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Comparing transaction-based and expert-generated price indices in the market for offshore support vessels

Roar Adland, Pierre Cariou (pierre.cariou@euromed-management.com) and François-Charles Wolff
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Roar Adland: NHH - Norwegian School of Economics and Business Administration, Department of Economics - Norwegian School of Economics and Business Administration
Pierre Cariou: Kedge Business School [Talence]

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Abstract: We propose a methodology to generate transaction-based price indices in a heterogeneous physical market and to compare such indices with expert-generated price indices. We apply our framework to the offshore services market using a unique dataset of around 8,000 transactions. We find that the deviation between our transaction-based indices and shipbrokers' market indices is positively impacted by the level of dayrates and negatively impacted by the volume of transactions. Our approach is useful for the quality assurance of expert-generated price indices in heterogeneous physical markets such as transportation services.

Keywords: Hedonic pricing; fixtures; offshore; dayrates; shipbrokers; heterogeneous contracts (search for similar items in EconPapers)
Date: 2018-07-18
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01843720
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