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Strategies for measuring productive highway capital stocks Fraumeni, Barbara

By: Fraumeni, BarbaraPublication details: Transportation Research Board. Conference proceedings 21, 2000Description: nr 21, s. 71-92Subject(s): USA | Conference | Road network | Measurement | Method | Production | 02Bibl.nr: VTI P9000:21Location: Abstract: This paper summarizes the methodological concepts and techniques needed to measure productive highway capital stocks and outlines two shortcut measurement strategies. The paper begins by briefly outlining the difference between productive and wealth capital stock. An accompanying sidebar continues this conceptual discussion with particular reference to efficiency patterns. Next, the perpetual inventory method is presented, as both measurement strategies call for its use. The strategies, whose description is the central core of this paper, are based on the findings and analysis in Fraumeni's "Productive Highway Capital Stock Measures" (http://www.fhwa.dot.gov/reports/phcsm/index.htm). The simplest strategy for measuring productive capital stock is described first, followed by a description of a more complicated and more time-consuming strategy. Reasons are given for why and in what circumstances the more complicated strategy should be followed. Either of these strategies can be applied to stock measurement at different administrative or geographic levels. The more complicated strategy allows for the introduction of information specific to the particular project being undertaken. The final topic covered is benchmarking, a necessary component of almost any effort to construct a capital stock.
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This paper summarizes the methodological concepts and techniques needed to measure productive highway capital stocks and outlines two shortcut measurement strategies. The paper begins by briefly outlining the difference between productive and wealth capital stock. An accompanying sidebar continues this conceptual discussion with particular reference to efficiency patterns. Next, the perpetual inventory method is presented, as both measurement strategies call for its use. The strategies, whose description is the central core of this paper, are based on the findings and analysis in Fraumeni's "Productive Highway Capital Stock Measures" (http://www.fhwa.dot.gov/reports/phcsm/index.htm). The simplest strategy for measuring productive capital stock is described first, followed by a description of a more complicated and more time-consuming strategy. Reasons are given for why and in what circumstances the more complicated strategy should be followed. Either of these strategies can be applied to stock measurement at different administrative or geographic levels. The more complicated strategy allows for the introduction of information specific to the particular project being undertaken. The final topic covered is benchmarking, a necessary component of almost any effort to construct a capital stock.

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