This book looks at maritime economics with direct reference to real world applications. It highlights that the key to understanding maritime economics is to understand the behaviour of individuals and the society in economic decision making, and how this leads to changes in the maritime industry and market. The book is a rigorous coverage of real world problems in maritime studies, methodologies and strategies.
The unique features of the book include: 1) Systematic development of content: from fundamental economic concepts to analytical models. 2) Complete coverage of important issues in maritime economics. Each chapter includes a presentation of phenomena in maritime industry, the related concepts and explanation, the analytical modelling, a well-designed full set of exercises and homework problems, and advanced discussions for researchers.
The book integrates the fundamental economic theory with the real world development in shipping and port and will be of invaluable use to anyone who wishes to understand the function of invisible hand behind the evolution of shipping industry and markets, build strong quantitative (analytical) skills, and make better decisions when they are facing the challenges in the real world.
Part 1: Economic Concepts
1. Introduction to Maritime Economics
2. Theory of Demand and its Applications in Shipping Market
3. The Supply of Firms and Market Supply
4. Market Equilibrium and Evolution
5. Market Structure and Firm Competition Strategy
6. Risk and Uncertainty Part 2: Shipping Economics and Management
7. Freight Market Economics and Evolution
8. Relationship between Different Markets in Maritime Industry
9. Decision Making on Ship Investment
10. Ship Chartering
11. Liner Operation Decision
12. Liner Cooperation and Competition
13. Economics of Shipping Safety Part 3: Economics in Port Development and Operation
14. Port Investment Decision
15. Port Pricing
16. Port Competition and Cooperation
17. Economics in Regional Port Development Part 4: Social Choices
18. Externality in Port and Shipping
19. Emission Reduction in International Shipping
20. International Maritime Centers
Meifeng Luo is an Associate Professor of Maritime Studies in the Department of Logistics and Maritime Studies, as well as the director of the IMC-Frank Tsao Maritime Library and R&D Center in the Hong Kong Polytechnic University. He is currently an associate editor of Maritime Policy and Management: the flagship journal of international shipping and port research. Tsz Leung Yip is currently the Associate Director in C.Y. Tung International Centre for Maritime Studies and Associate Professor at the Department of Logistics and Maritime Studies, The Hong Kong Polytechnic University (PolyU).
