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Title: Essays on Regulation in Transportation Markets
Authors: Katsiardis, Charalampos
Advisors: Kastl, Jakub
Contributors: Economics Department
Keywords: Firm Boundaries
Firm Entry
Greek Road Freight Transportation
Market Dynamics
Subjects: Economics
Issue Date: 2020
Publisher: Princeton, NJ : Princeton University
Abstract: This dissertation examines the effects of regulation in transportation markets in the context of the Greek road freight transportation sector. In the first chapter, I present the sector’s institutional framework in detail and provide evidence of the ways it shaped the country’s transportation profile until its reform. A regulatory cap on the number of for-hire vehicles, that was in effect for forty years, compelled producers to acquire and operate own-account trucks within their firms. Using a novel dataset combining administrative and survey data, I document that this regulatory constraint led to a larger, older and underutilized commercial vehicle fleet that pollutes more per unit of transportation work compared to European averages. I also document how a requirement for emission-efficient vehicles after the reform raised entry costs for potential entrants and affected the structure of the for-hire market by decreasing entry. In the second chapter, I quantify the effects of the regulation in terms of fleet size, utilization rates and air emissions through a study of firm boundaries. I specify and estimate a dynamic structural model for firms’ make versus buy choice for product transportation, allowing for taste heterogeneity and transaction costs, and find evidence that the regulation indeed steered firms to own-account carriage. Using the estimated model, I simulate counterfactuals and find that, in the absence of the regulation, the total commercial fleet is 23.6% smaller, average truck utilization improves by 3.05 percentage points and the sector’s carbon dioxide emissions decline by 5.9%, driven by a shift from own-account to for-hire transportation. In the third chapter, I study the post-reform evolution of the for-hire sector, quantifying the effect of the imposed environmental requirement on market structure. I specify and estimate a dynamic model of entry and exit in the for-hire transportation market, taking into account short-run competition as well as the distribution of entry costs and firm sell-off values. I find that a looser environmental requirement would have supported a 7.3% increase in active for-hire operators. Combined with the evidence in the second chapter, the results suggest that the environmental requirement missed its objective.
Alternate format: The Mudd Manuscript Library retains one bound copy of each dissertation. Search for these copies in the library's main catalog:
Type of Material: Academic dissertations (Ph.D.)
Language: en
Appears in Collections:Economics

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