Modeling Freight Markets for Coal
Journal article, Peer reviewed
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Original versionMaritime Economics & Logistics 2009, 11(3):289-301 10.1057/mel.2009.10
In this paper we study bulk shipping of coal between the central regions in the world. We compare the performance of cost-minimizing models with a gravity model approach. The main finding in the paper is that cost minimizing models provide relative poor fits to data. A simple one-parameter gravity model, however, provides very satisfactory fits to observed behavior.