Τμήμα Οικονομικών Επιστημών

Dear All,

We would like to inform you for the following research seminar: 

Wednesday, April 7, 2021, 19:00-20:30

Theodore Papageorgiou, Assistant Professor at the Department of Economics at Boston College.

URL: https://www.theodorepapageorgiou.com/

Title: "Search Frictions and Efficiency in Decentralized Transport Markets" (by Theodore Papageorgiou joint with Giulia Brancaccio, Myrto Kalouptsidi and Nicola Rosaia)

Webex link: https://uoa.webex.com/uoa/j.php?MTID=ma7be5e7343bdb312826d29642f1290b2

Password (in case needed): riQ9hSdXM25

Abstract

We explore efficiency and optimal policy in decentralized transport markets, such as taxis, trucks and bulk shipping. We show that in these markets, search frictions distort the transportation network and the dynamic allocation of carriers over space. We identify the sources of externalities, derive explicit and intuitive conditions for efficiency and show how they translate into efficient pricing rules or optimal taxes and subsidies for the planner who cannot set prices directly. Using data from dry bulk shipping, we find sizeable social loss and spatial misallocation of carriers. Optimal policy restores efficiency by favoring locations that are central in the trade network and might be preferable to centralization.

Organizers:

Assoc. Professor Dimitris Kenourgios

Assist. Professor George Dotsis

Assist. Professor Frago Kourandi