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Hedonic Cost Functions for the Regulated Trucking Industry

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  • Richard H. Spady
  • Ann F. Friedlaender
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    Abstract

    In industries where physical output varies with respect to attributes or qualities, it is important to take these differences into account in estimating cost functions. This paper presents a hedonic cost function that can be used to take output characteristics into account and applies it to the regulated trucking industry. It is found that failure to take output characteristics into account creates serious specification error and that inferences concerning economies of scale and factor demand differ substantially between the hedonic and nonhedonic formulation of the cost function.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal Bell Journal of Economics.

    Volume (Year): 9 (1978)
    Issue (Month): 1 (Spring)
    Pages: 159-179

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    Handle: RePEc:rje:bellje:v:9:y:1978:i:spring:p:159-179

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    Cited by:
    1. Kerstens, K., 1996. "Technical efficiency measurement and explanation of French urban transit companies," Transportation Research Part A: Policy and Practice, Elsevier, vol. 30(6), pages 431-452, November.
    2. Bruno De Borger & Kristiaan Kerstens & Matthias Staat, 2008. "Transit Costs and Cost Efficiency: Bootstrapping Nonparametric Frontiers," Working Papers 2008-ECO-08, IESEG School of Management.
    3. Dionne, Georges & Gagne, Robert & Vanasse, Charles, 1998. "Inferring technological parameters from incomplete panel data," Journal of Econometrics, Elsevier, vol. 87(2), pages 303-327, September.
    4. Martín, Juan Carlos & Voltes-Dorta, Augusto, 2011. "The econometric estimation of airports' cost function," Transportation Research Part B: Methodological, Elsevier, vol. 45(1), pages 112-127, January.
    5. Martín, Juan Carlos & Rodríguez-Déniz, Héctor & Voltes-Dorta, Augusto, 2013. "Determinants of airport cost flexibility in a context of economic recession," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 57(C), pages 70-84.
    6. Kumbhakar, Subal C. & Hjalmarsson, Lennart, 1998. "Relative performance of public and private ownership under yardstick competition: electricity retail distribution," European Economic Review, Elsevier, vol. 42(1), pages 97-122, January.
    7. Paola Fabbri & Giovanni Fraquelli, 2000. "Costs and Structure of Technology in the Italian Water Industry," Empirica, Springer, vol. 27(1), pages 65-82, March.
    8. Sabbioni, Guillermo, 2008. "Efficiency in the Brazilian sanitation sector," Utilities Policy, Elsevier, vol. 16(1), pages 11-20, March.
    9. Hugo Salgado & Manuel Romero-Hernández, 2006. "Economies of Density, Network Size and Spatial Scope in the European Airline Industry," Working Papers 2006-13, FEDEA.
    10. Voltes-Dorta, Augusto & Lei, Zheng, 2013. "The impact of airline differentiation on marginal cost pricing at UK airports," Transportation Research Part A: Policy and Practice, Elsevier, vol. 55(C), pages 72-88.
    11. Melvyn Fuss & Leonard Waverman, 1986. "The Canada-U.S. Auto Pact of 1965: An Experiment in Selective Trade Liberalization," NBER Working Papers 1953, National Bureau of Economic Research, Inc.
    12. Jara-Díaz, Sergio R. & Cortés, Cristián E. & Morales, Gabriela A., 2013. "Explaining changes and trends in the airline industry: Economies of density, multiproduct scale, and spatial scope," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 60(C), pages 13-26.
    13. McCarthy, Patrick S, 1995. "The 1982 Surface Transportation Assistance Act (STAA): Implications of relaxed truck weight and size limits for highway safety," Transport Policy, Elsevier, vol. 2(2), pages 107-117, April.
    14. Romero-Hernandez, Manuel & Salgado, Hugo, 2005. "Economies of Density, Network Size and Spatial Scope in the European Airline Industry," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt9609m6hs, Institute of Transportation Studies, UC Berkeley.
    15. Gagné, Robert, 1988. "Réglementation et technologie dans l’industrie du transport par camion : une présentation de la méthodologie," L'Actualité Economique, Société Canadienne de Science Economique, vol. 64(2), pages 287-310, juin.
    16. Paola Fabbri & Giovanni Fraquelli, 1997. "Costs And Structure Of Technology In The Italian Water Industry," CERIS Working Paper 199714, Institute for Economic Research on Firms and Growth - Moncalieri (TO).
    17. Garrone, Paola, 1996. "Network subscription and services usage in European telecommunications industries," Information Economics and Policy, Elsevier, vol. 8(1), pages 25-50, March.
    18. Zannetos, Zenon S. & Papageorgiou, Themis. & Tang, Ming-je., 1981. "Industry analysis in transportation," Working papers 1196-81., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    19. Bernard Lejeune & Olivier Evrard, 1998. "Coût dans le secteur de la distribution d'électricité : économies d'échelle, économies de densité et formes institutionnelles," Économie et Prévision, Programme National Persée, vol. 135(4), pages 43-56.
    20. Robert Gagné & Georges Dionne, 1996. "Progrès technique et croissance de la productivité : estimations sur un panel incomplet de firmes ayant des qualités de production différentes," Économie et Prévision, Programme National Persée, vol. 126(5), pages 63-76.
    21. Beilock, Richard & Rahmani, Mohammed & Rosalsky, Mercedes, 1987. "The Structure Of A Never Regulated Less-Than-Truckload Market In The United States," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 16(2), October.

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