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Collusive Investments in Technological Compatibility : Lessons from U.S. Railroads in the Late 19th Century

Gross, Daniel P. - 2019

Collusion is widely condemned for its negative effects on consumer welfare and market efficiency. In this paper, I show that collusion may also in some cases facilitate the creation of unexpected new sources of value. I bring this possibility into focus through the lens of a historical episode...

Persistent link: https://www.econbiz.de/10012480205

Global Trade and the Maritime Transport Revolution

Jacks, David S. - 2008

What is the role of transport improvements in globalization? We argue that the nineteenth century is the ideal testing ground for this question: freight rates fell on average by 50% while global trade increased 400% from 1870 to 1913. We estimate the first indices of bilateral freight rates for...

Persistent link: https://www.econbiz.de/10012464507

The Trade Reducing Effects of Market Power in International Shipping

Hummels, David - 2007

distance, and significantly contribute to the higher shipping prices facing the developing world. Markups increase shipping … and perhaps lower incomes. This paper investigates price discrimination in the shipping industry and the role it plays in … determining transportation costs. In the presence of market power, shipping prices depend on the demand characteristics of goods …

Persistent link: https://www.econbiz.de/10012465742

Freight Rates and Productivity Gains in British Tramp Shipping 1869-1950

Mohammed, Saif I. Shah - 2003

The standard source for pre-WWII global freight rate trends is the Isserlis British tramp shipping index. We think it … the precipitous decline in nominal freight rates before the World War I, but it also extends the series to the 1940s …. Furthermore, our new series is linked to the post-World War II era (documented by David Hummels), so that we can be more precise …

Persistent link: https://www.econbiz.de/10012469171

Waves in Ship Prices and Investment

Greenwood, Robin - 2013

We study the returns to owning dry bulk cargo ships. Ship earnings exhibit a high degree of mean reversion, driven by industry participants' competitive investment responses to shifts in demand. Ship prices are far too volatile given the mean reversion in earnings. We show that high current ship...

Persistent link: https://www.econbiz.de/10012459415

Delayed Creative Destruction : How Uncertainty Shapes Corporate Assets

Campello, Murillo; Kankanhalli, Gaurav; Kim, Hyunseob - National Bureau of Economic Research - 2021

. We do so using detailed, near-universal data on shipping firms' new orders, secondary-market transactions, and demolition …-defined shipping sectors to corroborate our findings. Critically, uncertainty prompts firms to concentrate their fleets into narrower …

Persistent link: https://www.econbiz.de/10012585455

Pollution, Health, and Avoidance Behavior : Evidence from the Ports of Los Angeles

Moretti, Enrico - 2009

A pervasive problem in the literature on the health costs of pollution is that optimizing individuals may compensate for increases in pollution by reducing their exposure to protect their health. This implies that estimates of the health effects of pollution may vastly understate the full...

Persistent link: https://www.econbiz.de/10012463709

Fluctuations in Overseas Travel by Americans, 1820 to 2000

Dupont, Brandon - 2009

There were substantial fluctuations in the numbers of American overseas travelers, especially before World War II …

Persistent link: https://www.econbiz.de/10012463801

Did Vasco da Gama Matter for European Markets? Testing Frederick Lane's Hypotheses Fifty Years Later

O'Rourke, Kevin H. - 2005

In his seminal publications between the 1930s and 1960s, Frederick Lane offered three hypotheses regarding the impact of the Voyages of Discovery that have guided debate ever since. First, pepper and other spice prices did not rise in European markets in the century before the 1490s, and thus...

Persistent link: https://www.econbiz.de/10012466787

Technical Change and the Wage Structure During the Second Industrial Revolution : Evidence from the Merchant Marine, 1865-1912

Chin, Aimee - 2004

engine on skill demand and the wage structure in the merchant shipping industry. We find that the technical change created a …

Persistent link: https://www.econbiz.de/10012467962

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