Returns to investment in navigation infrastructure: An equilibrium approach

Harry H. Kelejian () and Dennis P. Robinson ()
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Harry H. Kelejian: Department of Economics, University of Maryland, Tydings Hall, Room 3105, College Park, MD 20742, USA The Institute of Water Resources, Casey Building, Alexandria, VA 22315-3868, USA
Dennis P. Robinson: Department of Economics, University of Maryland, Tydings Hall, Room 3105, College Park, MD 20742, USA The Institute of Water Resources, Casey Building, Alexandria, VA 22315-3868, USA

The Annals of Regional Science, 2000, vol. 34, issue 1, 83-108

Abstract: We argue that there are serious biases in public infrastructure productivity estimates which are based on a production function, or a cost function framework. These biases arise because public infrastructure has important effects on the demands, as well as prices of the factors of production. In this study we estimate the productivity effects of investment in navigation infrastructure in a systems framework. Our results strongly suggest a significant productivity effect of such investments.

Date: 2000-03-17
Note: Received: March 1997/Accepted: October 1997
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