DOCSLIB.ORG

Overview of Recent Trends in the Airline Industry

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Overview of Recent Trends in the Airline Industry MITMIT Overview of Recent Trends in ICATICAT the Airline Industry Prof. R. John Hansman MIT Department of Aeronautics and Astronautics Traffic Source: Sage Analysis courtesy Prof Ian Waitz [email protected] 617-253-2271 MITMIT World Population Distribution ICATICAT and Air Transportation Activity North America Europe 37% Pax 27% Pax 26% Cargo 28% Cargo ~40 Airlines ~80 Airlines Asia/ ~4100 Airports ~2400 Airports Pacific 26% Pax 36% Cargo Latin America/ ~60 Airlines Middle East Caribbean Africa ~1800 Airports 4% Pax 5% Pax 2% Pax 5% Cargo 3% Cargo 2% Cargo ~12 Airlines ~40 Airlines ~20 Airlines ~230 Airports ~580 Airports ~300 Airports Population Source:http://www.ciesin.org/datasets/gpw/globldem.doc.html Air Transport Source: ICAO, R. Schild/Airbus Passenger and freight traffic represent RPK and FTK share in 2002 MITMIT Conceptual Model ICATICAT Direct / Indirect / Induced employment effects Economy Economic Enabling Effect (Access to people / markets / ideas / capital) Pricing & Schedule Demand Supply NAS Travel/Freight Need Capability Airlines Financial Equity/ Revenue/Profitability Debt Markets Air Transportation System Vehicle Capability MITMIT Correlation Between US GDP and ICATICAT Scheduled Passenger Traffic 30% Sch. RPMs 25% GDP Deregulation 20% Recessions (%) 15% 10% Growth 5% Annual 0% -5% -10% 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 Source: US BEA and BTS data; Recession data from National Bureau of Economic Research MITMIT Air Cargo and GDP ICATICAT (Mainland China) Relationship between carried air cargo and GDP 2500 02 2000 00 99 01 1500 98 97 96 95 1000 94 93 92 Carried Air Cargo (000 tonne) 500 91 90 0 500 1000 1500 2000 2500 3000 3500 GDP (1978 RMB Bn) MITMIT US Passenger Growth Trends ICATICAT Effect of De-Regulation Scheduled Revenue Passenger Miles in US 800 pre-dereg 19.4 billion 700 post-dereg RPMs per year 600 Linear (pre- dereg) Deregulation (billion) 500 Miles 400 8.35 billion Pax 300 RPMs per year 200 Revenue 100 0 1954 1958 1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 Source: BTS data MITMIT European Passenger Growth Trends ICATICAT Effect of De-Regulation Scheduled Revenue Passenger-Kilometers in Europe 1000 Regulation Transition Deregulation 800 600 (billion) 400 RPK Gulf War 200 0 1970 1975 1980 1985 1990 1995 2000 2005 Source: ICAO data MITMIT Asian Passenger Growth ICATICAT Trends Scheduled Revenue Passenger-Kilometers in Asia 1000 800 600 (billion) 400 RPK 200 0 1970 1975 1980 1985 1990 1995 2000 2005 Source: ICAO data MITMIT RPK by Region ICATICAT Scheduled Revenue Passenger-Kilomters by Region 1400 1200 1000 North America Europe 800 Asia and Pacific (billion) 600 Latin America & Caribbean RPK Middle East 400 Africa 200 0 1970 1975 1980 1985 1990 1995 2000 2005 Source: ICAO, scheduled services of commercial air carriers MITMIT Freight Trends by Region ICATICAT Freight Tonne-Kilomters by Region 45 40 35 North America 30 Europe 25 Asia and Pacific (billion) 20 Latin America & Caribbean FTK 15 Middle East Africa 10 5 0 1970 1975 1980 1985 1990 1995 2000 2005 Source: ICAO, scheduled services of commercial air carriers MITMIT US Airlines Net Profit Model Best Fit of Undamped Oscillation ICATICAT Cycle Period = 11.3 yr eFolding Time = 6.3 yr 40 30 Predicted Losses 2003 $15.6 B 20 2004 $15.0 B 2005 $8.4 B 10 0 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 -10 -(ATA) -20 Estimate -30 MITMIT World Airline Net Profit Model Best Fit of Undamped Oscillation ICATICAT Cycle Period = 10.8 yr eFolding Time = 8 yr 50 40 Predicted Losses 2003 $21.5 B 30 2004 $18.1 B 2005 $ 6.7 B 20 10 0 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 Net Profit (Current US$B) -10 -20 World World Fit -30 MITMIT Net Profit and Aircraft Deliveries Hypothesize that instability driven by capacity ICATICAT response phase lag World Airlines Net Profits vs. Aircraft Deliveries 15 1200 10 1000 5 Net Profits 800 0 600 -5 Deliveries Aircraft Deliveries (unit) Net Profit (Current US$ Bn) 400 -10 -15 200 1970 1975 1980 1985 1990 1995 2000 2005 Source: ICAO data MITMIT Growth Limits ICATICAT Constraints vs Damping 40 30 20 Upside: Capacity, Market 10 0 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 -1 0 Downside: Financial -2 0 -3 0 MITMIT Medium Term Trends ICATICAT • Trends since Sept 11 • Economic Down Cycle • Capacity Reductions Rolling Hubs Regional Jet Usage • Web Effects • Low Cost Carrier Envy • Bankruptcies • Labor Reductions and Givebacks MITMIT US Domestic RPMs ICATICAT Domestic Traffic -- RPMs (Billions) 50 45 40 35 30 25 2000 2001 2002 2003 2004 20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: ATA Monthly Passenger Traffic Report Source: ATA, US member airlines, scheduled mainline service MITMIT US Airline Load Factors 2000-2003 ICATICAT Monthly Load Factor -- System (Percent) 85 80 75 70 65 60 55 2000 2001 2002 2003 2004 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: ATA Monthly Passenger Traffic Report Source: ATA, US member airlines, scheduled mainline service MITMIT Annual Change in Average ICATICAT Domestic Fare (2000-2004) Average Domestic Air Fare (Percent Change from Previous Year) 10 5 0 -5 -10 -15 -20 2000 2001 2002 2003 2004 -25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: ATA Monthly Airfare Report; eight US major airlines excluding Southwest (WN) MITMIT Airline Profitability Impact of ICATICAT Sept 11 Slow Recovery Quick Recovery $/ASM Security costs Insolvency CASM RASM 9/11-9/13 Time MITMIT Air Transportation Stabilization Act ICATICAT Internationally Seen as Bailout for US Airlines Slow Recovery Quick Recovery $/ASM Aviation Insolvency Disaster CASM Relief RASM 9/11-9/13 12/31 Time MITMIT All Major Carriers On “Slow Recovery” ICATICAT Trajectory Except Southwest and Cargo $1,600 West Coast Dock Strike $1,200 SARS Iraq War 9/11 Attacks $800 millions $400 in $0 (Loss) 2000Q1 2000Q3 2001Q1 2001Q3 2002Q1 2002Q3 2003Q1 2003Q3 $(400) Income $(800) AA UA Net DL NW $(1,200) CO WN UPS FedEx $(1,600) Source: companies’ annual reports MITMIT Market Cap: US Majors, 4/7/04 ICATICAT With Jet Blue ATA US Airways Alaska United America 0.5% West 1.1% 3.4% 0.8% 1.7% Continental 4.2% Northwest Jet Blue 4.4% 13.1% Delta 4.9% American Southwest 10.4% 55.6% Total Market Cap: $21.3 billion Source: Yahoo! Finance. Includes ATA MITMIT Current Market Cap vs. RPM Share ICATICAT US Majors and ATA 25% 20% American United Delta 15% Northwest 10% Southwest Continental RPM Share 01/04 US Airways 5% American West Alaska JetBlue ATA 0% 0% 10% 20% 30% 40% 50% 60% Relative Market Cap 02/04 Network vs Cost Efficiency Questions Source: Yahoo! Finance and airline traffic reports MITMIT Hub and Spoke vs Direct ICATICAT Networks Completely Connected Network = 2(N-1) Flights (eg., 50 Airports, 98 Flights) MITMIT Fully Connected Network ICATICAT Completely Connected Network = N(N-1) (eg., 50 Airports, 2450 Flights) MITMIT Global Emergence of ICATICAT Low-Cost Carriers Canada (5) Europe (58, 2 in 2004) CanJet Westjet Aer Arann Baboo Fairline Austria Sun Express HMY Airways Zip Air 2000 Basiq Air German Wings Swedline JetsGo Airlines Air Baltic Bexx Air Germania Express ThomsonFly Air Berlin BMI Baby Globespan V Bird Air Finland British European Hapag Lloyd Express Virgin Express USA (19, 4 in 2003/2004) Air Luxor Lite BudgetAir Hellas Jet VLM Airlines AirTran Spirit Airlines Air Polonia Corendon Helvetic Airways VolareWeb Allegiant Air Song Air Scotland Deutsche BA Iceland Express Windjet Vola American West Sun Country Airlines Air Southwest Duo Snalskjutsen Smart Wings ATA USA 3000 Airlines Air Wales EasyJet SnowFlake Airlines Wizz Air Frontier Airlines Vacation Express Alpi Eagles Evolavia Sterling Interstate Jet Ted Azzurra Air Excel Airways JetBlue Airways Independence Air Asia/Pacific (20, 9 in 2004) Midwest Express Virgin USA Air Arabia Virgin Blue Pan American Africa (2) Air Asia Air One Southeast Airlines South America (3) 1Time Air Deccan BackpackersXpress Southwest Airlines Athena Air Services Jetstar Bra Kulula Gol Citilink New LCC by Qantas U Air Freedom Air Nok Air Lion Airways Pacific Blue One-Two-Go SkyAsia Skymark Airlines Tiger Airways Skynet Asia Airways ValuAir Source: http://www.etn.nl/lcostair.htm, airline news Total 107 LCCs, 15 in 2003/2004 MITMIT US Airline Performance Cycling Up ICATICAT Faster Than Predicted 40 30 Prediction 2003 ($15.5B) Actual 20 2003 ($1.8) US$B) 10 (Current 0 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Profit Net -10 -20 US US Fit -30 MITMIT Profitability Improvement ICATICAT Factors • Cargo Airlines Profitable • Yields Turned the Corner • Wage Concessions US: $1 billion UA: $2.56 billion AA: $2 billion • Distribution Costs $1 billion • Operating Efficiencies $4 billion • Debt Restructuring & Chapter 11 • Pensions (Pension Benefit Guaranty Corporation (PBGC)) • Security Costs and Insurance? • Fuel MITMIT Trends in Fuel Price ICATICAT Historical: Average Jet Fuel and Crude Oil Prices 130 45 System (L) Crude Oil: Dollars per Barrel 120 Crude Oil (R) 40 110 35 100 30 90 25 80 20 70 15 60 10 Jet Fuel: Cents per Gallon 50 5 40 0 Jan-98 Jan-03 Jan-96 Jan-04 Jan-97 Jan-02 Jan-95 Jan-00 Jan-93 Jan-01 Jan-94 Jan-99 Jan-92 Jan-90 Jan-89 Jan-88 Jan-91 Jan-87 Jan-86 Source: ATA data; All US Majors, Nationals, Large Regional – All Services MITMIT Capacity and Delays ICATICAT US Air Traffic Density (11/14/02) MITMIT Flight Delays Reemerging ICATICAT OPSNET National Delays 60000 50000 40000 2004 2003 2002 30000 2001 2000 Total Delays 20000 10000 0 Jan Feb Mar Apr
Load more

Recommended publications
  • Contents [Edit] Africa
    Low cost carriers The following is a list of low cost carriers organized by home country. A low-cost carrier or low-cost airline (also known as a no-frills, discount or budget carrier or airline) is an airline that offers generally low fares in exchange for eliminating many traditional passenger services. See the low cost carrier article for more information. Regional airlines, which may compete with low-cost airlines on some routes are listed at the article 'List of regional airlines.' Contents [hide] y 1 Africa y 2 Americas y 3 Asia y 4 Europe y 5 Middle East y 6 Oceania y 7 Defunct low-cost carriers y 8 See also y 9 References [edit] Africa Egypt South Africa y Air Arabia Egypt y Kulula.com y 1Time Kenya y Mango y Velvet Sky y Fly540 Tunisia Nigeria y Karthago Airlines y Aero Contractors Morocco y Jet4you y Air Arabia Maroc [edit] Americas Mexico y Aviacsa y Interjet y VivaAerobus y Volaris Barbados Peru y REDjet (planned) y Peruvian Airlines Brazil United States y Azul Brazilian Airlines y AirTran Airways Domestic y Gol Airlines Routes, Caribbean Routes and y WebJet Linhas Aéreas Mexico Routes (in process of being acquired by Southwest) Canada y Allegiant Air Domestic Routes and International Charter y CanJet (chartered flights y Frontier Airlines Domestic, only) Mexico, and Central America y WestJet Domestic, United Routes [1] States and Caribbean y JetBlue Airways Domestic, Routes Caribbean, and South America Routes Colombia y Southwest Airlines Domestic Routes y Aires y Spirit Airlines Domestic, y EasyFly Caribbean, Central and
    [Show full text]
  • Punctuality Statistics Economic Regulation Group Aviation Data Unit
    Punctuality Statistics Economic Regulation Group Aviation Data Unit Birmingham, Edinburgh, Gatwick, Glasgow, Heathrow, London City, Luton, Manchester, Newcastle, Stansted Full and Summary Analysis July 2000 Disclaimer The information contained in this report will be compiled from various sources and it will not be possible for the CAA to check and verify whether it is accurate and correct nor does the CAA undertake to do so. Consequently the CAA cannot accept any liability for any financial loss caused by the persons reliance on it. Contents Foreword Introductory Notes Full Analysis – By Reporting Airport Birmingham Edinburgh Gatwick Glasgow Heathrow London City Luton Manchester Newcastle Stansted Full Analysis With Arrival / Departure Split – By A Origin / Destination Airport B C – E F – H I – L M – N O – P Q – S T – U V – Z Summary Analysis FOREWORD 1 CONTENT 1.1 Punctuality Statistics: Heathrow, Gatwick, Manchester, Glasgow, Birmingham, Luton, Stansted, Edinburgh, Newcastle and London City - Full and Summary Analysis is prepared by the Civil Aviation Authority with the co-operation of the airport operators and Airport Coordination Ltd. Their assistance is gratefully acknowledged. 2 ENQUIRIES 2.1 Statistics Enquiries concerning the information in this publication and distribution enquiries concerning orders and subscriptions should be addressed to: Civil Aviation Authority Room K4 G3 Aviation Data Unit CAA House 45/59 Kingsway London WC2B 6TE Tel. 020-7453-6258 or 020-7453-6252 or email [email protected] 2.2 Enquiries concerning further analysis of punctuality or other UK civil aviation statistics should be addressed to: Tel: 020-7453-6258 or 020-7453-6252 or email [email protected] Please note that we are unable to publish statistics or provide ad hoc data extracts at lower than monthly aggregate level.
    [Show full text]
  • KENYA POPULATION SITUATION ANALYSIS Kenya Population Situation Analysis
    REPUBLIC OF KENYA KENYA POPULATION SITUATION ANALYSIS Kenya Population Situation Analysis Published by the Government of Kenya supported by United Nations Population Fund (UNFPA) Kenya Country Oce National Council for Population and Development (NCPD) P.O. Box 48994 – 00100, Nairobi, Kenya Tel: +254-20-271-1600/01 Fax: +254-20-271-6058 Email: [email protected] Website: www.ncpd-ke.org United Nations Population Fund (UNFPA) Kenya Country Oce P.O. Box 30218 – 00100, Nairobi, Kenya Tel: +254-20-76244023/01/04 Fax: +254-20-7624422 Website: http://kenya.unfpa.org © NCPD July 2013 The views and opinions expressed in this report are those of the contributors. Any part of this document may be freely reviewed, quoted, reproduced or translated in full or in part, provided the source is acknowledged. It may not be sold or used inconjunction with commercial purposes or for prot. KENYA POPULATION SITUATION ANALYSIS JULY 2013 KENYA POPULATION SITUATION ANALYSIS i ii KENYA POPULATION SITUATION ANALYSIS TABLE OF CONTENTS LIST OF ACRONYMS AND ABBREVIATIONS ........................................................................................iv FOREWORD ..........................................................................................................................................ix ACKNOWLEDGEMENT ..........................................................................................................................x EXECUTIVE SUMMARY ........................................................................................................................xi
    [Show full text]
  • List of Shareholdings of TUI AG Pursuant of Section 285 (11) and (11A) of the German Commercial Code
    30 Notes Other Notes TUI AG Financial Statements 2009/10 List of shareholdings of TUI AG pursuant of section 285 (11) and (11a) of the German Commercial Code Consolidated related companies Tourism - TUI Travel Shareholdings according to section 16 of the German Stock Corporation Act direct indirect Group share Equity Result for the Name and headquarter in % in % in % in € ‘000 year in € ‘000 Currency AB Caller & Sons Ltd., Crawley 100.0 55.6 1,195 0 GBP Absolut Insurance Limited, Guernsey 100.0 55.6 2,355 1,105 GBP Acampora Travel S.r.l., Sorrent 51.0 28.3 764 568 EUR Active Safari Pty Ltd, West Leederville 100.0 55.6 -391 -643 AUD Active Travel & Recruitement Pty Ltd, West Leederville 100.0 55.6 -25 6 AUD Adehy Limited, Dublin 100.0 55.6 1,912 795 EUR Adventure Center (First Choice) Inc, Emeryville, CA 100.0 55.6 227 164 USD Adventure Tours Australia Group Pty Ltd, Wayville, SA 100.0 55.6 129 693 AUD Adventures Worldwide Limited, Crawley 100.0 55.6 547 311 GBP Africa Focus Tours Namibia Pty. Ltd., Windhoek 100.0 41.7 2,110 393 NAD African Travel Concept Pty. Ltd., Capetown 100.0 41.7 11,519 2,675 ZAR Air 2000 Aviation Limited, Crawley 100.0 55.6 0 0 GBP Air 2000 Leasing Limited, Crawley 100.0 55.6 0 0 GBP Air 2000 Limited, Crawley 100.0 55.6 0 0 GBP Air Two Thousand (Ireland) Limited, Dublin 100.0 55.6 0 0 EUR Airlink International Ltd., Crawley 100.0 55.6 -79 0 GBP Alcor Yachting SA, Geneva 100.0 55.6 8,193 -258 CHF Ambassador Tours S.A., Barcelona 100.0 55.0 299 -778 EUR American Holidays (NI) Limited, Belfast 100.0 55.6 430 0 GBP AMP Management Ltd., Crawley 100.0 55.6 478 0 GBP Antigua Charter Services, St John‘s 100.0 55.6 11 44 USD Apart Hotel Zarevo EOOD, Varna 100.0 55.6 5,975 24 BGN Apollo Investment Management Ltd., Crawley 100.0 55.6 0 -0 GBP Aragon Tours Limited, Crawley 100.0 55.6 897 586 GBP Aran Travel International Limited, Dublin 100.0 55.6 -55 0 EUR Asiarooms Pte Ltd, Singapore R2 100.0 55.6 -26,112 -11,043 USD ATC Namibian Reflections Pty.
    [Show full text]
  • WHO Guidelines for Indoor Air Quality : Selected Pollutants
    WHO GUIDELINES FOR INDOOR AIR QUALITY WHO GUIDELINES FOR INDOOR AIR QUALITY: WHO GUIDELINES FOR INDOOR AIR QUALITY: This book presents WHO guidelines for the protection of pub- lic health from risks due to a number of chemicals commonly present in indoor air. The substances considered in this review, i.e. benzene, carbon monoxide, formaldehyde, naphthalene, nitrogen dioxide, polycyclic aromatic hydrocarbons (especially benzo[a]pyrene), radon, trichloroethylene and tetrachloroethyl- ene, have indoor sources, are known in respect of their hazard- ousness to health and are often found indoors in concentrations of health concern. The guidelines are targeted at public health professionals involved in preventing health risks of environmen- SELECTED CHEMICALS SELECTED tal exposures, as well as specialists and authorities involved in the design and use of buildings, indoor materials and products. POLLUTANTS They provide a scientific basis for legally enforceable standards. World Health Organization Regional Offi ce for Europe Scherfi gsvej 8, DK-2100 Copenhagen Ø, Denmark Tel.: +45 39 17 17 17. Fax: +45 39 17 18 18 E-mail: [email protected] Web site: www.euro.who.int WHO guidelines for indoor air quality: selected pollutants The WHO European Centre for Environment and Health, Bonn Office, WHO Regional Office for Europe coordinated the development of these WHO guidelines. Keywords AIR POLLUTION, INDOOR - prevention and control AIR POLLUTANTS - adverse effects ORGANIC CHEMICALS ENVIRONMENTAL EXPOSURE - adverse effects GUIDELINES ISBN 978 92 890 0213 4 Address requests for publications of the WHO Regional Office for Europe to: Publications WHO Regional Office for Europe Scherfigsvej 8 DK-2100 Copenhagen Ø, Denmark Alternatively, complete an online request form for documentation, health information, or for per- mission to quote or translate, on the Regional Office web site (http://www.euro.who.int/pubrequest).
    [Show full text]
  • Canada's Aviation Hall of Fame
    Volume 31, No. 2 THE Spring 2013 Canada’s Aviation Hall of Fame Canada’s Aviation Hall of Fame Panthéon de l’Aviation du Canada Dodds Finland Curtis Fraser Christensen Greenaway Burke Hitchins Boffa Floyd Fullerton Davoud Dowling Bazalgette Clarke Grossmith Capreol Hobbs Baker, A.W. Boggs Garneau Forester Deluce Collishaw Beaudoin Hadfield Agar Dunlap Carr Hollick-Kenyon Baker, R.F. Bradford Garratt Fowler, R. Bell Halton Archibald Hopson Baker, R.J. Brintnell Gilbert Fowler, W. Berry Hamilton Armstrong Balchen Hornell Bristol Dyment Godfrey Cavadias Fox Beurling Hartman Audette Dickins Baldwin Cooke Hotson Brown Graham Edwards Caywood Foy Birchall Hayter Austin Dilworth Bannock Cooper-Slipper Howe Buller Grandy Fallow Franks Chamberlin Bishop Heaslip Bjornson Dobbin Barker Crichton Hutt Burbidge Gray Fauquier Fraser-Harris Blakey Chmela Hiscocks Bain 1 Canada’s Aviation Hall of Fame Panthéon de l’Aviation du Canada CONTACT INFORMATION: OFFICE HOURS: STAFF: Tuesday - Friday: 9 am - 4:30 pm Executive Director - Rosella Bjornson Canada’s Aviation Hall of Fame Closed Mondays Administrator - Dawn Lindgren * NEW - PO Box 6090 Wetaskiwin AB Acting Curator - Robert Porter * NEW - T9A 2E8 CAHF DISPLAYS (HANGAR) HOURS: Phone: 780.361.1351 Tuesday to Sunday: 10 am - 5 pm Fax: 780.361.1239 Closed Mondays BOARD OF DIRECTORS: Website: www.cahf.ca Winter Hours: 1 pm - 4 pm Email: [email protected] Please call to confirm opening times. Tom Appleton, ON, Chairman James Morrison, ON, Secretary, Treasurer Barry Marsden, BC, Vice-Chairman Denis Chagnon, QC
    [Show full text]
  • Revisiting the Relationship Between Competition and Price Discrimination∗
    Revisiting the Relationship between Competition and Price Discrimination∗ Ambarish Chandraa;b Mara Ledermana June 7, 2017 a: University of Toronto, Rotman School of Management b: University of Toronto at Scarborough, Department of Management Abstract We revisit the relationship between competition and price discrimination. Theoretically, we show that, if consumers differ in terms of both their un- derlying willingness-to-pay and their brand loyalty, competition may increase price differences between some consumers while decreasing them between oth- ers. Empirically, we find that competition has little impact at the top or the bottom of the price distribution but a significant impact in the middle, thus increasing some price differentials but decreasing others. Our findings highlight the importance of understanding the relevant sources of consumer heterogeneity and can reconcile earlier conflicting findings. 1 Introduction Price discrimination occurs when firms charge different mark-ups to different con- sumers. While intuition might suggest that competition would limit a firm’s ability to price discriminate, it is well established that firms can price discriminate in non- monopoly settings. There is now a large theoretical literature on oligopoly price discrimination (for an extensive review, see Stole, 2007). There is also a growing body of empirical work that investigates how market structure impacts equilibrium outcomes under price discrimination. This empirical literature has developed along several tracks. One track investigates whether competition influences the type of price discrimination strategies firms use; ∗Corresponding author: [email protected]. This research was supported by the Social Sciences and Humanities Research Council. Zhe Yuan provided excellent research assistance. We thank Heski Bar-Isaac, Ken Corts, Joshua Gans, Eugene Orlov, Christian Ruzzier and seminar participants at the Kellogg School of Management, the University of Toronto, the 2015 UBC Summer IO conference and the 2015 IIOC for helpful comments.
    [Show full text]
  • F-35 Stella Di RIAT E Farnborough
    JP4 09-16 01 COP.qxp_JP4 26/07/16 10:36 Pagina 1 F-35 stella di RIAT e Farnborough ENGLISH SUMMARY INSIDE INDUSTRIA FORZE AEREE ANTINCENDIO INDUSTRIA AUT 8,00 - BE 8,00 - PTE CONT. 7,00 - CH CT 12,60 CHF AUT 8,00 - BE PTE CONT. NUOVI STRUMENTI GLI UH-72A LAKOTA QUOTA ROSA SUI NUOVE TECNOLOGIE PER L’EUROFIGHTER DELL’US ARMY CANADAIR DEI VF FIRMATE AIRBUS N° 9 - SETTEMBRE 2016 - Anno 45 - Mensile - Poste Italiane Spa - Sped.Abb.Post. - D.L.353/2003 (conv. in L. 27/02/2004 n.46) art.1, comma 1, DCB Firenze 1 - IT 5,50 JP4 09-16 90-91 REC.qxp_JP4 24/07/16 11:50 Pagina 90 recensioni L’Aviazione Francese in Italia Coccarde Tricolori 2016 Elisa Deroche alias Raymonde 1915-1918 di Luigino Caliaro di Riccardo Niccoli, RN De Laroche di Enrico Grassini, e Roberto Gentilli, Edizioni Publishing, Novara 2016. Editoriale Delfino, Milano Rivista Aeronautica - Rodorigo Euro 25. 2016. Euro 24. Editore, Roma 2016. Euro 29. Nuovo appuntamento con l’an- Sottotitolato “La presenza fem- nuario delle forze armate italia- minile negli anni pionieristici ne, che in 320 pagine conferma dell’aviazione”, questo grosso vo- le sue caratteristiche di comple- lume di ben 370 pagine ci raccon- tezza e autorevolezza. Lo schema ta la vita e le imprese di Elisa De- è quello consueto: prima il pano- roche attrice, sportiva, sedicente rama degli eventi del 2015 nei tre baronessa nella Parigi della Belle Spagna. Il protagonista è un ser- campi, aereo, terrestre e navale, Epoque, prima donna a consegui- gente motorista di una squadri- poi una serie di articoli su sog- re il brevetto di pilota nel 1910, glia di S.79 a Soria e a Logroño, getti all’ordine del giorno, ben 27 una figura minore ma significati- con accanto un tenente pilota e saggi su argomenti di attualità va nella storia dell’aviazione.
    [Show full text]
  • Neil Cloughley, Managing Director, Faradair Aerospace
    Introduction to Faradair® Linking cities via Hybrid flight ® faradair Neil Cloughley Founder & Managing Director Faradair Aerospace Limited • In the next 15 years it is forecast that 60% of the Worlds population will ® live in cities • Land based transportation networks are already at capacity with rising prices • The next transportation revolution faradair will operate in the skies – it has to! However THREE problems MUST be solved to enable this market; • Noise • Cost of Operations • Emissions But don’t we have aircraft already? A2B Airways, AB Airlines, Aberdeen Airways, Aberdeen Airways, Aberdeen London Express, ACE Freighters, ACE Scotland, Air 2000, Air Anglia, Air Atlanta Europe, Air Belfast, Air Bridge Carriers, Air Bristol, Air Caledonian, Air Cavrel, Air Charter, Air Commerce, Air Commuter, Air Contractors, Air Condor, Air Contractors, Air Cordial, Air Couriers, Air Ecosse, Air Enterprises, Air Europe, Air Europe Express, Air Faisal, Air Ferry, Air Foyle HeavyLift, Air Freight, Air Gregory, Air International (airlines) Air Kent, Air Kilroe, Air Kruise, Air Links, Air Luton, Air Manchester, Air Safaris, Air Sarnia, Air Scandic, Air Scotland, Air Southwest, Air Sylhet, Air Transport Charter, AirUK, Air UK Leisure, Air Ulster, Air Wales, Aircraft Transport and Travel, Airflight, Airspan Travel, Airtours, Airfreight Express, Airways International, Airwork Limited, Airworld Alderney, Air Ferries, Alidair, All Cargo, All Leisure, Allied Airways, Alpha One Airways, Ambassador Airways, Amber Airways, Amberair, Anglo Cargo, Aquila Airways,
    [Show full text]
  • Notiziario Interno Pag. 1 Luglio - Agosto 1998
    Notiziario interno Pag. 1 Luglio - Agosto 1998 MINERVE: BUONE VACANZE ! colei che osò contro i grandi Finalmente sono arrivate le agognate vacanze estive, e noi, come molti altri, ci stiamo Fondata nel giugno 1975 da René preparando alle ferie. Vista la latitanza di alcuni collaboratori nel mese di Agosto(e di mè, che Fernand Meyer (soprannominato RFM), vi scrivo, cari amici, praticamente con una mano sola, mentre l'altra riempie la valigia), e la che si era già fatto un nome negli anni poca voglia di chi resta a casa, la migliore idea che ci è venuta è stata quella di fare un numero Sessanta con la privata Air Cameroun, doppio di Transponder, che naturalmente ritornerà puntuale a Settembre. Questo per evitare Minerve acquistò dalla Sterlìng Airways che rincorrendo e aspettando pezzi e articoli dai feriaioli non finissimo con il pubblicare a un Caravelle VJR ex United da Settembre il Transponder di Agosto. Speriamo di non aver fatto male i conti con le ferie novantanove posti e iniziò i servizi perenni delle poste italiane e che questo Transponder non vi arrivi a Novembre! In questo charter nel novembre dello stesso anno numero ci sono delle novità che spero vi rinfreschino durante l'estate. Non mi resta altro da fare tra Parigi e Atene. Altri Caravelle furono che auguravi...Buone Vacanze a tutti! Roberto Picco aggiunti nei tre anni successivi. Tuttavia Meyer non era soddisfatto di rimanere un COMPAGNIE & MARKET1NG semplice operatore charter a livello Continua il nostro viaggio tra i programmi di fidelizzazione delle compagnie aeree. Questo europeo e tentò, invano, due volte di ' mese dedichiamo lattenzione ad Air Littorai e alla sua Carte Flamants.
    [Show full text]
  • Airlines Codes
    Airlines codes Sorted by Airlines Sorted by Code Airline Code Airline Code Aces VX Deutsche Bahn AG 2A Action Airlines XQ Aerocondor Trans Aereos 2B Acvilla Air WZ Denim Air 2D ADA Air ZY Ireland Airways 2E Adria Airways JP Frontier Flying Service 2F Aea International Pte 7X Debonair Airways 2G AER Lingus Limited EI European Airlines 2H Aero Asia International E4 Air Burkina 2J Aero California JR Kitty Hawk Airlines Inc 2K Aero Continente N6 Karlog Air 2L Aero Costa Rica Acori ML Moldavian Airlines 2M Aero Lineas Sosa P4 Haiti Aviation 2N Aero Lloyd Flugreisen YP Air Philippines Corp 2P Aero Service 5R Millenium Air Corp 2Q Aero Services Executive W4 Island Express 2S Aero Zambia Z9 Canada Three Thousand 2T Aerocaribe QA Western Pacific Air 2U Aerocondor Trans Aereos 2B Amtrak 2V Aeroejecutivo SA de CV SX Pacific Midland Airlines 2W Aeroflot Russian SU Helenair Corporation Ltd 2Y Aeroleasing SA FP Changan Airlines 2Z Aeroline Gmbh 7E Mafira Air 3A Aerolineas Argentinas AR Avior 3B Aerolineas Dominicanas YU Corporate Express Airline 3C Aerolineas Internacional N2 Palair Macedonian Air 3D Aerolineas Paraguayas A8 Northwestern Air Lease 3E Aerolineas Santo Domingo EX Air Inuit Ltd 3H Aeromar Airlines VW Air Alliance 3J Aeromexico AM Tatonduk Flying Service 3K Aeromexpress QO Gulfstream International 3M Aeronautica de Cancun RE Air Urga 3N Aeroperlas WL Georgian Airlines 3P Aeroperu PL China Yunnan Airlines 3Q Aeropostal Alas VH Avia Air Nv 3R Aerorepublica P5 Shuswap Air 3S Aerosanta Airlines UJ Turan Air Airline Company 3T Aeroservicios
    [Show full text]
  • Fair Shares TWA Andtwu in .Agreement Game Fare
    VOLUME 47 NUMBER 5 FE�RUARY 27, 1984 Going Places: 'And the Nominees are ...' TWA and TWU GoodFood - In .Agreement It's enough to make your mouth water: a Local 540 of the Transport Workers Union 10-day gastronomic air tour across the (TWU) , representing TWA flight dispatch United States and Europe for winners of . employees, has reached agreement with The Sunday Times of London competition the company on pay, benefit and work rule promoting Egon Ronay's 1984 TWA modifications to the existing contract in Guide to 500 good restaurants . support of TWA's need for co�t relief. , "Good food is good food anywhere in Following opening of the contract for the world," Ronay maintains, "and while that purpose late in 1983 , the new agree­ it is impossible to evaluate a dish in abso­ ment includes: - lute terms, there is no reason why one • Term effective immediately through shouldn't express the same delight about Sept. 30, 1985. the clean flavor of a sea bass with fennel in • A 13% wage concession across the Venice , the light creaminess of a chowder term to be achieved through both reduction in Boston, the delicious blend of shellfish and deferral. and chicken in paella in Barcelona... " • Work rule changes to improve pro­ In setting out to choose 500 good restau­ ductivity. rants in 53 cities in 18 countries for this • Establishment of reduced "B" scale year's guidebook, Ronay assembled an in­ wage and benefit schedules for future new ternational panel "to reach a convincing hires. consensus.': They .were: Rafael Anson, • Profit sharing and participation in the secretary of the Academy of Gastronomy," Class 4 Special Pass privilege.
    [Show full text]