台灣留學生出席國際會議補助

2008年6月11日 星期三

Freight Transportation Derivatives Contracts: State of the Art and Future Developments


論文發表人: 蔡玫亭 (加州大學爾灣分校土木所博士班)
 

http://www.trb.org/meeting/

當今貨物運輸紛紛實行「瘦身」(lean) 與需求回應(demand-responsive)物流系統,即使在運輸需求不確定的情況,仍然高度要求貨物運輸的速度、正確性及可靠性。因此,貨物運輸產業極需新的方法管理運輸合約。實質選擇權(real option)理論之應用就是規避運輸容量及運輸成本不確定性的有效方法之一。海洋運輸是目前唯一使用此類衍生性合約的運輸產業。本研究目的是針對衍生性合約進行整體性探討,我們從海運業衍生性合約市場之發展情形開始,探究海運業市場經營之成敗,根據其經營經驗,就目前美國貨物運輸龍頭產業卡車業,提出卡車運輸衍生性合約之建議,並深入分析引進卡車選擇權合約市場之並要條件及潛在利益。

In lean and demand-responsive logistics systems, orders need to be delivered rapidly, accurately and reliably, even under demand uncertainty. Increasing demands on the industry motivate the introduction of new methods to manage transportation service contracts. One way to hedge transportation capacity and cost volatility is to use real options. To date, ocean transportation is the only area of transportation where this type of contract, also known as a derivatives contract, has been applied. The purpose of this paper is to provide an overview of freight transportation derivatives. We start by reviewing the development of derivatives markets in the maritime industry. Based on our findings and on the experience accumulated in that industry, we investigate the adoption of derivatives contracts in trucking, which is the dominant freight transportation mode. This paper provides an understanding of the necessary conditions and potential benefits for the emergence of a market for truckload options.