Determinants of the property damage costs of tanker accidents

Determinants of the property damage costs of tanker accidents

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Article ID: iaor20002245
Country: United Kingdom
Volume: 4D
Issue: 6
Start Page Number: 413
End Page Number: 426
Publication Date: Nov 1999
Journal: Transportation Research. Part D, Transport and Environment
Authors:
Keywords: accidents
Abstract:

This study investigates determinants of the vessel, oil cargo spillage, and other-property damage costs of tanker accidents. Tobit estimation of a three-equation recursive model suggests that, among types of tanker accidents, fire/explosion accidents incur the largest vessel damage costs, but the smallest oil cargo spillage costs. Alternatively, grounding accidents incur the smallest vessel damage costs, but the largest oil cargo spillage costs, reflecting the difficulty of controlling oil cargo spillage subsequent to such accidents. Also, oil cargo spillage costs are lower for US flag tanker accidents. A dollar of vessel damage cost increases other-property damage cost by $0.06, whereas a dollar of oil cargo spillage increases this cost by $1.55.

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