Public regulation and passengers importance in port infrastructure costs |
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Authors: | Ramón Núñez-Sánchez Sergio Jara-Díaz |
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Institution: | a Departamento of Economía, Universidad de Cantabria, Avda. Los Castros, s/n 39005 Santander, Spain b Departamento de Ingeniería Civil, Universidad de Chile, Blanco Encalada, 2002 Santiago, Chile |
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Abstract: | Because ports are conceived and designed mainly to be the transfer point of various types of freight, passengers tend to be forgotten in the analysis of port costs. In this paper first we investigate the importance of passengers in port infrastructure costs by means of a multi-output cost function estimated from 20 annual observations (1986-2005) for 26 Spanish Port Authorities. Results show that, although a passenger weights on average less than one tenth of a ton, he or she represents as much as two tons of solid bulk and about three tons of containerized general cargo in terms of marginal costs. Secondly, we compare the marginal costs of different cargoes with their price caps established by law. Results suggest that some type of second best pricing is induced by present regulation. |
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Keywords: | Spanish ports Regulation Marginal costs Cost function |
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