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- W569955313 abstract "The deregulation of domestic airline fares in the United States presents a rare opportunity to examine the effects of an abrupt change in market structure. Between June 1977, when Alfred Kahn became Chairman of the Civil Aeronautics Board (CAB), and October 1978, when the Airline Deregulation Act of 1978 was enacted, airline fares were deregulated defacto, while restrictions on entry were maintained. This paper examines the effect of this fare deregulation on economic welfare. Several important studies of the regulated airline industry appeared in the years preceding deregulation (Straszheim, 1974; Douglas and Miller, 1974a, 1974b; DeVaney, 1974 and Schmalensee, 1977). These studies generally modelled the market for air travel in a city-pair market under the assumption that price and the number of carriers were exogenous (that is, set by the CAB) and that the carriers competed in service quality only. Service quality includes such things as leg room, meals and movies, but these studies considered only schedule convenience. That can be thought of as the availability of a seat on a flight with a departure time corresponding to the passenger's most preferred departure time; it is therefore determined both by the schedule of flights and by the availability of seats on those flights. In competitive city-pair markets, scheduling competition would force the actual load factor down to the breakeven load factor, resulting in a zero profit equilibrium that is independent of the fare (Douglas and Miller, 1974a; De Vaney, 1974).1 In markets where the airlines have some'monopoly power there may be positive profits; their level will depend on the fare. In any event, airline profits were not high under regulation. From 1969 through 1976, the scheduled carriers earned only a 3 to 6% return on investment, about half as much as other large non-financial corporations (Meyers ai, 1980). In both competitive and monopolistic city-pair markets, schedule convenience is related to fares. At lower fares, load factors would be higher, though, if demand were" @default.
- W569955313 created "2016-06-24" @default.
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- W569955313 date "1983-05-01" @default.
- W569955313 modified "2023-09-27" @default.
- W569955313 title "THE WELFARE EFFECTS OF AIRLINE FARE DEREGULATION IN THE UNITED STATES" @default.
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