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Appendix: Data Definitions and Sources, Detailed Revenue/MC Estimates, Intra-railroad Lengths of Haul, and Comparisons of Marginal Cost Estimates

Table A1: Firms in the Data Set, with Merger Definitions

Atchison, Topeka & Santa Fe (ATSF) 1986-1995 - Merged into BN

Burlington Northern (BN) 1986-2008 - From 1996-2008 includes merged ATSF, BN System

Canadian National (CN) 1999-2008 - Formed with the Merger of ICG, GTW

Chicago & Northwestern (CNW) 1986-1994 - merged into UP

Consolidated Rail Corporation (CR) 1986-1997 - Merged into CSX, NS in 1999 (missing input price data in 1992)

CSX Transportation (CSX) 1986-2007 - from 1999 - 2007 includes merged CSX, CR System

Denver, Rio Grande & Western (DRGW) 1986-1993 - Merged into the SP

Grand Trunk & Western (GTW) 1986-1998 - Merged with ICG into the CN

Illinois Central Gulf (ICG) 1986-1998 - Merged with GTW into the CN

Kansas City Southern (KCS) 1986-2008 (Missing input price data from 1992-1994)

Missouri-Kansas-Texas (MKT) 1986-1987 - Merged into UP

Norfolk Southern (NS) 1986-2008 - from 1999-2008 includes the merged NS, CR System

SOO Line (SOO) 1986-2008

Southern Pacific (SP) 1986-1996 - From 1990-1993 includes merged SP, SSW - From 1994 - 1996 includes merged SP, SSW, DRGW - Merged into UP (missing data on carloads by commodity in 1991-1992)

Saint Louis, Southwestern (SSW) 1986-1989 - Merged into SP

Union Pacific (UP) 1986-2008 - From 1988-1994 includes merged UP, MKT system - From 1995-1996 includes merged UP, CNW system - From 1997-2007 includes merged UP, SP system (missing data on carloads by commodity in 1995)

TOTAL OBSERVATIONS = 222

Table A2: Data Definitions and Sources *

Variable Source

Cost Variable and Construction

Real Total Cost (OPERCOST+ROIRD +ROILCM+ROICRS)/GDPPD

OPERCOST Railroad Operating Cost (R1, Sched. 410, ln. 620, Col F)

ROIRD Return on Investment in Road (ROADINV-ACCDEPR)*COSTKAP

ROADINV Road Investment (R1, Sched 352B, line 31)

ACCDEPR Accumulated Depreciation in Road (R1, Sched 335, line 30, Col. G)

COSTKAP Cost of Capital (AAR Railroad Facts)

ROILCM Return on Investment in Locomotives [(IBOLOCO+LOCINVL)-(ACDOLOCO+LOCACDL)]*COSTKAP

IBOLOCO Investment Base in Owned Loc. (R1, Sched 415, line 5, Col. G)

LOCINVL Investment Base in Leased Loc. (R1, Sched 415, line 5, Col. H)

ACDOLOCO Accum. Depr. Owned Loc. (R1, Sched 415, line 5, Col. I)

LOCACDL Accum. Depr. Leased Loc. (R1, Sched 415, line 5, Col. J)

ROICRS Return on Investment in Cars [(IBOCARS+CARINVL)- (ACDOCARS+CARACDL)]*COSTKAP

IBOCARS Investment Base in Owned Cars (R1, Sched 415, line 24, Col. G)

CARINVL Investment Base in Leased Cars (R1, Sched 415, line 24, Col. H)

ACDOCARS Accum. Depr. Owned Cars (R1, Sched 415, line 24, Col. I)

CARACDL Accum. Depr. Leased Loc. (R1, Sched 415, line 24, Col. J)

Output Variables

Coal Car-Miles Loaded Car-Miles (R1, Sched 755, Col. B, lines 18, 21, 22, 50, 53, 54)

Farm Car-Miles Loaded Car-Miles (R1, Sched 755, Col. B, lines 20, 23, 24, 52, 55, 56, 61, 62)


Variable Source

Intermodal Car-Miles Loaded Car-Miles (R1, Sched 755, Col. B, lines 25, 57)

Pulp Car-Miles Loaded Car-Miles (R1, Sched 755, Col. B, lines 16, 17, 28, 48, 49, 60)

Other Car-Miles Loaded Car-Miles (R1, Sched 755, Col. B, lines 15, 19, 26, 27, 29, 47, 51, 58, 59, 63)

Factor Prices (all divided by GDP Price Deflator)

Labor Price Labor Price per Hour (SWGE+FRINGE) / LBHRS

SWGE Total Salary and Wages (R1, Sched 410, line 620, Col B)

FRINGE Fringe Benefits (R1, Sched 410, lns. 112-114, 205, 224, 309, 414, 430, 505, 512, 522, 611, Col E)

LBHRS Labor Hours (Wage Form A, Line 700, Col 4+6)

Equipment Price Weighted Average Equipment Price (ROI, Ann. Depr, and Lease/Rental payments. per Car and Locomotive - weighted by that type of equipment's share in total equipment cost)

RENTLOCO Lease/Rental Payments Locomotives (R1, Sched 415, Line 5, Col. F)

RENTCARS Lease/Rental Payments Freight Cars (R1, Sched 415, Line 24, Col. F)

ANDOLOCO Ann. Depr. Owned Loc. (R1, Sched 415, line 5, Col. C)

ANDLLOCO Ann. Depr. Leased Loc. (R1. Sched 415, line 5, Col. D)

ANDOCARS Ann. Depr. Owned Cars (R1, Sched 415, line 24, Col. C)

ANDLCARS Ann. Depr. Leased Cars (R1, Sched 415, line 24, Col. D)

OWNLOCO Owned Locomotives (R1, Sched 710, line 10, Col. H)

LEASELOCO Leased Locomotives (R1, Sched 710, line 10, Col. I)

OWNCARS Owned Cars (R1, Sched 710, line 53, Col. I)

LEASECARS Leased Cars (R1, Sched 710, line 53, Col. J)

Fuel Price Fuel Expenses/Fuel Gallons

FUEL Expenses Fuel Expenses (R1, Sched 410, line 409, Col F + R1, Sched 410, line 425, Col F)


Variable Source

FUEL Gallons Fuel Gallons (R1, Sched 750, line 4, Col B)

Materials and Supply Price AAR Materials and Supply Index

Way and Structures Price (ROIRD+ANNDEPRD)/ MOT

ANNDEPRD Annual Depreciation of Road (R1, Sched 335, line 30, Col C)

MOT Miles of Track (R1, Sched 720, line 6, Col B)

Technological Conditions

Tons per Car RTM/TOTCM

RTM Revenue Ton-Miles (R1, Sched 755, line 110, Col. B)

TOTCM Total Loaded Car-Miles (R1, Sched 755, Col. B, lines 30, 64)

RM Route Miles (R1, Sched 700, line 57, Col. C)

PCTORG Percent of Tons Originated ((TONSOT+TONSOD)/TOTTONS)

TONSOT, TONSOD, TOTTONS Tons Originated and Terminated, Tons Originated and Delivered, Total Tons (QCS, line 900, Cols. C, E, and K)

Average Length of Haul TOTCM / TOTCARS

TOTCARS Total cars carried (QCS, line 900, Col. J)

Data on Revenues and Carloads by Commodity and Car-Type

Total Revenues by Commodity (QCS, line corresponding to 2-digit commodity, Col. L)

Total Carloads by Commodity (QCS, line corresponding to 2-digit commodity, Col. J)

CLOT Total Carloads Originated and Terminated by Car-Type (URCS Worktable A, Part 6, Col. 1)

CLOF Total Carloads Originated and Forwarded by Car-Type (URCS Worktable A, Part 6, Col. 2)

CLRT Total Carloads Received and Terminated by Car-Type (URCS Worktable A, Part 6, Col. 3)

CLRF Total Carloads Received and Forwarded by Car-Type (URCS Worktable A, Part 6, Col. 4)


Variable Source

ALH by Output Type Car-Miles for Output Type / (CLOT+CLOF+CLRT+CLRF for cars comprising the output type)

*Italics indicate that the variable is used directly in the cost function

Table A3: Nonlinear Seemingly Unrelated Regression Estimation of Railroad Costs 1986-2008 (Full Estimation Results)

Variable Parameter Estimate Standard Error

Intercept 22.5233* 0.1314

Labor Price 0.3145* 0.0055

Equipment Price 0.1028* 0.0031

Fuel Price 0.0800* 0.0029

Materials Price 0.2548* 0.0043

Output 0.5904* 0.0754

Route Miles 0.4539* 0.1279

Percent of Tons Originated 0.0362 0.0896

Average Length of Haul -0.1749*** 0.0895

Tons Per Car 0.3426* 0.1181

Time -0.3237* 0.0454

Qf 0.2239* 0.0553

Qt 0.2422* 0.0477

Qp 0.1247* 0.0423

Qo 0.1442* 0.0338

½ Labor Price2 0.0847* 0.0147

½ Equipment Price2 0.01144** 0.0048

½ Fuel Price2 0.0741* 0.0035

½ Materials Price2 0.0232 0.0222

Labor Price x Equip Price -0.0267* 0.0052

Labor Price x Fuel Price -0.0272* 0.0051

Labor Price x Materials Price 0.0470* 0.0153

Equip Price x Fuel Price -0.0112* 0.0024

Equip Price x Materials Price 0.0365* 0.0075

Fuel Price x Materials Price -0.0162** 0.0063

½ Output2 0.3948* 0.1487

½ Route Miles2 0.0692 0.1753



½ Pct. Tons Orig2 -1.4201* 0.3489

½ Avg. Haul2 0.0783 0.1831

½ Tons per Car2 0.0259 0.3865

½ Time2 -0.0984 0.0629

Labor Price x Output 0.0454* 0.0089

Equipment Price x Output -0.0193* 0.0075

Fuel Price x Output 0.0252* 0.0041

Materials Price x Output 0.0079 0.0137

Labor Price x Route Miles -0.0261* 0.0096

Equipment Price x Route Miles 0.0232* 0.0082

Fuel Price x Route Miles -0.0303* 0.0045

Materials Price x Route Miles -0.0183 0.0148

Labor Price x Pct. Orig. -0.0170*** 0.0094

Equipment Price x Pct. Orig. -0.0128 0.0080

Fuel Price x Pct. Orig. -0.0074*** 0.0043

Materials Price x Pct. Orig. 0.0069 0.0143

Labor Price x Avg. Haul -0.0548* 0.0085

Equipment Price x Avg. Haul -0.0071 0.0071

Fuel Price x Avg. Haul 0.0483* 0.0039

Materials Price x Avg. Haul 0.0082 0.0127

Labor Price x Tons per Car -0.0223** 0.0110

Equipment Price x Tons per Car -0.0273* 0.0093

Fuel Price x Tons per Car 0.0695* 0.0052

Materials Price x Tons per Car -0.0439** 0.0171

Labor Price x Time -0.0479* 0.0056

Equipment Price x Time 0.0069 0.0045

Fuel Price x Time 0.0055** 0.0026



Materials Price x Time 0.0293* 0.0084

Route Miles x Pct. Tons Orig. 0.3892*** 0.2194

Route Miles x Avg. Haul 0.5943* 0.2106

Route Miles x Tons per Car 0.1305 0.2508

Route Miles x Time 0.1355 0.1046

Pct. Tons Orig. x Avg. Haul -0.3907*** 0.2234

Pct. Tons Orig. x Tons per Car -0.5168*** 0.2967

Pct. Tons Orig. x Time 0.1904 0.1203

Avg. Haul x Tons per Car -0.0062 0.2214

Avg. Haul x Time 0.0839 0.0895

Tons per Car x Time 0.0703 0.1184

Output x Route Miles -0.2949*** 0.1607

Output x Pct. Tons Orig. 0.0718 0.1498

Output x Avg. Haul -0.4413* 0.1446

Output x Tons per Car 0.0375 0.2276

Output x Time -0.1688*** 0.0925

*significant at the 1 percent level

**significant at the 5 percent level

***significant at the 10 percent level

Variables except for Qs are in Natural Logarithms, where Output=f(Qf,Qt,Qp,Qo,Qc).

Parameter estimates for railroad dummies not shown. They are available upon request from the authors.

Adjusted R-Square: Cost = .9981, Labor Share = .7969, Equip. Share = .1661, Fuel Share = .8575, Mat. Share = .3687

# of Observations=222

Table A4: Simulated Revenue/Marginal Cost Ratios for Coal, Intermodal, Farm Products, Chemicals, Food Products, Pulp/Paper, Lumber Products – 1986-2007 (2005 Prices -- Yearly Mean all Indep. Vars.)

– Note R=Revenues, MC=Marginal Cost, CM=Car-MileCoal (Standard Errors are in Parentheses)

Year R/MC Revenue per CM MC per CM R/SAC1986 1.93

(0.38)$6.05 $3.14

(0.61)0.38(0.07)

1987 1.89(0.36)

$5.46 $2.90(0.55)

0.39(0.06)

1988 1.96(0.34)

$5.53 $2.82(0.49)

0.42(0.07)

1989 2.05(0.35)

$5.58 $2.72(0.46)

0.40(0.07)

1990 1.97(0.32)

$5.30 $2.70(0.44)

0.41(0.06)

1991 1.60(0.27)

$4.49 $2.81(0.47)

0.40(0.05)

1992 1.64(0.27)

$4.25 $2.60(0.43)

0.39(0.05)

1993 1.75(0.28)

$4.40 $2.51(0.40)

0.33(0.05)

1994 1.71(0.28)

$4.26 $2.49(0.40)

0.34(0.05)

1995 1.68(0.27)

$4.25 $2.53(0.41)

0.29(0.05)

1996 1.86(0.30)

$4.30 $2.31(0.38)

0.34(0.05)

1997 1.45(0.25)

$3.74 $2.57(0.44)

0.33(0.05)

1998 1.41(0.25)

$3.37 $2.39(0.42)

0.35(0.04)

1999 1.31(0.24)

$3.16 $2.41(0.44)

0.34(0.04)

2000 1.31(0.24)

$3.06 $2.34(0.42)

0.34(0.04)

2001 1.44(0.26)

$3.25 $2.26(0.41)

0.37(0.04)


– Note R=Revenues, MC=Marginal Cost, CM=Car-MileCoal (Standard Errors are in Parentheses)


(0.27)$3.12 $2.14

(0.39)0.34(0.04)

2003 1.43(0.26)

$3.01 $2.11(0.38)

0.34(0.04)

2004 1.40(0.26)

$3.08 $2.20(0.41)

0.33(0.04)

2005 1.30(0.24)

$3.16 $2.43(0.46)

0.32(0.04)

2006 1.13(0.21)

$2.19 $1.94(0.35)

0.35(0.03)

2007 1.18(0.22)

$2.35 $1.99(0.37)

0.36(0.03)

2008 1.20(0.23)

$2.39 $1.99(0.37)

0.37(0.03)


– Note R=Revenues, MC=Marginal Cost, CM=Car-MileTOFC


(0.13)$1.71 $2.87

(0.61)0.17(0.02)

1987 0.58(0.12)

$1.53 $2.65(0.55)

0.17(0.02)

1988 0.52(0.10)

$1.33 $2.57(0.51)

0.15(0.02)

1989 0.44(0.09)

$1.10 $2.49(0.49)

0.13(0.01)

1990 0.55(0.11)

$1.35 $2.47(0.48)

0.15(0.02)

1991 0.60(0.12)

$1.55 $2.57(0.51)

0.16(0.02)

1992 0.68(0.14)

$1.62 $2.37(0.47)

0.17(0.02)

1993 0.72(0.14)

$1.65 $2.30(0.45)

0.18(0.02)

1994 0.73(0.15)

$1.66 $2.28(0.46)

0.19(0.02)

1995 0.74(0.15)

$1.71 $2.31(0.46)

0.18(0.02)

1996 0.87(0.18)

$1.84 $2.11(0.45)

0.20(0.03)

1997 0.78(0.17)

$1.84 $2.35(0.51)

0.21(0.03)

1998 0.98(0.22)

$2.15 $2.18(0.49)

0.23(0.03)

1999 0.90(0.21)

$1.97 $2.20(0.50)

0.22(0.03)

2000 1.01(0.23)

$2.16 $2.14(0.49)

0.25(0.04)


– Note R=Revenues, MC=Marginal Cost, CM=Car-MileTOFC


(0.23)$2.02 $2.06

(0.48)0.23(0.03)

2002 1.04(0.24)

$2.03 $1.95(0.46)

0.24(0.03)

2003 1.08(0.25)

$2.08 $1.92(0.45)

0.25(0.04)

2004 1.15(0.27)

$2.31 $2.01(0.48)

0.25(0.04)

2005 1.17(0.28)

$2.59 $2.22(0.53)

0.25(0.04)

2006 1.44(0.34)

$2.55 $1.77(0.42)

0.28(0.05)

2007 1.41(0.34)

$2.56 $1.82(0.44)

0.24(0.05)

2008 NA NA $1.82(0.44)

NA


– Note R=Revenues, MC=Marginal Cost, CM=Car-Mile

Farm Products, Chemicals, Food ProductsFarm Products Chemicals Food Products

Year R/MC Revenue per CM

R/SAC R/MC Revenue per CM


R/SAC MC per CM

1986 1.23(0.35)

$3.25 0.29(0.06)

1.82(0.52)

$4.84 0.43(0.09)

1.44(0.41)

$3.82 0.34(0.07)

$2.65(0.76)

1987 1.31(0.37)

$3.20 0.33(0.06)

1.99(0.55)

$4.86 0.50(0.09)

1.51(0.42)

$3.69 0.38(0.07)

$2.45(0.68)

1988 1.46(0.39)

$3.47 0.36(0.07)

2.08(0.56)

$4.94 0.51(0.09)

1.55(0.42)

$3.69 0.38(0.07)

$2.38(0.64)

1989 1.53(0.40)

$3.51 0.36(0.06)

2.06(0.54)

$4.73 0.48(0.09)

1.50(0.39)

$3.45 0.35(0.06)

$2.30(0.60)

1990 1.53(0.39)

$3.48 0.37(0.06)

1.95(0.50)

$4.45 0.47(0.08)

1.44(0.37)

$3.27 0.35(0.06)

$2.28(0.58)

1991 1.39(0.36)

$3.31 0.38(0.06)

1.85(0.47)

$4.38 0.50(0.07)

1.33(0.34)

$3.16 0.36(0.05)

$2.37(0.60)

1992 1.45(0.37)

$3.19 0.40(0.06)

1.85(0.47)

$4.06 0.51(0.07)

1.35(0.34)

$2.95 0.37(0.05)

$2.19(0.56)

1993 1.45(0.36)

$3.08 0.36(0.06)

1.78(0.44)

$3.79 0.45(0.07)

1.34(0.33)

$2.84 0.34(0.05)

$2.12(0.53)

1994 1.62(0.40)

$3.41 0.40(0.06)

1.93(0.48)

$4.06 0.47(0.07)

1.47(0.37)

$3.09 0.36(0.05)

$2.11(0.52)

1995 1.59(0.39)

$3.39 0.34(0.06)

1.69(0.42)

$3.60 0.36(0.06)

1.33(0.33)

$2.84 0.29(0.05)

$2.14(0.53)

1996 1.56(0.39)

$3.05 0.36(0.06)

1.79(0.44)

$3.49 0.41(0.06)

1.38(0.34)

$2.70 0.32(0.05)

$1.95(0.49)

1997 1.43(0.37)

$3.10 0.41(0.06)

1.59(0.41)

$3.46 0.46(0.07)

1.28(0.33)

$2.78 0.37(0.05)

$2.17(0.56)

1998 1.36(0.36)

$2.75 0.41(0.05)

1.45(0.38)

$2.94 0.44(0.06)

1.22(0.32)

$2.46 0.37(0.05)

$2.02(0.53)

1999 1.40(0.37)

$2.84 0.45(0.06)

1.52(0.40)

$3.08 0.49(0.06)

1.24(0.33)

$2.53 0.40(0.05)

$2.04(0.53)


– Note R=Revenues, MC=Marginal Cost, CM=Car-Mile

Farm Products, Chemicals, Food ProductsFarm Products Chemicals Food Products

Year R/MC Revenue per CM



R/SAC MC per CM

2000 1.51(0.39)

$2.98 0.48(0.06)

1.63(0.43)

$3.23 0.52(0.07)

1.32(0.34)

$2.61 0.42(0.06)

$1.98(0.52)

2001 1.41(0.37)

$2.69 0.44(0.06)

1.56(0.41)

$2.98 0.48(0.06)

1.26(0.33)

$2.41 0.39(0.05)

$1.91(0.50)

2002 1.51(0.40)

$2.73 0.43(0.06)

1.65(0.43)

$2.98 0.47(0.07)

1.39(0.36)

$2.50 0.39(0.06)

$1.81(0.47)

2003 1.52(0.39)

$2.70 0.44(0.06)

1.64(0.43)

$2.92 0.48(0.07)

1.40(0.36)

$2.49 0.40(0.06)

$1.78(0.46)

2004 1.46(0.38)

$2.71 0.41(0.06)

1.53(0.40)

$2.84 0.43(0.06)

1.31(0.35)

$2.44 0.37(0.05)

$1.86(0.49)

2005 1.49(0.39)

$3.06 0.43(0.06)

1.47(0.39)

$3.01 0.42(0.06)

1.31(0.34)

$2.67 0.37(0.05)

$2.05(0.54)

2006 1.93(0.50)

$3.16 0.51(0.08)

1.90(0.49)

$3.11 0.50(0.08)

1.74(0.45)

$2.84 0.46(0.08)

$1.64(0.42)

2007 1.80(0.47)

$3.02 0.46(0.07)

1.87(0.48)

$3.14 0.47(0.08)

1.72(0.45)

$2.90 0.44(0.07)

$1.68(0.44)

2008 2.11(0.55)

$3.54 0.52(0.08)

2.14(0.56)

$3.59 0.53(0.08)

1.99(0.52)

$3.34 0.49(0.08)

$1.68(0.44)


– Note R=Revenues, MC=Marginal Cost, CM=Car-MilePulp/Paper Products and Lumber

Pulp/Paper Products LumberYear R/MC Revenue per

CMR/SAC R/MC Revenue per

CMR/SAC MC per CM

1986 1.97(0.72)

$2.91 0.35(0.08)

1.77(0.65)

$2.62 0.19(0.04)

$1.48(0.54)

1987 2.02(0.74)

$2.75 0.21(0.05)

1.80(0.66)

$2.45 0.19(0.04)

$1.36(0.50)

1988 2.15(0.77)

$2.84 0.20(0.05)

1.96(0.70)

$2.59 0.18(0.05)

$1.33(0.47)

1989 2.19(0.78)

$2.80 0.18(0.05)

1.94(0.69)

$2.48 0.16(0.04)

$1.28(0.46)

1990 2.05(0.72)

$2.61 0.16(0.04)

1.85(0.65)

$2.35 0.15(0.04)

$1.27(0.45)

1991 2.03(0.72)

$2.68 0.16(0.04)

1.80(0.64)

$2.37 0.14(0.04)

$1.32(0.47)

1992 2.00(0.72)

$2.44 0.15(0.04)

1.82(0.65)

$2.22 0.13(0.04)

$1.22(0.44)

1993 1.99(0.71)

$2.36 0.15(0.04)

1.82(0.65)

$2.15 0.14(0.04)

$1.18(0.42)

1994 2.01(0.72)

$2.35 0.15(0.04)

1.89(0.68)

$2.22 0.15(0.04)

$1.17(0.42)

1995 1.99(0.71)

$2.37 0.14(0.04)

1.79(0.64)

$2.13 0.13(0.03)

$1.19(0.42)

1996 2.02(0.72)

$2.20 0.13(0.04)

1.98(0.70)

$2.16 0.13(0.04)

$1.09(0.39)

1997 1.90(0.68)

$2.30 0.15(0.04)

2.01(0.72)

$2.43 0.16(0.05)

$1.21(0.44)

1998 2.16(0.79)

$2.43 0.17(0.05)

2.31(0.84)

$2.60 0.19(0.05)

$1.12(0.41)

1999 1.98(0.73)

$2.25 0.17(0.05)

2.25(0.83)

$2.55 0.20(0.05)

$1.13(0.42)


– Note R=Revenues, MC=Marginal Cost, CM=Car-MilePulp/Paper Products and Lumber

Pulp/Paper Products LumberYear R/MC Revenue per

CMR/SAC R/MC Revenue per

CMR/SAC MC per CM

2000 2.25(0.82)

$2.48 0.19(0.05)

2.53(0.92)

$2.78 0.21(0.06)

$1.10(0.40)

2001 2.25(0.83)

$2.39 0.17(0.05)

2.53(0.93)

$2.69 0.19(0.06)

$1.06(0.39)

2002 2.44(0.90)

$2.45 0.17(0.05)

2.77(1.02)

$2.79 0.20(0.06)

$1.01(0.37)

2003 2.52(0.92)

$2.50 0.18(0.06)

2.93(1.07)

$2.90 0.21(0.06)

$0.99(0.36)

2004 2.38(0.88)

$2.46 0.16(0.05)

2.79(1.03)

$2.89 0.19(0.06)

$1.03(0.38)

2005 2.38(0.88)

$2.72 0.16(0.05)

2.96(1.09)

$3.38 0.20(0.06)

$1.14(0.42)

2006 3.37(1.23)

$3.07 0.18(0.07)

4.21(1.53)

$3.84 0.22(0.09)

$0.91(0.33)

2007 3.26(1.19)

$3.05 0.14(0.06)

4.03(1.47)

$3.77 0.17(0.07)

$0.94(0.34)

2008 3.59(1.30)

$3.36 0.13(0.06)

4.71(1.71)

$4.40 0.15(0.07)

$0.94(0.34)

Figure 1: Comparison of MC Estimates - Overall Means vs. Indiv. RRs (Coal)

Figure 2: Comparison of MC Estimates - Overall Means vs. Indiv. RRs (TOFC)

Figure 3: Comparison of MC Estimates - Overall Means vs. Indiv. RRs (Farm/Chem/Food)

Figure 4: Comparison of MC Estimates - Overall Means vs. Indiv. RRs (Pulp/Paper/Lumber)

static-content.springer.com10.1007... · web viewweighted average equipment price (roi, ann. depr,...

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