This paper deals with investment incentives and develops earlier work done by Marlow, which examined the factors expected to be relevant to shipping investment decisions in the U.K. using standard econometric techniques. It reviews Marlow's model and extends the time-frame to the present day. By respecifying the dependent variable as the gross investment rate; allowing for the possibility that the impact of investment decisions may be lagged and by introducing changes in world conditions rather than their levels, the results changes significantly, with a distinct and positive relationship between incentives and new investment in ships.
Econometric Testing of Investment Incentives: Update of Marlow Model
Maritime Policy & Management ; 22 , 3 ; 265-275
01.01.1995
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