|
on Transport Economics |
| By: | Makena Coffman (Department of Urban and Regional Planning, University of Hawaii at Manoa; UHERO); Scott Allen (Department of Urban and Regional Planning, University of Hawaii at Manoa); Sherilyn Wee (UHERO) |
| Abstract: | Electric vehicles (EVs) have the potential to reduce local air pollution as well as greenhouse gas emissions, assuming they are predominantly powered with renewable energy. Upon their reintroduction to the mass vehicle market in 2010, President Obama set a goal of having a million on the road in the U.S. by 2015. Similarly, in Hawaii, the Hawaii Clean Energy Initiative target was to have 10,000 EVs on the road by 2015 and 40,000 by 2020. Despite policy support, actual rates of EV adoption have fallen substantially short of stated goals. By the end of 2017, there were about 770,00 EVs within the U.S., with 6,700 of these in Hawaii. This study uses data on EV registrations by zipcode in Hawaii to analyze a variety of demographic and transportation factors that might affect EV adoption. We find that, after controlling for population and gasoline prices, higher income zipcodes are associated with higher levels of EV adoption – where an increase of $10,000 in median income is associated with an additional 6 EVs within the 2010-2016 study time period (where the average zipcode in our sample had 68 EVs in 2016). When educational attainment is measured, we find that a 1% increase in the number of people with at least a bachelor’s degree increases zipcode EV adoption by about 76. We find some evidence that gender can matter, similar to other studies that find that men are more likely to adopt EVs. The effect of age seems to be more robust, where we find that for every 1-year increase from the average zipcode’s median age, there are 1 to 2 more EVs. Most notably, we find that commute time affects EV adoption in Hawaii – which is somewhat surprising given the relatively limited travel distances of an island geography. We find that a 1% increase in the prevalence of commute times greater than forty-five minutes within a zipcode, likely meaning they are farther from the central business district, is associated with 37 fewer EVs relative to those with a commute time under forty-five minutes. This finding holds even when looking at the island of Oahu alone, which has the majority of the state’s population as well as the majority of EVs. The island is about forty-four miles long, far less distance than the range offered by most EVs. This suggests that there may be strong risk-aversion associated with EV range anxiety as well as prompts further study of the effect of trip-chaining on EV purchase decisions. |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:hae:wpaper:2018-3&r=tre |
| By: | Joep Tijm (CPB Netherlands Bureau for Economic Policy Analysis); Thomas Michielsen (CPB Netherlands Bureau for Economic Policy Analysis); Peter Zwaneveld (CPB Netherlands Bureau for Economic Policy Analysis); Raoul van Maarseveen |
| Abstract: | Infrastructure projects are increasingly aiming to improve liveability, in particular in urban areas. We analyse a specifi c case in which an existing highway in an urban area was moved underground in order to improve intercity traffic flows and to reduce traffic externalities. As travel times within the city hardly changed, this allows for a clean identifi cation of the value of traffic externalities. We find that the liveability bene fits of such integrated infrastructure are substantial relative to the construction costs. Each halving of distance to the tunneled segment is associated with 3.5% more appreciation in house prices since the start of the project. |
| JEL: | R12 J24 J31 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:379&r=tre |
| By: | Giansoldati, Marco; Danielis, Romeo; Rotaris, Lucia; Scorrano, Mariangela |
| Abstract: | The paper reports the results of a stated preference study, carried out in Italy in 2017, on consumers’ preferences between an electric car (EC) and a petrol car. The focus is on the role of driving range. We find that the linear specification leads to lower willingness to pay (WTP) estimate for the driving range than the logarithmic, quadratic and EC-specific ones. The estimation of a mixed logit model leads to a coefficient of the EC-specific range attribute six times larger than the coefficient of the non-EC one. The jointly statistically significant covariates explaining the heterogeneity of the coefficient of the EC-specific driving range attribute are gender, number of cars owned by the family, and knowledge of cars. The implied WTP varies from 37 to 106 €/km, depending on the socio-economic characteristics of the respondent. Simulative analysis shows that very relevant increases in the probability of buying an electric car (ranging from 28% to 68%) over a petrol one require jointly improvements in the fast charging network, driving range and financial incentives. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:sit:wpaper:18_4&r=tre |
| By: | Odolinski, Kristofer (CTS - Centre for Transport Studies Stockholm (KTH and VTI)); Boysen, Hans E. (CTS - Centre for Transport Studies Stockholm (KTH and VTI)) |
| Abstract: | In this paper, we analyse how railway maintenance costs are affected by different levels of railway line capacity utilisation. Previous studies have focused on the wear and tear of the infrastructure, while this paper shows that it is important to also acknowledge the heterogeneity of the maintenance production environment. Specifically, we estimate marginal costs for traffic using econometric methods on a panel dataset from Sweden and show that these costs increase with line capacity utilisation. The results are significant considering that current EU regulation (2015/909) states that track access charges can be based on marginal costs, with the aim of creating an effective use of available infrastructure capacity. |
| Keywords: | maintenance; marginal cost; rail infrastructure; capacity; track access charges |
| JEL: | L92 R48 |
| Date: | 2018–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:ctswps:2018_010&r=tre |
| By: | Alexandra Bykova (The Vienna Institute for International Economic Studies, wiiw); Mahdi Ghodsi (The Vienna Institute for International Economic Studies, wiiw); Julia Grübler (The Vienna Institute for International Economic Studies, wiiw); Doris Hanzl-Weiss (The Vienna Institute for International Economic Studies, wiiw); Mario Holzner (The Vienna Institute for International Economic Studies, wiiw); Gabor Hunya (The Vienna Institute for International Economic Studies, wiiw); Robert Stehrer (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | The Belt and Road Initiative (BRI), a vision to revive the ancient ‘Silk Road’ by means of massive infrastructure investments throughout Eurasia and Africa, was first presented by China’s President Xi Jinping in 2013. China has identified the region of Central East and Southeast Europe (CESEE) as the gateway to Western European markets. This was manifested by the investment in the Port of Piraeus (Greece) and the diplomatic initiative ‘16+1’, comprising eleven EU Member States and five Western Balkan countries, which is interesting for Austria due to its strong economic relations with this region. The Policy Brief analyses the most recent developments in trade and investment activities of China, Austria and the EU in CESEE, which are compared to the state of infrastructure in the region in the areas of transport, energy, information and communication technology as well as finance. Overall, CESEE has a high need for infrastructure investments, particularly in the transport sector. Chinese loans and investments in the region are becoming more important, especially for the Western Balkan countries, which have limited access to EU grants. The paper concludes with seven policy areas for future cooperation between Austria and China. The Policy Note is based on a study conducted for the Embassy of the People’s Republic of China in Austria. It is available upon request. Please contact Ms ZHANG Yiran (yiran_zhang@mfa.gov.cn) or Mr CHEN Lin (Chen_lin@mfa.gov.cn). |
| Keywords: | BRI, Belt and Road, New Silk Road, infrastructure, investment, FDI, transport, ICT, international trade, Gravity estimation, China, Austria, CESEE, Western Balkans |
| JEL: | E22 F21 H54 F13 F14 L9 O18 |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:wii:pnotes:pn:23&r=tre |
| By: | David Mesa-Ruiz (U. Pablo de Olavide); Yolanda Rebollo-Sanz (U. Pablo de Olavide); Jesús Rodríguez-López (U. Pablo de Olavide) |
| Abstract: | This paper presents an assessment of the external cost of drunk driving in Spain between 2004-2015. Eventually we arrive at the following conclusions. Firstly, we find the relative risk of drunk drivers causing a crash during the night (20:00 p.m. to 5:00 a.m.) to be between 2.7 to 3.9 times higher than that of sober drivers. Secondly, we provide evidence that the relative number of drunk drivers versus sober drivers declined during nighttime hours after the implementation of the Penalty Points System for driving licenses in Spain on July 1st 2006. Thirdly, using logistic and count model regressions, we confirm hourly heterogeneity in the pattern of drunk driving, and estimate elasticities of fatal crashes with respect to drunk driving, which range between 0.5 and 0.7. When estimating the decline in fatalities after the Penalty Points System, our approach does a good job in capturing the change in fatalities during nighttime hours that can be accounted for by drunk driving. Finally, our assessment indicates a downturn in the external costs of drunk driving over the last decade in Spain. In addition, we estimate that the fine for drunk driving should be set at 1250€, in order to offset its external costs. Overall, our results point to a decline in drunk driving offences alongside an increase in its punition. |
| Keywords: | Road accidents, drunk driving, relative risk, multinomial probability, negative binomial, external costs. |
| JEL: | R49 E32 C22 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:pab:wpaper:18.07&r=tre |
| By: | François Coppens (National Bank of Belgium, Microeconomic analysis division); Claude Mathys (National Bank of Belgium, Microeconomic analysis division); Jean-Pierre Merckx (Flemish Port Commission); Pascal Ringoot (National Bank of Belgium, Microeconomic analysis division); Marc Van Kerckhoven (National Bank of Belgium, Microeconomic analysis division) |
| Abstract: | This Working Paper analyses the economic importance of the Belgian ports based largely on the annual accounts data for the year 2016. As the years prior to 2016 have been described in earlier papers in the same series, we mainly focus on the figures for 2016 and developments between 2015 and 2016. On the back of strong growth, direct value added in the Belgian ports remained more or less stable in 2016 at around € 18 000 million (current prices) or roughly 4.3% of Belgium’s GDP. Direct value added declined in the Flemish seaports, mainly in the port of Antwerp. Ghent and Zeebrugge could only partly compensate for the fall in Antwerp’s value added, while Ostend showed a small decline itself. The inland ports as a whole grew over the period 2015-2016; the port of Brussels registered a decline and the Liège port complex an increase. Indirect value added is around 82% of the direct figure. After declining from 2012, direct employment in the Belgian ports was more or less stable in 2016 at around 115 000 FTE or approximately 2.8% of Belgium’s total domestic employment. Direct employment in the Flemish seaports increased, mainly in the ports of Zeebrugge, Ghent and Antwerp. Ostend showed a decline in employment. The inland ports recorded lower employment; the port of Brussels registered a decline, as did the Liège port complex. Indirect employment is around 1.2 times the direct figure. Delving deeper into the data and trying to explain the above trends in terms of the structural composition of the Belgian ports shows that all ports are concentrated on a few sectors, and within those sectors often on just a handful of companies. Based on the figures of the traffic, the Flemish ports can be considered as real bridgeheads for trade with the UK. Developments regarding the modalities and consequences of the Brexit therefor should be followed with the greatest attention. Given the existing import and export volumes in terms of tonnage, it seems it will mostly be a challenge in Zeebrugge and to some extent for Antwerp. |
| Keywords: | Belgian ports, microeconomic data, direct effects, indirect effects. |
| JEL: | C67 C80 J21 J49 R11 R15 |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbb:reswpp:201804-342&r=tre |
| By: | Daniel Albalate (Universitat de Barcelona, Departament d’Estadística, Econometria i Economia Aplicada, Avda. Diagonal 690, 08034); Albert Gragera (Technical University of Denmark, Produktionstorvet Building 426, 2800 Kgs.Lyngby) |
| Abstract: | This article studies the level of knowledge and information held by drivers in the car parking market. By drawing on a survey conducted with 576 garage customers in Barcelona, we provide new evidence on the market frictions produced by the misinformation and misperception of drivers searching for parking spaces. We identify the factors that aggravate/mitigate misinformation and misperception, and examine how they affect the functioning of the parking market, damaging market competition, undermining effective regulatory actions and exacerbating negative externalities. Our evidence shows that drivers’ misperceptions increase cruising-for-parking and its consequences: congestion, pollution and accidents. |
| Keywords: | Parking, imperfect information, misperception, search cost, cruising. JEL classification:D82, D62, L15, R41, R48. |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:ira:wpaper:201812&r=tre |
| By: | Takeru Sugasawa |
| Abstract: | This study examines the effects of accessibility to the nearest urban metropolitan area on rural poverty by using Japanese municipality-level data. We conduct nationwide cross-sectional analyses and Ibaraki prefecture's, a suburban area of Tokyo, municipality-level panel analyses. we find that a larger time distance to the nearest urban metropolitan area significantly increases regional poverty rates. The results of the panel analyses suggest that the effects of reducing rural poverty require 6-10 years to be observed. Therefore, regional policy makers might need to consider that transportation investments that improve inter-regional accessibility do not affect regional economic performance for several years. |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:toh:dssraa:86&r=tre |
| By: | chew, Weisheng |
| Abstract: | The purpose of this study is to analyse the performance of logistics company in Malaysia during five years. The analysis is applied on the sample of logistics company in Malaysia over the period between 2012 and 2016. This study using a descriptive analysis such as credit risk, liquidity risk, operational risk and also economic environment as to compare the profitability and liquidity of the logistics company. The finding show that the company profitability can be influenced by the operational risk whereas liquidity can have influenced by the economic environment which is exchange rate. |
| Keywords: | Profitability, Liquidity, Operating Margin, Exchange Rate |
| JEL: | G32 |
| Date: | 2018–05–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:86868&r=tre |
| By: | Emde, Simon; Zehtabian, Shohre |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:103754&r=tre |
| By: | Kim, Sehoon (University of Florida) |
| Abstract: | Corporate cash holdings impact firms' product pricing strategies. Exploiting the Aviation Investment and Reform Act of the 21st Century as a quasi-natural experiment to identify exogenous shocks to competition in the airline industry, I find that firms with more cash than their rivals respond to intensified competition by pricing more aggressively, especially when there is less concern of rival retaliation. Financially flexible firms based on alternative measures respond similarly. Moreover, cash-rich firms experience greater market share gains and long-term profitability growth. The results highlight the importance of strategic interdependencies across firms in the effective use of flexibility provided by cash. |
| JEL: | G30 G32 G35 L10 |
| Date: | 2017–02 |
| URL: | http://d.repec.org/n?u=RePEc:ecl:ohidic:2017-05&r=tre |
| By: | Jorge Balat; Sukjin Han |
| Abstract: | We develop an empirical framework in which we identify and estimate the effects of treatments on outcomes of interest when the treatments are the result of strategic interaction (e.g., bargaining, oligopolistic entry, peer effects). We consider a model where agents play a discrete game with complete information whose equilibrium actions (i.e., binary treatments) determine a post-game outcome in a nonseparable model with endogeneity. Due to the simultaneity in the first stage, the model as a whole is incomplete and the selection process fails to exhibit the conventional monotonicity. Without imposing parametric restrictions or large support assumptions, this poses challenges in recovering treatment parameters. To address these challenges, we first analytically characterize regions that predict equilibria in the first-stage game with possibly more than two players, and ascertain a monotonic pattern of these regions. Based on this finding, we derive bounds on the average treatment effects (ATE's) under nonparametric shape restrictions and the existence of excluded exogenous variables. We also introduce and point identify a multi-treatment version of local average treatment effects (LATE's). We apply our method to data on airlines and air pollution in cities in the U.S. We find that (i) the causal effect of each airline on pollution is positive, and (ii) the effect is increasing in the number of firms but at a decreasing rate. |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1805.08275&r=tre |