Analysis on the influence of configuration improvement upon ship maintenance costs based on hedonic model

Abstract

Aiming at the lack of quantitative research of configuration improvement upon ship maintenance costs presently, the hedonic price theory is put forward into this paper on the basis of analyzing heterogeneity characteristics of the ship maintenance activities. And the configuration improvement can be seen as a hedonic of ship maintenance costs as well as others, and then quantified under the quantification principle. Based on the above work, the hedonic model of ship maintenance cost is established based on the Box-Cox transformed combinated data to analyze the influence of configuration improvement upon ship maintenance cost. The empirical results of this hedonic model show that the flexibility coefficient exceeds 1 all the time, and steps down while the numerical value of configuration improvement ascends. The results indicate that the ship maintenance cost grows faster than the degree of configuration improvement, but this trend is slowing in long term.