Please use this identifier to cite or link to this item: http://hdl.handle.net/10553/43824
Title: The econometric estimation of airports' cost function
Authors: Martín Hernández, Juan Carlos 
Voltes Dorta, Augusto 
UNESCO Clasification: 531212 Transportes y comunicaciones
Keywords: Aeropuertos
Costes
Issue Date: 2011
Publisher: 0191-2615
Journal: Transportation Research Part B: Methodological 
Abstract: The econometric estimation of cost functions has been proposed in the literature as a suitable approach in order to obtain estimations of marginal costs, efficiency levels and scale elasticities for transport industries. However, regarding the airport industry, no significant attention has been paid in developing an airport-specific estimation methodology rather than adapting the procedures applied to other industries. The lack of comparable airport data is one of the causes which could explain the scarcity of this literature in the past, as well as the use of very limited approaches to explain airport technology. This paper tries to overcome these limitations by developing an airport-specific methodology to estimate a multi-output long-run cost function using an unbalanced pooled database on 161 airports worldwide. The specification of hedonically-adjusted aircraft operations, domestic and international passengers, cargo and commercial revenues in the output vector, as well as the calculation of input prices are discussed. Both technical and allocative inefficiencies are specified in the model using a Stochastic Frontier method that has been estimated through Bayesian Inference and Markov Chain Monte Carlo methods.
URI: http://hdl.handle.net/10553/43824
ISSN: 0191-2615
DOI: 10.1016/j.trb.2010.05.001
Source: Transportation Research Part B: Methodological[ISSN 0191-2615],v. 45, p. 112-127
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