How Airline Markets Work Or Do They
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| Author | : Severin Borenstein |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2007 |
| Genre | : Economics |
| ISBN | : |
Following a brief review of the U.S. domestic airline industry under regulation (1938-1978), we study the changes that have occurred in pricing, service, and competition in the 28 years since deregulation. We then examine some of the major public policy issues facing the industry: (a) the sustainability of competition and volatility of airline profits, (b) possible market power of dominant airlines, and (c) congestion and investment shortfall in the airport and air traffic infrastructure.
| Author | : Severin Borenstein |
| Publisher | : |
| Total Pages | : 60 |
| Release | : 2007 |
| Genre | : Airlines |
| ISBN | : |
Following a brief review of the U.S. domestic airline industry under regulation (1938-1978), we study the changes that have occurred in pricing, service, and competition in the 28 years since deregulation. We then examine some of the major public policy issues facing the industry: (a) the sustainability of competition and volatility of airline profits, (b) possible market power of dominant airlines, and (c) congestion and investment shortfall in the airport and air traffic infrastructure.
| Author | : Nancy L. Rose |
| Publisher | : University of Chicago Press |
| Total Pages | : 619 |
| Release | : 2014-08-29 |
| Genre | : Business & Economics |
| ISBN | : 022613816X |
The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.
| Author | : Peter Forsyth |
| Publisher | : Routledge |
| Total Pages | : 375 |
| Release | : 2018-01-18 |
| Genre | : Business & Economics |
| ISBN | : 1351161393 |
Prior to liberalization, there was little scope for predatory behaviour in the aviation market. However, following deregulation, new entrants sought to compete with entrenched incumbents. Low-cost carriers (LCCs) gained significant market share, which in turn provoked many different kinds of defensive response. Having put pressure on established carriers, low-cost airlines are themselves feeling the pressure of competition from new operators. While it is normal and natural for airlines to react to competition - modifying their services, the ways in which they offer them and their prices - when does aggressive commercial behaviour go too far and become predation? This book considers what exactly is meant by 'predation' in the aviation environment, and explores the strategies LCCs adopt in order to gain market share, as well as the strategies of the established airlines in response to competition from new entrants to the market. It also addresses the key question of what competition policy should do to ensure intensive competition. Competition versus Predation in Aviation Markets brings together contributions from around the world, from airlines, government agencies, leading academics and consultants, providing a wealth of perspectives on a business practice crucial to airline survival.
| Author | : Elizabeth E. Bailey |
| Publisher | : MIT Press |
| Total Pages | : 276 |
| Release | : 1985 |
| Genre | : Business & Economics |
| ISBN | : 9780262022132 |
The airline industry has been buffeted by the forces of deregulation since themid-1970s. Many new firms have entered, some with different price and operating philosophies andsome of these have thrived. Other airlines have gone bankrupt. Overall the real cost of air travelhas declined considerably; however, the effects have varied dramatically from market to market.Exactly how was this massive experiment envisioned and planned? How has it worked? And how will itwork in the long run?Deregulating the Airlines narrates and analyzes the decisions taken by theCivil Aeronautics Board during the transition to deregulation and the reasoning behind the AirlineDeregulation Act of 1978. It provides many comparisons of the industry before and after deregulationand uses those data to test the various hypotheses that scholars and politicians have advanced abouthow markets would behave if regulation were removed. Its findings provide information on both thedemand and the cost side that will be important in molding the long-run equilibrium of the industry,and it discusses how quickly the industry is moving toward that equilibrium.For policymakers andstudents of regulation in particular, this study provides a unique case for contrasting theoperation of an industry under close regulatory control and its operation free of such controls. Itis able to make use of an unusually large volume of data on the costs, operations, and prices ofindividual firms to show how markets work and how regulation works.The book's in-depth analysis ofthe impact of policy changes in the airline industry is drawn in part from the authors' activeinvolvement in implementing the new policies. Elizabeth Bailey is Dean of the Graduate School ofIndustrial Administration at Carnegie-Mellon. Previously she was a commissioner and vice chairman atthe Civil Aeronautics Board. Daniel Kaplan is director of the Board's Office of Economic Analysis.David R. Graham, manager of the Defense Economics Program at the Institute for Defense Analysis, wasa Board economist.Deregulating the Airlines is tenth in the series, Regulation of Economic Activity,edited by Richard Schmalensee.
| Author | : Paul S. Dempsey |
| Publisher | : Bloomsbury Publishing USA |
| Total Pages | : 392 |
| Release | : 1992-09-08 |
| Genre | : Business & Economics |
| ISBN | : 0313066604 |
Airline deregulation is a failure, conclude Professors Dempsey and Goetz. They assault the conventional wisdom in this provocative book, finding that the Airline Deregulation Act of 1978, championed by a profound political movement which also advocated the deregulation of the bus, trucking, rail, and pipeline industries, failed to achieve the promises of its proponents. Only now is the full impact of deregulation being felt. Airline deregulation has resulted in unprecedented industry concentration, miserable service, a deterioration in labor-management relations, a narrower margin of safety, and higher prices for the consumer. This comprehensive book begins by exploring the strategy, tactics, and egos of the major airline robber barons, including Frank Lorenzo and Carl Icahn. In separate chapters, the strengths, weaknesses, and corporate cultures of each of the major airlines are evaluated. Part Two assesses the political, economic, and social justifications for New Deal regulation of aviation, and its deregulation in the late 1970s. Part Three then addresses the major consequences of deregulation in chapters on concentration, pricing, service, and safety, and Part Four advances a legislative agenda for solving the problems that have emerged. Professors Dempsey and Goetz advocate a middle course of responsible government supervision between the dead hand of regulation of the 1930s and the contemporary evil of market Darwinism. The book will be of particular interest to airline and airport industry executives, government officials, and students and scholars in public policy, economics, business, political science, and transportation.
| Author | : Steven Morrison |
| Publisher | : Brookings Institution Press |
| Total Pages | : 100 |
| Release | : 2010-12-01 |
| Genre | : Business & Economics |
| ISBN | : 9780815708063 |
In 1938 the U.S. Government took under its wing an infant airline industry. Government agencies assumed responsibility not only for airline safety but for setting fares and determining how individual markets would be served. Forty years later, the Airline Deregulation Act of 1978 set in motion the economic deregulation of the industry and opened it to market competition. This study by Steven Morrison and Clifford Winston analyzes the effects of deregulation on both travelers and the airline industry. The authors find that lower fares and better service have netted travelers some $6 billion in annual benefits, while airline earnings have increased by $2.5 billion a year. Morrison and Winston expect still greater benefits once the industry has had time to adjust its capital structure to the unregulated marketplace, and they recommend specific public polices to ensure healthy competition.
| Author | : Severin Borenstein |
| Publisher | : Andesite Press |
| Total Pages | : 22 |
| Release | : 2015-08-12 |
| Genre | : |
| ISBN | : 9781298826244 |
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
| Author | : Steven Morrison |
| Publisher | : Brookings Institution Press |
| Total Pages | : 182 |
| Release | : 2010-12-01 |
| Genre | : Business & Economics |
| ISBN | : 081572120X |
Since the enactment of the Airline Deregulation Act in 1978, questions that had been at the heart of the ongoing debate about the industry for eighty years gained a new intensity: Is there enough competition among airlines to ensure that passengers do not pay excessive fares? Can an unregulated airline industry be profitable? Is air travel safe? While economic regulation provided a certain stability for both passengers and the industry, deregulation changed everything. A new fare structure emerged; travelers faced a variety of fares and travel restrictions; and the offerings changed frequently. In the last fifteen years, the airline industry's earnings have fluctuated wildly. New carriers entered the industry, but several declared bankruptcy, and Eastern, Pan Am, and Midway were liquidated. As financial pressures mounted, fears have arisen that air safety is being compromised by carriers who cut costs by skimping on maintenance and hiring inexperienced pilots. Deregulation itself became an issue with many critics calling for a return to some form of regulation. In this book, Steven A. Morrison and Clifford Winston assert that all too often public discussion of the issues of airline competition, profitability, and safety take place without a firm understanding of the facts. The policy recommendations that emerge frequently ignore the long-run evolution of the industry and its capacity to solve its own problems. This book provides a comprehensive profile of the industry as it has evolved, both before and since deregulation. The authors identify the problems the industry faces, assess their severity and their underlying causes, and indicate whether government policy can play an effective role in improving performance. They also develop a basis for understanding the industry's evolution and how the industry will eventually adapt to the unregulated economic environment. Morrison and Winston maintain that although the airline industry has not rea
| Author | : Severin Borenstein |
| Publisher | : Forgotten Books |
| Total Pages | : 22 |
| Release | : 2018-02-28 |
| Genre | : Business & Economics |
| ISBN | : 9780666613998 |
Excerpt from Do Airlines in Chapter 11 Harm Their Rivals?: Bankruptcy and Pricing Behavior in U. S. Airline Markets To assure that the bankrupt carrier has been a significant competitor in a route, a route is included in the analysis if the bankrupt carrier has at least a 10% route share two quarters before the quarter in which it declares bankruptcy. We calculate price changes on the route whenever the bankrupt carrier has at least a 570 route share. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
