Leandro García-Menéndez

Willingness to Pay for Environmental Improvements in a Large City Evidence from The Spike Model and From a Non-Parametric Approach

In this paper, the Contingent Valuation Method (CVM) is applied in order toestimate the social benefits of a set of environmental and urbanimprovements planned for the waterfront of the City of Valencia (Spain) asa consequence of the expansion and restructuring of its trading port. Asthe data show a high rate of zero responses, we applied the Spike model,one of the most recent models in CVM literature, since traditional models(Logit and Probit) are not suitable, given the characteristics of our data.The non-parametric approach is also applied in order to test the validity ofthe Spike model. The results show certain similarities between the Spikemodel and the non-parametric approach.

European Common Transport Policy and Short-Sea Shipping: Empirical Evidence Based on Modal Choice Models

Abstract This article aims to find the determinants of mode choice decisions for Spanish full lorry and full container loads shipments to the rest of Europe in four productive sectors: agroindustry, ceramic tiles, motor vehicle parts and household appliances. To this end exhaustive fieldwork was carried out and a database constructed, including 507 observations collected from transport decision‐makers. A binary logit is used to estimate a modal choice model where the two modes considered are road transport and Short‐Sea Shipping. The estimation of the model stresses the importance of a politico‐economic evaluation of how to modify the modal split, paying particular attention to the role that can be attributed to a series of variables going beyond cost and time, which address the increasing complexity of sectorial logistics chains.

Valuing Freight Transport Time using Transport Demand Modelling: A Bibliographical Review

The value of time for freight transport is of major importance in infrastructure-related cost–benefit analysis and yet its study has been largely neglected when compared with its passenger counterpart. In fact, one of the attributes that could decide the profitability of a project is how much can be saved if freight vehicles use new infrastructure. Despite being the primary benefit of most investments in transport infrastructure, researchers have not yet reached agreement over either the size or the nature of the values of time that should be used when evaluating projects. This article provides a review of the estimation of freight value of time through transport demand modelling and extant empirical evidence on this topic. Similarly, the bibliographic review of studies undertaken has allowed us to pinpoint the most critical issues when modelling freight transport demand and the position of various research teams regarding these aspects. Such issues include identifying the decision-maker, heterogeneity in the transport flows and transport attributes considered by decision-makers.

The Nonmarket Benefits of Redeveloping Dockland Areas for Recreational Purposes: The Case of Castellón, Spain

As a consequence of the decline of central harbour sites and the relocation of port activities to the outskirts of cities, today waterfront redevelopment has become a key issue in the urban revitalisation policies of port cities. Although we are aware that city-port regeneration has strong links with the real estate market, our purpose here is very different. In particular, the contingent valuation method (CVM) has been applied in order to obtain the nonmarket benefits of the environmental and urban improvements derived from redeveloping some port-related areas for recreational and leisure purposes in the city of Castellón, Spain. To date, no previous study has attempted to apply this method to this policy issue. The result is that CVM provides useful information in this context, however, like any methodology, it has its limitations and it cannot provide a definitive answer to this policy issue. Finally, the estimated benefits are compared with the costs of the provision of such recreational and leisure facilities within a cost–benefit analysis framework, and the main finding is that benefits can plausibly exceed costs.

Port expansion and negative externalities: a willingness to accept approach

Port expansion has been seen as the origin of negative externalities, affecting local residents’ well-being and contributing to the poor public image of ports. In this study, the contingent valuation method is used to estimate the costs borne by local residents as a consequence of the negative externalities derived from the growth of the Port of Valencia (Spain) in the last 30 years. As transport project appraisal has become more complex, this technique complements existing methodologies in this field, such as the social cost benefit analysis and the multicriteria analysis. Given the perceived property rights of families that have been living close to the port for a long time, a willingness to accept (WTA) framework was used. The econometric analysis undertaken reveals that among the different externalities derived from this growth, the only concern that truly affects individuals’ WTA is the reclamation of land from the sea during the port’s expansion. Finally, the results obtained show that the present value of the costs potentially borne by local residents ranges from a minimum value of €64.4 million to a maximum value of €107.4 million, depending of the aggregation criterion chosen.

Port–City Relationship and the Environment: Literature Survey and Methodological Approach for Project Appraisal in Presence of Environmental Externalities

AbstractIn times of increasing environmental awareness, the port–city relationship has gained new meaning because ports have been seen as the origin of both negative and positive externalities affecting public welfare. While the former are the result of port expansion, the latter are the result of transforming obsolete port areas into recreational facilities. Therefore, to support effective policymaking, this paper considers the following question: What is the scope of economic valuation of these externalities in the context of port-project appraisal? Considering their nonmarket nature, which makes economic valuation more difficult, a contingent valuation method is introduced as an economic tool capable of overcoming this obstacle. Thus, the results of the few studies carried out so far in this particular context are reviewed, and some policy implications are obtained with a view to improving understanding of the changing relationship between ports and cities in a context of growing environmental concern.

Integration of foreign trade and maritime transport statistics in Spain

This article aims to contribute to improving maritime trade data by analysing the possibility of integrating in a single enlarged databank two different databases: the Spanish foreign trade and maritime transport datasets. The methodology adopted consisted of studying the primary sources providing data compiled in the foreign trade and maritime traffic databases, analysing the electronic processes used by informants and data collectors and examining the linkages between the different electronic messages involved. Once the links between the trade and sea transport documents and electronic messages were found, a solution for integrating both databases was envisaged. The main outcome is a new proposed database including information on all export and import operations transported by sea. Compiled data for each record would include variables describing the trade operation (commodity, weight and value of the traded goods amongst other fields) as well as information on the transport route followed by each specific export or import flow. The new database would allow port planners to analyse traffic to and from ports’ hinterlands without resorting to estimations, Customs could correct errors affecting the Spanish foreign trade statistics and transport policy-makers, academics and practitioners would benefit from wider-ranging higher quality statistics.

Efficiency in the eurobond market: application of nonparametric techniques

The aim of this article is to analyse the efficiency of eurobond issuers within the primary market, from 1995 to 2000. The study includes a reference to theoretical discussion and to the methodology used; detailed explanation of the variables considered which, in order to supplement those strictly financial, include others such as spread from Interest Rate Risk (IRR) and respective swap; rating, duration and size; and macroeconomic fundamentals of the issuer country. Results and conclusions obtained from the static and dynamic efficiency analyses are then illustrated and discussed.

Transport Logistics and Modal Split of Spanish Exports to Europe: Empirical Evidence

This article attempts to find the determinants of mode choice decisions for Spanish shipments to Europe and North Africa in four productive sectors that presents differentiated transport logistics. To this end, exhaustive fieldwork was carried out and a database constructed, including 1251 observations collected from transport decision-makers. A mixed logit is used to estimate a modal choice model, consistent with economic theory of modal choice in a price-time reliability framework. The main findings are that quality attributes of service influence modal choice only for the relatively high-value sectors whereas relatively low-value sectors are mainly affected by transport costs. In terms of implementing policies to transfer cargo from road transport to short-sea shipping (SSS), the estimated elasticities show that larger modal shifts would be achieved by levying a tax to internalise external costs generated by road transport and strictly enforcing existing regulation on circulation times other than subsidising maritime transport.