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Returns to investment in navigation infrastructure: An equilibrium approach

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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.

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Authors and Affiliations

  1. Department of Economics, University of Maryland, Tydings Hall, Room 3105, College Park, MD 20742, USA (e-mail: Kelejian@econ.umd.edu), , , , , , US

    Harry H. Kelejian

  2. The Institute of Water Resources, Casey Building, Alexandria, VA 22315-3868, USA (e-mail: robinson@osiris.cso), , , , , , US

    Dennis P. Robinson

Authors
  1. Harry H. Kelejian
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  2. Dennis P. Robinson
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Received: March 1997/Accepted: October 1997

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Kelejian, H., Robinson, D. Returns to investment in navigation infrastructure: An equilibrium approach. Ann Reg Sci 34, 83–108 (2000). https://doi.org/10.1007/s001680050128

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  • DOI: https://doi.org/10.1007/s001680050128

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