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|a Barwick, Panle Jia
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|a Massachusetts Institute of Technology. Department of Economics
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|a Barwick, Panle Jia
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|a Barwick, Panle Jia
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|a Berry, Steven
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|a Tracing the Woes: An Empirical Analysis of the Airline Industry
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|b American Economic Association,
|c 2012-05-24T18:17:21Z.
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|z Get fulltext
|u http://hdl.handle.net/1721.1/70929
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|a The US airline industry went through tremendous turmoil in the early 2000s, with four major bankruptcies, two major mergers, and various changes in network structure. This paper presents a structural model of the industry, and estimates the impact of demand and supply changes on profitability. Compared with 1999, we find that, in 2006, air-travel demand was 8 percent more price sensitive, passengers displayed a stronger preference for nonstop flights, and changes in marginal cost significantly favored nonstop flights. Together with the expansion of low-cost carriers, they explain more than 80 percent of legacy carriers' variable profit reduction. (JEL L13, L25, L93)
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|a Article
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|t American Economic Journal: Microeconomics
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