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Abstract/Syllabus:
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Kite-Powell, Hauke, 2.964 Economics of Marine Transportation Industries, Fall 2006. (Massachusetts Institute of Technology: MIT OpenCourseWare), http://ocw.mit.edu (Accessed 07 Jul, 2010). License: Creative Commons BY-NC-SA
Economics of Marine Transportation Industries
Fall 2006
Container ships docked in the Port of Felixstowe (UK). (Photo courtesy of Jeremy Quinn.)
Course Highlights
This course features a list of readings and examples of student work in assignments.
Course Description
This half-semester course studies the economics of the principal markets related to marine transportation, environment, and natural resources. Topics include structures of the markets and industries involved; competition; impacts of policies and regulations. The course analyzes the relationship among industries, markets, technologies, and national policies, and introduces the concepts of national income accounts, sustainability, and intergenerational equity and their relationship to current economic practice.
Syllabus
Prerequisites
14.01 or permission of instructor.
Textbooks and Readings
There is no required textbook for this course. Students are assigned various readings for each class session.
Assignments
Students are assigned two papers during the term. Associated with the second paper, each student also presents their findings in class during the last two sessions.
Grading Policy
Grading criteria.
ACTIVITIES |
PERCENTAGES |
Written Assignments |
50% |
Class Participation |
50% |
Within the written assignments, the term paper carries twice the weight of the shorter assignment.
Calendar
Course calendar.
LEC # |
TOPICS |
KEY DATES |
Part I. Review of Economic Theory |
1 |
Introduction and Overview |
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2 |
Fundamentals of Market Economics: Supply and Demand, Elasticity, etc. |
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3 |
Fundamentals of Market Economics (cont.): Common Property Resources, Economic Efficiency, Market Failure, etc. |
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4 |
Economics of the Environment
The Time Value of Money
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5 |
Economic Sustainability
Macroeconomics: National Income Accounting
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Part II. Applications to Marine Industries |
6 |
Shipping Markets and Cycles |
Written assignment 1 due |
7 |
Bulk Shipping
LNG Shipping
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8 |
Ship Charter/Purchase Decisions (Guest Lecture by Sydney Levine, Shipping Intelligence Inc.) |
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9 |
Shipping and the Environment: Tanker Spills, Right Whales |
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10 |
Liner Shipping and Ports
FPSOs, Fast Ferries, Fast Freight Ships
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11 |
Shipping Finance, Risk and Return (Guest Lecture by Kevin Hazel, Marsoft Inc.) |
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12 |
Student Presentations
Course Evaluation
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13 |
Student Presentations (cont.)
Course Wrap-up
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Written assignment 2 due |
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Further Reading:
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Readings
LEC # |
TOPICS |
READINGS |
Part I. Review of Economic Theory |
1 |
Introduction and Overview |
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2 |
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Samuelson, P. A., and W. D. Nordhaus. Economics. 18th ed. Columbus, OH: McGraw-Hill, 2004, chapters 1-4. ISBN: 9780072872057. |
3 |
Fundamentals of Market Economics: Common Property Resources, Economic Efficiency, Market Failure, etc. |
Samuelson, P. A., and W. D. Nordhaus. Economics. 18th ed. Columbus, OH: McGraw-Hill, 2004, chapters 18, 19, and 21-23. ISBN: 9780072872057. |
4 |
Economics of the Environment
The Time Value of Money
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Tietenberg, T. H. "Economics of the Environment - An Overview" and "Property Rights, Externalities and Environmental Problems." Environmental and Natural Resource Economics. 3rd ed. Boston, MA: HarperCollins, 1992, chapters 2 and 3. ISBN: 9780673463289.
Schleifer, Arthur, Jr. "Calculating Net Present Values and Accumulations of Cash-Flow Streams." Harvard Business School Note 180-026. Boston, MA: HBS Case Services, 1979.
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5 |
Economic Sustainability
Macroeconomics: National Income Accounting
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Daly, H. E. Beyond Growth. Boston MA: Beacon Press, 1997, chapters 6 and 7. ISBN: 9780807047095.
Bureau of Economic Analysis, U.S. Department of Commerce. "Integrated Economic and Environmental Satellite Accounts." April 1994.
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Part II. Applications to Marine Industries |
6 |
Shipping Markets and Cycles |
Kite-Powell, H. L. "Marine policy: shipping and ports." In Encyclopedia of Ocean Sciences. Edited by J. Steele, S. Thorpe, and K. Turekian. London, UK: Academic Press, 2001, pp. 2768-2776. ISBN: 9780122274305. |
7 |
Bulk Shipping
LNG Shipping
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Jin, D. "Supply and Demand of New Oil Tankers." Marit Pol Mgmt 20, no. 3 (2003): 215-27. |
8 |
Ship Charter/Purchase Decisions (Guest Lecture by Sydney Levine, Shipping Intelligence Inc.) |
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9 |
Shipping and the Environment: Tanker Spills, Right Whales |
Committee on Oil Pollution Act of 1990 (Section 4115) Implementation Review, National Research Council. Double-Hull Tanker Legislation: An Assessment of the Oil Pollution Act of 1990. Washington, DC: The National Academies Press, 1997. ISBN: 9780309063708. |
10 |
Liner Shipping and Ports
FPSOs, Fast Ferries, Fast Freight Ships
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Marcus, H. S. "Interrelationship Between Strategy and Technology in the International Liner Market." Mar Pol Rep 1 (1989): 207-215. |
11 |
Shipping Finance, Risk and Return (Guest Lecture by Kevin Hazel, Marsoft Inc.) |
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12 |
Student Presentations
Course Evaluation
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13 |
Student Presentations (cont.)
Course Wrap-up
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