 Persistence and dynamics in the efficiency of toll motorways: The Spanish caseJosé F. Baños-Pino, David Boto-García and Emma Zapico Economics of Transportation, 2022, vol. 31, issue C Abstract: This study performs an empirical analysis of the productive efficiency of toll motorway concessionaire companies in Spain. We estimate a dynamic stochastic frontier model using an input-oriented distance function for 30 concessionaires during the 2003–2015 period. Considering a multi-output production technology with light and heavy vehicles, we estimate an autoregressive dynamic specification under a Bayesian framework that acknowledges persistence in firm efficiency due to adjustment costs. Our results reveal: (i) large persistence in productive inefficiency in the toll motorway sector, (ii) technical change from 2006 onwards, and (iii) increasing returns to scale. We derive both short- and long-run inefficiency estimates and document that long-run inefficiency increases with the number of stretches a firm manages; however, inefficiency is unrelated to the political authority that grants the concession. We also find that the marginal cost of light vehicle-kilometres is about half that for heavy vehicles. Keywords: Dynamic inefficiency; Toll motorways; Concessionaire heterogeneity; Bayesian stochastic frontier analysis; Input distance function (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:ecotra:v:31:y:2022:i:c:s2212012222000211 DOI: 10.1016/j.ecotra.2022.100270 Access Statistics for this article Economics of Transportation is currently edited by Mogens Fosgerau and Erik Verhoef More articles in Economics of Transportation from Elsevier |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.