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SUMMARY:Online seminar – Search frictions and efficiency in decentralise
 d transport markets - Myrto Kalouptsidi\, Assistant Professor\, Harvard Fa
 culty of Arts and Sciences
DTSTART:20211027T140000Z
DTEND:20211027T150000Z
UID:TALK166162@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:We explore efficiency and optimal policy in decentralised tran
 sport markets\, such as taxis\, trucks and bulk shipping. We show that in 
 these markets\, search frictions distort the transportation network and th
 e dynamic allocation of carriers over space. We identify the sources of ex
 ternalities\, derive explicit and intuitive conditions for efficiency and 
 show how they translate into efficient pricing rules or optimal taxes and 
 subsidies for the planner who cannot set prices directly. Using data from 
 dry bulk shipping\, we find sizeable social loss and spatial misallocation
  of carriers. Optimal policy restores efficiency by favouring locations th
 at are central in the trade network and might be preferable to centralisat
 ion.\n\n\n
LOCATION:via zoom 
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