A multioutput cost function for port terminals : some guidelines for regulation
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A multioutput cost function for port terminals : some guidelines for regulation

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  • English
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    • Resource Type:
      Research Paper
    • Corporate Publisher:
      World Bank
    • NTL Classification:
      NTL-MARINE/WATERWAYS TRANSPORTATION-Marine Economics and Finance;NTL-MARINE/WATERWAYS TRANSPORTATION-Ports;
    • Abstract:
      Cargo handling in ports is a multi-output activity, as freight can arrive in many forms such as containers, bulk, rolling stock, or non-containerized general cargo. Port regulation is not an easy task considering the diversity of activities that occur at port facilities. Among those activities, cargo handling is of special relevance since it generally represents over 80% of the costs incurred by a ship loading or unloading goods at a port. In spite of the importance of cargo handling for the regulation of the port sector, little is known in practice about the economics of this service. This paper is an effort to increase understanding of this issue by presenting an estimation of a cost function for general cargo handling services at multi-purpose terminals. The monthly data on three firms located at the Las Palmas port in Spain were analyzed through the estimation of a multi-output cost model. This estimation provides some of the key concepts for the regulation of the sector, such as marginal costs and economies of scale and scope. This paper is structured as follows: Section 2 describes certain aspects of the organization and regulation of the port sector in general and of cargo handling services in particular, from which it can be inferred that cargo handling is a multi-output activity. Section 3 presents the main cost concepts used by the multi-product theory to describe an economic activity, which will be used for the empirical application of this paper. Section 4 summarizes previous works estimating output or cost functions in the port sector. Sections 5 and 6 present the information used to build the database, as well as the findings of the analyses made. Lastly, section 7 presents the final conclusions. References, tables, 27 p.
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