orientée par les coûts et spatialement inéquitable. Quant au financement du réseau de LGV, le montant et la nature des contributeurs varient fortement selon la ligne considérée. En cela, le développement des lignes à grande vitesse est spatialement inéquitable. |
| Keywords: | French regions,Funding,High-speed trains,Pricing,Regional development,Spatial equity,Equité spatiale, Développement régional, Financement, Tarification, Trains à grande vitesse |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-01194897&r=all |