The “Ubernomics” of ridesourcing: the myths and the reality

ABSTRACT

This paper looks at the economics of ridesourcing (or app-based ride-hailing) with a particular focus on the US. It brings together the rather dispersed literature on the subject focusing on the economic characteristics of the underlying industry and sets this within the broader context of transportation economics. In particular, it sorts out the realities of ridesourcing from some of myths that were perpetrated in its early days and, in many cases, still persist. It considers some of the empirical evidence that has emerged regarding the key parameters that determine the way Uber and the like operate, and the welfare implications of this, together with comments on some of the regulatory reactions to the new transportation platform. It concludes by suggesting some ways in which recent developments in economic could move forward our understanding of the industry as technologies and markets change.     

信息技术市场拓展方法研究

科学技术的发展遵循一定的轨迹,也会为信息技术市场带来必然的改变.面对众多的市场机会和激烈的竞争环境,需要通过科学有效的方法找准市场规律,以新的视角开拓差异化市场,使企业进入可持续发展的良性循环中.本文通过分析3种技术发展趋势,展开讨论了新市场的切入方法,并分享3个典型技术市场案例供读者思考.     

Direction dependent prices in public transport: A good idea? The back haul pricing problem for a monopolistic public transport firm

Markets for transport are often characterised by unequal demand in both directions: every morning during peak hours the trains are crowded while moving towards the direction of large cities, whereas they may be almost empty in the other direction. In this paper we discuss the implications of these imbalances for price setting of transport firms. From the viewpoint of economic theory, two regimes can be distinguished: one where – owing to price discrimination – the flows are equal, and one where unequal flows are the result. Special attention is paid to the case where the transport firm does not apply price discrimination, as is the case with most railway firms in Europe. We find that in the case of substantial joint costs, the introduction of price discrimination not only leads to an increase of profits, but also to positive effects on consumer surplus. This result differs from the standard result in the literature on industrial economics. The standard result purports that with linear demand functions price discrimination has a negative impact on the welfare of the average consumer and that this negative impact dominates the positive effect on profits of the producer.     

Effect of risk preference on the valuation of time charter contracts with extension options

ABSTRACT

The literature on valuation of time charter contracts and real options in shipping generally relies on the complete markets hypothesis and the risk-neutrality of agents. However, these assumptions fail completely in some shipping market segments. This study proposes a numerical approach—based on discounting the certainty equivalent payoff at the risk-free rate—which incorporates the agent’s risk preferences through an exponential utility function. The method comprises an iterative Monte Carlo nested simulation with the real probability measure. This method is applied to a case of Suezmax tankers. The stochastic evolution of the time charter rates is modelled as a geometric mean-reverting process. The case study supports the applicability of the proposed method and evidences that the effect of risk preference may be significant, mainly for more risk-averse agents. Although the method involves intensive computation, it has the benefits of theoretical ease and flexibility, which could encourage utilisation by practitioners.     

Relationship of Margin Rule and Volatility in Chinese Copper Futures Markets

Different from western markets, the margin rates in Chinese futures markets are raised when contract approaches maturity. This paper concentrates on the effect of this time dependent margin rule on volatility. Open interest, another candidate in the margin rule, is also included in our model to investigate its necessity as one of the factors of the rise of margin rates. With the popular copper contract in Shanghai Futures Exchange (SHFE) , our test results suggest that margin levels have a significant positive effect on volatility, yet open interest has little to do with volatility. The implication is that the rise of margin rate approaching maturity virtually deteriorates the degree of market risks, and open interest is not a necessary factor for the margin rule. It indicates that the policy tool, represented by margin rates, has significantly greater influence on volatility than the market element, represented by open interest.     

国内外疏浚市场现状及发展

随着世界经济的发展，航道、港口等疏浚丁程不断上马，近几年疏浚市场十分红火。本文介绍了同内外疏浚市场的现状及发展。国内疏浚市场正处于供不应求阶段，巨大的挖泥船需求给中国造船业带来了新的契机。     

Global Fish Trade,Prices, and Food Security in an African Coral Reef Fishery

This study evaluated the potential impact of global fish trade on local food prices by analyzing a 16-year locally collected time series of disaggregated coral reef fish products and prices that differed in their market chain linkages—ranging from local to international markets. We were primarily interested in evaluating how local and global markets interacted with the local prices of beef, fish, and maize. There was no cointegration between the prices of exported octopus and that of maize and beef over this study period. Further, the three types of fish and associated markets responded in different ways to various price changes. For internationally traded octopus, we found a positive association between price and catch rates but no evidence that the global trade in octopus markets created local inflation, particularly the prices of the fish eaten by the poor. In general, there was no evidence for price transmission from export to nonexport fish products even though fishers appeared to focus on octopus when prices were high. Consequently, fishers' behaviors and trade policies that promote adjusting fishing effort to internationally traded fish did not appear to promote poverty or food insecurity in this fishery.     

A review of guidelines for including wider economic impacts in transport appraisal

In this paper we examine how 23 industrialised countries treat wider economic impacts (WEIs) in transport appraisals. We identify 12 different types of impacts based on these countries’ appraisal guidelines. Agglomeration impacts and Production changes in imperfect markets are the most widely accepted, being recognised by 14 and 10 countries, respectively. However, about half of the impacts are mentioned by only one country, and few recommend including the impacts directly in cost–benefit analyses. Several countries provide provisos or criteria that must be met before WEIs can be assessed in the first place. We found method recommendations for quantifying WEIs in 10 countries. However, with the exception of the UK Department for Transport’s (DfT) methodological framework, there is very little international consensus on the choice of appropriate methods. Our findings thus supplement and reinforce the conclusions from the Norwegian Official Report of the Hagen Committee [NOU 2012:16. (2012). Samfunnsøkonomiske analyser. Oslo: Departementenes servicesenter] that there is currently no established consensus on the magnitude and relevance of WEIs, or on how and which of these impacts should be taken into account in transport appraisals. Recommendations for further research and appraisal practices are provided.     

我国天然胶期货市场有效性实证分析

以上海期货交易所天然橡胶7月合约的每日收盘价为研究对象,采用的方法是单位根检验和方差比检验相结合,通过检验期货价格序列是否服从随机步游过程,来判断市场是否具有弱式有效性。实证检验结果表明,在第一、第二、第四和第五阶段,市场是弱式有效的,但在第三阶段市场并不具有弱式有效性,检验结果与近年来我国天然胶期货市场的实际发展情况基本吻合。