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A strategic model of investment and price competition among container ports.

机译：集装箱港口之间的投资和价格竞争的战略模型。

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摘要

The recent globalization of manufacturing and outsourcing led to an unparalleled growth in demand for containerized shipping services over the past years. Worldwide, ports have been making considerable efforts to appropriate a share of this rapidly increasing demand. Significant public and private resources are allocated toward modernization and/or expansion of container terminals.;The container port market structure is oligopolistic and unlike perfectly competitive firms or monopolists, oligopolists have to consider the policies of their competitors, because they engage in a market game in which their profits depend on the behavior of their rivals. Accordingly, the profitability of their investment decisions is highly dependent on the investment behavior of other competitor ports.;This study employs elements of non-cooperative game theory to develop a theoretical model of investment and price competition within the port industry context. To examine whether or not potential investment decisions yield profitable outcomes, three scenarios are analyzed: a static status quo model in which ports compete in prices and no investment occurs, a static model in which ports compete by being able to make both pricing and investment adjustments, and a dynamic model that accounts for a construction lag. Furthermore, an economic experiment is designed and conducted to test the theoretical model's predictions.;The experimental results reveal that investments are significantly above subgame perfect equilibrium predictions. Additionally, prices fall below their predicted equilibrium levels, and overall profitability is considerably lower than that obtained in the theoretical model. In the presence of these higher than expected levels of investment, both prices and profits are almost fifty percent less than their status-quo (non-investment) values. Results also show that an intensified level of competition leads to higher levels of investment.;These findings suggest that in a highly competitive market, ports may make strategic investment decisions to increase and/or protect market share that are likely to lead to overcapitalization by lowering port prices and reducing their profits. This study is intended to provide assistance to port planners in identifying whether there are situations in which investment costs can not be recovered.
机译：近年来，制造和外包的全球化导致集装箱运输服务需求的空前增长。在全球范围内，港口一直在努力满足这一迅速增长的需求。大量公共和私人资源被分配用于集装箱码头的现代化和/或扩展。集装箱港口市场是寡头垄断的，与完全竞争的公司或垄断者不同，寡头主义者必须考虑竞争对手的政策，因为他们参与了市场博弈。他们的利润取决于竞争对手的行为。因此，他们的投资决策的获利能力高度依赖于其他竞争者港口的投资行为。本研究利用非合作博弈的要素来发展港口行业背景下的投资和价格竞争的理论模型。为了检查潜在的投资决策是否产生有利可图的结果，分析了以下三种情况：静态模型，其中港口在价格中竞争而没有投资发生；静态模型中，港口通过能够进行价格和投资调整而竞争，以及解释施工滞后的动态模型。此外，设计并进行了经济实验以检验理论模型的预测。实验结果表明，投资远高于子博弈的完美均衡预测。此外，价格跌至其预期的均衡水平以下，总体获利能力远低于理论模型中获得的获利能力。在这些高于预期的投资水平的情况下，价格和利润都比其现况（非投资）值低近百分之五十。结果还表明，竞争加剧会导致更高的投资水平;这些发现表明，在竞争激烈的市场中，港口可能会做出战略性投资决策来增加和/或保护市场份额，而这可能会通过降低而导致过度资本化港口价格下跌并降低利润。这项研究旨在为港口规划者提供帮助，以帮助他们确定是否存在无法收回投资成本的情况。

著录项

  • 作者

    Trandafir, Simona Carmen.;

  • 作者单位

    University of Rhode Island.;

  • 授予单位 University of Rhode Island.;
  • 学科 Economics General.;Transportation.
  • 学位 Ph.D.
  • 年度 2009
  • 页码 205 p.
  • 总页数 205
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;综合运输;
  • 关键词

  • 入库时间 2022-08-17 11:38:26

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