This study investigates determinants of the vessel, cargo, and other-property damage costs of bulk barge accidents in US inland waterways. Tobit estimation of a three-equation recursive model suggests that, in bulk barge accidents: (1) vessel damage cost is greater for collision, fire/explosion, and material/equipment failure accidents than for groundings; (2) cargo damage cost is greater at night and when the weather is foggy and increases with barge age; and (3) otherproperty damage cost is greater for multi-vessel accidents, but decreases with barge size. A dollar of vessel damage cost increases other-property damage cost by $1.38, while a dollar of cargo damage cost increases this cost by $6.90. An important result for formulating bulk barge accident cost-reduction policies is that a given determinant might have a negative effect on one type of damage cost but a positive effect on another.
Determinants of the property damage costs of bulk barge accidents
Maritime Policy & Management ; 28 , 2 ; 175-186
2001-04-01
12 pages
Article (Journal)
Electronic Resource
Unknown
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