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Tracing the woes : an empirical analysis of the airline industry

Author: Steven Berry; Panle Jia; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2008.
Series: Working paper series (National Bureau of Economic Research), no. 14503.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
The U.S. airline industry went through tremendous turmoil in the early 2000's. There were four major bankruptcies and two major mergers, with all legacy carriers reporting a large profit reduction. This paper presents a structural model of the airline industry, and estimates the impact of demand and supply changes on profitability. We find that, compared with the late 1990s, in 2006, a) air-travel demand was 8% more  Read more...
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Details

Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Steven Berry; Panle Jia; National Bureau of Economic Research.
OCLC Number: 276169844
Notes: "November 2008."
Description: 1 online resource (33, [16] pages) : illustrations, digital.
Series Title: Working paper series (National Bureau of Economic Research), no. 14503.
Responsibility: Steven Berry, Panle Jia.

Abstract:

The U.S. airline industry went through tremendous turmoil in the early 2000's. There were four major bankruptcies and two major mergers, with all legacy carriers reporting a large profit reduction. This paper presents a structural model of the airline industry, and estimates the impact of demand and supply changes on profitability. We find that, compared with the late 1990s, in 2006, a) air-travel demand was 8% more price sensitive; b) passengers displayed a strong preference for direct flights, and the connection semi-elasticity was 17% higher; c) the changes of marginal cost significantly favored direct flights. These findings are present in all the specifications we estimated. Together with the expansion of low cost carriers, they explained more than 80% of the decrease in legacy carriers' variable profits.

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