![]() ![]() We derive both short- and long-run inefficiency estimates and document that long-run inefficiency increases with the number of stretches a firm manages however, inefficiency is unrelated to the political authority that grants the concession. Our results reveal: i) large persistence in technical inefficiency in the toll motorway sector, ii) technical change from 2006 onwards, and iii) increasing returns to scale. ![]() Considering a multi-output production technology with light and heavy vehicles, we estimate an autoregressive dynamic specification under a Bayesian framework that acknowledges persistence in firm efficiency due to adjustment costs. We estimate a dynamic stochastic frontier model using an input-oriented distance function for 30 concessionaires during the 2003-2015 period. This study performs an empirical analysis of the technical efficiency of toll motorway concessionaire companies in Spain. ![]()
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December 2022
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