BATIK MALİYET, POTANSİYEL REKABET VE YARIŞILABİLİRLİK: DENİZYOLU TAŞIMACILIĞI PİYASASI ÖRNEĞİ
Journal Title: Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi - Year 2018, Vol 5, Issue 3
Abstract
Yarışılabilir Piyasalar teorisi, bir piyasada az sayıda ve büyük hacimli firmaların piyasa etkinliği açısından dezavantaj oluşturmayabileceğini ileri sürmektedir. Yoğunlaşma ve ölçek ekonomilerini tekelci gücün kaynağı olarak gören geleneksel yaklaşımların aksine, Yarışılabilir Piyasalar teorisi bu faktörleri etkin piyasalar için bir engel olarak görmemiştir. Teori kapsamında piyasaya giriş ve çıkışların tamamen serbest olması yüksek endüstri verimi için yeterli görülmektedir. 1980’li yılların başında geliştirilen teori kapsamında bir çok piyasa türü için ampirik ve teorik çalışma yapılmıştır. Bu çalışmada, Yarışılabilir Piyasalar Modelinin teorik altyapısı anlatılmış ve Dünya denizyolu taşımacılığı piyasası, potansiyel rekabet ve batık maliyet açısından incelenmiştir. Yapılan ampirik çalışmalar sonucunda piyasanın Yarışılabilir Piyasalar modelinin temel özelliklerini taşıdığı sonucuna varılmıştır. EXTENDED SUMMARY Research Problem: The aim of the study is to investigate whether the main characteristics of the World maritime transport market, in which large capital expenditures are required for entry into the market, are suitable for the Contestable Markets Model. In this context, it is examined whether the market includes potential competition and sunk cost elements. Research Questions: Does the world maritime transport market have the basic characteristics of the Contestable Market model? Are there any entry barriers for maritime market and is the potential competition element in the market effective or not? How to increase actual and potential competition in the market. Does the market involve sunk cost? What is the degree of contestability of market according to the sunk cost? Is the market Perfect Contestable? Literature Review: The Model of Contestable Markets was introduced to the economics literature in the early 1980s by Baumol, Panzar and Willig, and a large literature on the subject has emerged from that time on. Although the model has found application in many different markets, the maritime market has a relatively small number of studies. In this context, the first study encountered in the literature is the study of Davies (1986) which the Canadian liner shipping market is examined and it was concluded that the market is contestable. In the same year, Sayer examined the Australian liner shipping market in the framework of the Contestable Markets Model and concluded that the market was not Contestable. Jankowski (1989) criticized the results of Davies (1986) at three different points and stated that the market could include a sunk cost in excess capacity times. Besides, the calculation of actual entry to the market which constitutes the basis of Davies (1986) 's study is another issue criticized by Jankowski and he emphasized that the the important factor is threats of entry rather than actual entry. The most recent study on the subject belongs to Hirata (2017). In this study, the company mergers and market intensities on different routes between west - east were investigated. As a result, the existence of normal profits in the market has been determined and it is concluded that the market works effectively and efficiently. Methodology: In the study, the suitable of the market to the Contestable Market Model was tried to be measured by two variables. The first one is potential competition and the second is sunk cost variables. The existence of potential competition was tested with the vector autoregressive model of the relationship between the market gains (Baltic Dry Index) and the series of new ship orders. The sunk costs in the market were measured on the value changes of the last 30 years of a 5-year-old dry cargo ship with 70,000 DWT. When the value changes are measured, it is tried to understand whether a number of hit and run entry can be made to the market by taking the short term one year into consideration. The ship values were compiled by the authors from Review of Maritime Transport reports published between 1985 and 2017. Conclusion: In this study, it is concluded that in the maritime transport market, new ship orders are in line with the profits and there is no entry barriers in the market so the effects of potential competition can be felt. On the other hand, in the dry bulk shipping, sub-market of the maritime transport market, although the sunk costs varied significantly time to time, the average is low. The original side of the study is that the concept of reciprocal cost was introduced. This type of cost, which can be encountered in the markets where the supply side cannot be immediately responded to demand increases such as the maritime market, can be considered as inverse of sunk cost like capital gain rather than being a cost. When the results obtained in this study are evaluated as a whole, it is concluded that maritime market carries the main characteristics of the Contestable Markets Model in terms of potential competition and sunk costs. The suitable of the maritime market with the model can be summarized with a few basic characteristics of the market. The first of these is the existence of a very efficient and fast-functioning second-hand market for ships which are the basic capital cost of the market. In this way, the transfer of ships between markets and routes can be realized easily and in a short time. On the other hand, the absence of any legal barriers to entry into the market is an important reason for compliance with the model. Lastly, although the demand for the maritime transport market is fluctuating, there is always a potential demand which keeps the dynamic to supply side of the market.
Authors and Affiliations
Ferhat PEHLİVANOĞLU, Muhammet Rıdvan İNCE
Keywords
Related Articles
- EP ID EP446172
- DOI 10.30798/makuiibf.425245
- Views 187
- Downloads 0
EKONOMİK KOMPLEKSİTE, İHRACAT VE SABİT SERMAYE YATIRIMLARININ KİŞİ BAŞINA DÜŞEN GELİR ÜZERİNDEKİ ETKİSİ: G-20 ÜLKELERİ ÖRNEĞİ
Ülkelerin ihracat hacimlerinin büyüklüğünden ziyade, ihracatın kompozisyonunun önem kazandığı günümüz dünya ekonomisinde, ülkelerin ne denli sofistike ürünler ürettikleri ve ihraç ettikleri o ekonominin kompleksite derec...
ENFORMASYON ÇAĞI – ZAMAN – MEKÂN İLİŞKİSİ BAĞLAMINDA BÖLGESEL KALKINMA KURAM VE SÜREÇLERİ
EXTENDED SUMMARY Research Purpose: The purpose of this essay is to evaluate how the concepts of time and space have transformed in theories of economics, regional development paradigm and location theories from the 18th...
RASYONEL EKONOMİ VE DAVRANIŞ İKTİSADINDAN DEĞERLER İKTİSADINA
İnsanının rasyonelliği üzerine kurgulanan Neoklasik iktisat teorisi bugün dünyada hâkim iktisat politikalarına yön vermektedir. Söz konusu politikaların neticesinde oluşan hali hazırdaki gelir ve servet dağılımı ise kabu...
İÇERİDEN ÖĞRENENLER TİCARETİNE YAKLAŞIMLAR
İçeriden öğrenenler ticareti, piyasaların şeffaflığını engellemekte ve yatırımcıların piyasaya güvenini sarsmaktadır. İçeriden öğrenenler ticareti günümüzde birçok finansal piyasada yasaklanmış olmasına rağmen, yasaklanm...
YÖNETİM KURULU ÇEŞİTLİLİĞİNİN FİRMA DEĞERİNE ETKİSİ: TÜRKİYE ÖRNEĞİ
ÖZ Geçtiğimiz son on yılda dünyanın önde gelen firmalarında meydana gelen finansal başarısızlıklar, kurumsal yönetim (kurumsal yönetişim) kavramına her zamankinden daha fazla önem verilmesine neden olmuştur. Yönetim kuru...