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New Building Prices: Demand Inelastic or Perfectly Competitive?

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  • George Dikos

    (Eugenides Group, Greece.)

Abstract

Since the pioneering work of Zannetos in maritime economics, it has been well understood that prices of new vessels are non-stabilising. In the earlier literature, most of this behaviour has been attributed to market imperfections and externalities. In this paper, we test empirically the stabilising role of the prices of new vessels through the application of advanced econometric tests. Finally, we challenge the assertion that the sub-optimal behaviour of new building prices is due to market anomalies, such as subsidies, and propose a perfectly competitive paradigm that can successfully accommodate the observed patterns of new building price behaviour. Maritime Economics & Logistics (2004) 6, 312–321. doi:10.1057/palgrave.mel.9100115

Suggested Citation

  • George Dikos, 2004. "New Building Prices: Demand Inelastic or Perfectly Competitive?," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 6(4), pages 312-321, December.
    • Handle: RePEc:pal:marecl:v:6:y:2004:i:4:p:312-321
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    Citations

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    Cited by:

    1. Albert W. Veenstra & Sébastien De La Fosse, 2006. "Contributions to maritime economics—Zenon S. Zannetos, the theory of oil tankship rates," Maritime Policy & Management, Taylor & Francis Journals, vol. 33(1), pages 61-73, February.
    2. Javier Población & Gregorio Serna, 2018. "A common long-term trend for bulk shipping prices," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 20(3), pages 421-432, September.
    3. Theodore Syriopoulos & Michael Tsatsaronis & Ioannis Karamanos, 2021. "Support Vector Machine Algorithms: An Application to Ship Price Forecasting," Computational Economics, Springer;Society for Computational Economics, vol. 57(1), pages 55-87, January.

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