LEADER 00000nam 2200349 4500
001 AAI9206518
005 20061211115734.5
008 061211s1991 eng d
035 (UnM)AAI9206518
040 UnM|cUnM
100 1 Khanti-Akom, Sophon
245 10 Essays on the economic analysis of oil tanker
transportation
300 114 p
500 Source: Dissertation Abstracts International, Volume: 52-
09, Section: A, page: 3365
500 Co-Chairs: Raymond C. Battalio; Thomas R. Saving
502 Thesis (Ph.D.)--Texas A&M University, 1991
520 This dissertation provides both theoretical and empirical
insights on tanker owner behavior and tanker operator
performance in the oil tanker transportation industry.
Furthermore, it develops an econometric method to estimate
and analyze cost and production structures of oil tanker
transportation
520 Three models concerning the economic analysis of the oil
tanker market are considered in this dissertation
520 The first model studies the behavior of a risk-neutral
tanker owner under a stochastic framework. I use a dynamic
linear rational expectations model to explore the tanker
owner's decisions regarding his tanker fleet in response
to freight rate changes. The model assumes that the tanker
owner operates in a competitive tanker market, in the
sense that the stochastic freight rates are exogenously
given in the model. In order to obtain explicit solutions
of the tanker owner's optimal plans, I exploit a popular
linear-quadratic rational expectations model. The tanker
owner's optimal decision rules on the allocations of the
spot, time-charter, and laid-up tanker fleet are derived.
The estimation strategy of structural, behaviorally
invariant parameters of the model under the hypothesis of
rational expectations is also illustrated
520 The second model in the dissertation investigates the
economic performance of oil tanker operations. The
productivity growth of the tanker industry is explored. A
general index of technical change developed by Baltagi and
Griffin (1988) is used to examine the rate of technical
change of the U.S. flag tankers from 1978 to 1984. With
the advantages of panel data, the translog cost model is
used to formulate the general index of technical change.
To derive the general index, I first estimate parameters
of the translog cost function and then use the estimated
results to calculate the index of technical change. In
addition, to understand the underlying technological
characteristics of tanker operations, I examine the cost
structures and scale economies of the tanker industry
520 The third model of the dissertation compares econometric
techniques using panel data to estimate a system of the
multivariate translog model. The equation system for the
translog cost model consists of a cost function and input-
share equations which are used in specifying the model.
The proposed technique, which assumes random effects for
the unobservable variables, and the conventional technique,
which assumes fixed effects of the unobservable variables,
are applied to panel data consisting of forty U.S. tankers
for the 1978-1984 period. Specification tests are
performed, and they favor the random-effect model over the
fixed-effect model
590 School code: 0803
590 DDC
650 4 Economics, General
690 0501
710 20 Texas A&M University
773 0 |tDissertation Abstracts International|g52-09A
856 40 |uhttp://pqdd.sinica.edu.tw/twdaoapp/servlet/
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