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dc.contributor.advisorHenry S. Marcus.en_US
dc.contributor.authorDikos, Georgeen_US
dc.contributor.otherMassachusetts Institute of Technology. Dept. of Ocean Engineering.en_US
dc.date.accessioned2006-07-13T15:25:09Z
dc.date.available2006-07-13T15:25:09Z
dc.date.copyright2004en_US
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/1721.1/33447
dc.descriptionThesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Ocean Engineering, 2004.en_US
dc.descriptionIncludes bibliographical references (p. 174-179).en_US
dc.description.abstractThis dissertation develops structural models for analyzing shipping investment decisions, namely ordering, scrapping and lay-up decisions in the tanker industry. We develop models, based on a microeconomic specification, that allow us to understand the dynamics of shipping investment decisions under uncertainty and test interrelated economic assertions with aggregate data. The main framework is a three-party model with a structural specification of the time charter rate process, based on market clearing conditions. Structural estimation of shipping investment decisions is performed by using advanced econometric methods consistent with the Real Options and Market Microstructure literature. Several statistical tests are employed, in order to evaluate alternative specifications. Once the aggregate models have been identified and estimated, some of the early hypotheses in maritime economics are addressed and re-evaluated. Finally we integrate the three different investment modules and reconstruct the structural transportation supply function that determines the equilibrium time charter rate. System identification techniques and advanced econometric methods are employed separately and then combined, resulting in an exceptional "within-sample", as well as "out-of-sample" performance of the integrated model.en_US
dc.description.statementofresponsibilityby George N. Dikos.en_US
dc.format.extent179 p.en_US
dc.format.extent12764418 bytes
dc.format.extent12771956 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypeapplication/pdf
dc.language.isoengen_US
dc.publisherMassachusetts Institute of Technologyen_US
dc.rightsM.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission.en_US
dc.rights.urihttp://dspace.mit.edu/handle/1721.1/7582
dc.subjectOcean Engineering.en_US
dc.titleDecisionmetrices : dynamic structural estimation of shipping investment decisionsen_US
dc.title.alternativeDynamic structural estimation of shipping investment decisionsen_US
dc.typeThesisen_US
dc.description.degreePh.D.en_US
dc.contributor.departmentMassachusetts Institute of Technology. Dept. of Ocean Engineering.en_US
dc.identifier.oclc62889090en_US


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