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Comparing transaction-based and expert-generated price indices in the market for offshore support vessels

Author

Listed:
  • Roar Adland

    (NHH - Norwegian School of Economics and Business Administration, Department of Economics - Norwegian School of Economics and Business Administration)

  • Pierre Cariou

    (Kedge Business School [Talence])

  • François-Charles Wolff

    (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes, INED - Institut national d'études démographiques)

Abstract

We propose a methodology to generate transaction-based price indices in a heterogeneous physical market and to compare such indices with expert-generated price indices. We apply our framework to the offshore services market using a unique dataset of around 8,000 transactions. We find that the deviation between our transaction-based indices and shipbrokers' market indices is positively impacted by the level of dayrates and negatively impacted by the volume of transactions. Our approach is useful for the quality assurance of expert-generated price indices in heterogeneous physical markets such as transportation services.

Suggested Citation

  • Roar Adland & Pierre Cariou & François-Charles Wolff, 2018. "Comparing transaction-based and expert-generated price indices in the market for offshore support vessels," Working Papers halshs-01843720, HAL.
    • Handle: RePEc:hal:wpaper:halshs-01843720
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01843720
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    References listed on IDEAS

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