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Title: The economics of organisation in intermodal transport : a transaction-cost approach
Authors: Panayides, PM
Keywords: Economics
Freight Transportation
Operations and Traffic Management
Public Transportation
Issue Date: 2001
Source: Proceedings of the 9th World Conference on Transport Research (WCTR), Seoul, Korea, 22-27 July 2001 How to cite?
Abstract: The objective of this paper is to provide an examination of developments in intermodal transportation and to consider the application of economic approaches (primarily transaction-cost economics) for assessing the effectiveness of the appropriate governance structure for organizing the intermodal transport economic system. The paper discusses the developments in intermodal transportation, particularly in the context of logistics and supply chain management and recognizes the trend for the formation of one-stop shopping mega-carriers spurred by de-regulation and market requirements. This culminates in the need to consider how companies should organize the economic governance of the intermodal transport system. The main governance structures include market (sub-contracting) or hierarchy (vertical integration). The transaction-cost economics approach is reviewed in order to provide the core basis upon which the assessment of the optimal governance structure in intermodal transport can be based. The review of the core economic principles indicates that governance structure in intermodal transport is dependent on transaction-costs, production costs and strategic reasons that a particular structure might entail and the policy implications thereof. The application of these issues at a conceptual level in the intermodal transport context is undertaken whereas detailed direction for further empirical research is provided as well as discussion of policy implications particularly with respect to competition and anti-trust.
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