An Introduction to Airline Economics

Greenwood Publishing Group
Free sample

The fabric of the airline industry has continued to undergo remarkable changes since the 5th edition of this classic text was published in 1995. The industry has witnessed a series of mergers and a trend toward consolidation into fewer but larger airlines. Route patterns have been reconstructed around hub cities. In contrast to the early 1990s, which saw unprecedented operating deficits, the late 1990s have seen a swing to highly profitable operations, characterized by the forming of alliances among U.S. and foreign airlines. Revised substantially to cover these changes, this book is an excellent introduction to the economics of U.S. airline services, both domestic and international.

A college level text suitable for students without a background in economics, this book is intended for such one-semester courses as Aviation Administration, Air Transportation, and Economics of Air Transportation. Enhancing the book's value, the volume includes self-testing questions for each chapter and an appendix covering the portions of the basic transportation statute--the former Federal Aviation Act--that are pertinent to the text. Focusing exclusively on airlines--and excluding private, military, and other types of flying--this book is the only college text dealing exclusively with the economics of U.S. airlines.

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About the author

WILLIAM E. O'CONNOR is Professor Emeritus of Embry-Riddle Aeronautical University in Daytona Beach, FL, where he taught courses in airline economics, air cargo management, government-aviation relations, and transportation principles. He is the author of Economic Regulation of the World's Airlines: A Political Analysis (Praeger, 1971) and of numerous articles.

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Additional Information

Publisher
Greenwood Publishing Group
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Published on
Dec 31, 2001
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Pages
253
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ISBN
9780275969110
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Language
English
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Genres
Business & Economics / Economics / Microeconomics
Business & Economics / Government & Business
Business & Economics / Industrial Management
Transportation / Aviation / Commercial
Transportation / Aviation / General
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Content Protection
This content is DRM protected.
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Read Aloud
Available on Android devices
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Eligible for Family Library

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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.

Since deregulation in the United States, most jet operating new-entrant carriers have failed. Theories on competition had been put to the test and reality turned out to be different to the vision. To begin with many new-entrant airlines were successful, but were not able to create sustainable strategies to survive as incumbent carriers adjusted to the new operating environment. This book explains the complex issues that led to the almost total failure rate of the 'first wave' new-entrant airlines. The background to the pre-nineties failure predicament is examined in order to give a good overview of the characteristics of new-entrant airlines and of the environment in which they operate. Attention is given to the new-entrants’ strategies and management in order to explore past deficiencies and to pave the way for successful new strategies. The author covers the new-entrants’ structure and then identifies critical factors through distress/failure prediction models. His approach is broad, and conclusions on airline failure are based on a dynamic framework, rather than a simple prescription for success or how to avoid failure. It is hoped that the reader will thereby come to recognize more fully the adaptability of incumbent airlines as well as the past mistakes of new airlines and gain some insights into new airline strategies. The book is in two main parts. The first part establishes what sort of an environment the new-entrants encounter. The second part gives results of a survey research giving an insight into management priorities and organization characteristics at new-entrant airlines and their linkage with good and poor performance. In addition critical factors are derived from failure and distress prediction models based on survey data and financial and traffic data on new-entrants. The final chapter brings together the various parts of the book and covers an inventory of new-entrants’ critical factors. The readership includes managers in
Airlines are buffeted by fluctuating political and economic landscapes, ever-changing competition, technology developments, globalization, increasing deregulation and evolving customer requirements. As a consequence all sectors of the air transport industry are in a constant state of flux. The principle aim of this book is to review current trends in the airline industry and its related suppliers, thereby providing an insight into the forces that are changing its dynamics. The factors that are reshaping the structure of the industry are examined with a view to identifying the key issues whose impact will be critical in the future. The book features two very distinct sections. The first contains short contributions from industry executives at CEO/VP level from airlines, aircraft/engine manufacturers, safety and navigational provider organisations, who have set out their take of where the airline industry is heading. This commercial input sets the scene for the book and provides the bridge to the second section, which is composed of 18 chapters written by distinguished academic authors. Each chapter presents a valuable insight into a specific area of the air transport industry, including: airlines, airports, cargo, deregulation, the environment, navigation, strategy, information technology, security and tourism. The shared objective of the authors is to describe and explain the core competencies that are determining the current shape of the industry and to examine the forces that will change its direction going forward. The book is written in a management style and will appeal to all levels of personnel who work for airlines across the world. It is also written for airport authorities, aerospace manufacturers, regulatory and government transportation agencies, researchers and students of aviation management, transport studies, tourism and the wider air transport industry.
In the fast-changing theatre of air transportation, the strategic development of airlines and the operating economics of scheduled airline services have been transformed, following the profound impact of US deregulation. The lessons gleaned from the US experience, including effective ways of constraining rivals, have quickly been adopted by carriers facing the opening up to competition of their own local markets. In addition, in response to the hunt by the successful US survivors for further international traffic, carriers have been forced to emulate certain tactics adopted by these megacarriers, virtually irrespective of their own government’s regulatory stance. The economics of the sector, particularly with regard to revenue generation, has resulted in increased market concentration. In the longer term, prospects for competition remain unclear, given the likely existence of only a small number of similarly endowed, globally alligned megacarriers. This book explores the impact of deregulation policies on key areas of the airline industry, analyzes the response of incumbent carriers to economic freedom and examines whether or not it is possible to devise a pro-competitive regulatory strategy for this sector. The author provides the reader with a clear explanation as to: ¢ why airline deregulation policies have produced a number of unanticipated outcomes; ¢ why low-cost new entrants have been unable to survive under deregulation; ¢ why the impact of airline deregulation has differed between the USA and Western Europe. Using this analysis as a basis, he explores the future development of the sector, indicating the likely future trends towards globalization. He also argues that a competitive marketplace is not a guaranteed outcome of full deregulation and suggests an alternative approach. The book is of special interest to those members engaged in the airline industry, regulatory authorities and government departments of transport and industry. It wil
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