Evolution of logistics and modeling findings in the era of economic crisis in Greece

Abstract This chapter discusses the effect of the economic recession on the logistics sector in Greece and presents an econometric model for the estimation of freight value of time (FVOT) for road, rail, and maritime transport modes. The research approach included a preliminary (secondary) research to assess the market conditions of the logistics sector in Greece before and during the financial crisis and a quantitative survey that took place in 2017 with 100 freight forwarders to understand the decision-making process for freight mode choice. Our analysis indicates that the logistics sector in Greece is growing even if the economic situation of the Greek economy has been deteriorated. The model developed an error component logit model and allowed capturing the taste variation of individuals’ concerning travel time and the estimation of minimum, average, and maximum FVOTs per transport mode. The relative magnitude of the estimated FVOTs confirmed our assumption that freight forwarders prefer road transport modes and are willing to pay more for their usage, whereas a comparative analysis with countries with similar politicoeconomic conditions, such as Italy, revealed that the FVOTs obtained for Greece are lower, and this could be attributed to the economic situation of the country.