Hedonic Cost Functions for the Regulated Trucking Industry
AbstractIn 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 InfoArticle provided by The RAND Corporation in its journal Bell Journal of Economics.
Volume (Year): 9 (1978)
Issue (Month): 1 (Spring)
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Web page: http://www.rje.org
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- 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).
- 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.
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