Excerpt from The Theory of Oil Tankship Rates: An Economic Analysis of Tankship Operations
This study is based on my doctoral dissertation and subsequent related research that I conducted in the area of tankship transportation economics. The essential characteristics of the t... ankship markets, and the factors that influence the behavior of tanker owners and tanker charterers, have not changed since 1959 when I submitted the dissertation to the Department of Economics at the Massachusetts Institute of Technology. Intervening events provided further evidence that the conclusions reached then are based on fundamental interrelationships of general applicability and which can stand the test of time.
My interest in the area of tankship rate formation started in the spring of 1956, and was stimulated by Professor Morris A. Adelman who became chairman of my thesis committee. To him, and Professors Charles P.Kindleberger and Robert M. Solow, the other members of the committee, I wish to express my great appreciation for their guidance.
To those who assisted me with the original manuscript I once again acknowledge my gratitude. In particular I wish to thank Professor Gordon Shillinglaw, now at Columbia University, and Miss Miriam Sherburne of the Sloan School of Management of the Massachusetts Institute of Technology who offered helpful criticism and suggestions on organization and form.
The Sloan School of Management of the Massachusetts Institute of Technology supported part of the cost of data collection and processing with a grant from the Sloan Research Funds, and the Massachusetts Institute of Technology Computation Center allotted computer time to my research project for many statistical calculations and tests. To those responsible for this aid go my sincere thanks.
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