Estimation and specification of the effects of parking costs on urban transport mode choice

The effect of changes in parking fees on urban transport mode choice is investigated to evaluate the claim that parking taxes are an effective substitute for road pricing in influencing congestion. It is shown that previous analyses of the modal choice decision with respect to parking costs have misspecified the model, resulting in biased predictions. Binary logit analysis is used to estimate the traditional and correctly specified models. Elasticities for four policy oriented variables are calculated. The elasticities provide a measure of the bias from misspecification and indicate the most effective policy variables to reduce auto use.     

Price volatility in the airline markets

In this article we examine volatility measures and investigate what factors explain price volatility in different US domestic air routes. We find that volatility remains reasonably stable up to 2 weeks prior to the flight, at which point it increases significantly. The type, LCC or legacy carrier, and identity of the airlines appears to have a major impact on the volatility measures, and that these effects are different for 2 weeks out and 1 day out, even after controlling for market differences.     

The cross section of conditional mutual fund performance in European stock markets

This paper implements strategies that use macroeconomic variables to select European equity mutual funds, including Pan-European, country, and sector funds. We find that several macro-variables are useful in locating funds with future outperformance and that country-specific mutual funds provide the best opportunities for fund rotation strategies using macroeconomic information. Specifically, our baseline long-only strategies that exploit time-varying predictability provide four-factor alphas of 12–13% per year over the 1993–2008 period. Our study provides new evidence on the skills of local versus Pan-European asset managers, as well as how macroeconomic information can be used to locate and time these local fund manager skills.     

Less than perfect aggregation of input-output models: The choice of bounds

An upper bound used in consolidating input-output models is shown to be non-minimal, and thus non-optimal. The least upper bound is then obtained. Non-least upper bounds are shown to be useful only when complemented by corresponding lower ones.     

Parking location and transit demand: A case study of endogenous attributes in disaggregate mode choice models

This paper discusses a simultaneous model of transport mode choice and optimal parking location for the auto mode. In developing this model, four extensions of disaggregate choice theory are made that should be useful in other applications. These extensions are: (1) the formulation of an econometric model that allows for continous endogenous attributes in discrete choice decisions; (2) the use of an econometric estimation technique that is implementable using existing computer programs; (3) the development of an explicit reduced form expansion path cost model of location decisions; and (4) the extension of aggregation procedures to predict both transit demand and the spatial distribution of parking.     

Measuring firm performance: Bayesian estimates with good and bad outputs

Set in the airport industry, this paper measures firm performance using both desirable and bad outputs (i.e. airport delays). We first estimate a model that does not include the bad outputs and then a model that includes bad outputs. The results show important differences in the efficiency and productivity results depending on whether bad outputs are or are not included in the model. The differences reflect the resource cost to society and the potential cost to an airport if such externalities were internalized. Finally, the paper provides measures of shadow prices for the bad output, in our case airport delay, and discusses the results in terms of several interesting trends affecting US airports.     

On academic publishing,the myth of the East–West nexus,and tourism scholars in a regime era – a commentary on “The global permutations of the Western publication regime” by Erik Cohen,Scott A. Cohen,and Victor T. King

The article, “The global permutations of the Western publication regime” (http://dx.doi.org/10.1080/13683500.2016.1272556), inspires this short commentary. I respond directly to two points made in the original article about academic publishing and divisions between the “East” and “West” and make an additional point about the role of tourism scholars in these debates. My reason for writing this commentary is twofold: to take seriously the publishing regime’s influence in academia around the world and to challenge a universalizing critique of its features.