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Low cost carrier entry, incumbent responses and spatial competition in the United States airline industry.

机译：美国航空业的低成本承运人进入，现任反应和空间竞争。

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摘要

The successful emergence of the Low Cost Carriers (LCCs) represents one of the most important structural developments in the U.S. airline industry after it was deregulated in 1978. With a more efficient cost structure and a different business strategy, in 2006 the LCCs served 32.9% of all domestic origin and destination passengers and about 75% of all domestic passengers had access to LCC service. Moreover, Southwest Airlines, the pioneer of the Low Cost business model is currently the largest U.S. carrier in terms of passengers. It should be of no surprise then that the impact of LCCs on airfares and airline markets in general has attracted a lot of attention from economists, policy makers and the general public. In this dissertation I will address several limitations of the previous literature on the topic of the impact of LCCs on airfares.;In addition to controlling for time-invariant route characteristics, the availability of route level panel data also makes it possible to examine the dynamic nature of competition in airline markets. In chapter 3, I extend the route level analysis by estimating a spatial panel model with time and route specific fixed effects and investigate the dynamic responses of the incumbent carriers faced with entry from LCCs. The empirical analysis revealed that the incumbent legacy carriers reduce airfares pre-emptively before LCCs enter the route, most likely in an attempt to gain market share and induce loyalty among travelers. Also the results from the empirical analysis suggest that most of the pro-competitive effects manifest themselves after the LCC entry and they accumulate beyond the initial entry period. While the evolution of the post-entry fares charged by the incumbents follows the same pattern irrespective of the identity of the carriers, the Southwest effect is twice as large compared to the effect of the other LCCs. When LCCs exit a route, the incumbents raise airfares to the point where most of the pro-competitive entry effects are being offset. This chapter fills the gap in the literature on the dynamic responses of the incumbents to LCC entry by making use of spatial econometric panel data models that allow for explicitly modeling time and space fixed effects as well as the spatial dependence among route level airfares. Moreover, I show how spatial econometrics methods can be used to fully assess both the direct and indirect effects of the LCCs. The savings to travelers that can be attributed to competition from LCCs are calculated for each quarter from the fourth quarter of 1994 to the fourth quarter of 2004.;In contrast to the impact on route level airfares, the impact of LCCs on airport level airfares is less well studied in the literature. In Chapter 4, I estimate the effect of LCC entry on an airport level fare index as well as on the fare differential between alternative airports. The results indicate that the entry of Southwest Airlines at an airport induces fare effects with a dynamic pattern similar to that observed in the route level analysis. Both pre-entry and post entry effects were identified for Southwest, but the estimated effect of the other LCCs was close to insignificant indicating their inability to exert more generalized competitive pressures at airport level, beyond their actual service offerings. Moreover, the presence of spatial correlation among airport level airfares suggests that the competitive conditions at one airport either through entry from LCCs or other factors, will be reflected in the prevailing airfares at nearby airports.;Overall, the results of the dissertation improve the understanding of the role of the LCCs in the US airline industry by making use of the best available data and the proper estimation techniques, in particular spatial econometrics methods that are amenable to the spatial nature of data from the airline industry.;Previous analyses do not fully capture the spatial nature of competition in airline markets. The arbitrage actions of travelers selecting among alternative airports is likely to create co-movements of prices across routes with common or nearby destinations. Therefore airfares in adjacent routes are likely to be correlated and the competitive effects of the LCCs are not limited to the routes they enter but also extend to adjacent routes. In the first chapter of the dissertation I examine alternative empirical approaches to assessing the cost savings travelers have enjoyed from low cost carriers, when the impact extends across adjacent routes. I demonstrate the advantages of spatial econometric approaches in capturing indirect effects that are missed in standard regression models. An empirical analysis of Southwest Airlines and other low cost carriers for 1998 and 2004 in top U.S. routes is provided to illustrate how estimates of cost savings may be substantially altered when attention is paid to spatial modeling considerations.
机译：低成本航空公司（LCC）的成功出现代表了1978年放松管制后，美国航空业最重要的结构性发展之一。凭借更有效的成本结构和不同的业务策略，2006年，低成本航空公司（LCC）的服务率为32.9％所有国内始发和目的地乘客中，约75％的国内乘客可以使用LCC服务。此外，就低成本而言，低成本商业模式的先驱西南航空目前是美国最大的航空公司。因此，低成本航空公司对机票和航空公司市场的总体影响已经引起了经济学家，政策制定者和公众的广泛关注，这也就不足为奇了。在这篇论文中，我将解决关于低成本航空对机票价格的影响的先前文献的一些局限性。除了控制时不变的航线特性外，航线级别面板数据的可用性还使得检查动态航班信息成为可能。航空市场竞争的性质。在第3章中，我通过估计具有时间和路线特定固定效应的空间面板模型，扩展了路线级别分析，并研究了面临来自低成本航空公司的进入的现有承运人的动态响应。实证分析表明，现有的传统承运人在低成本航空公司进入航线之前先行降低机票价格，这很可能是为了获得市场份额并在旅客中引起忠诚度。经验分析的结果还表明，大多数竞争优势效应在LCC进入后就表现出来，并且在初始进入期之后便会累积。尽管由承运人收取的入场后票价的演变遵循相同的模式，而与承运人的身份无关，但西南航空的影响是其他低成本航空公司的两倍。当低成本航空公司退出航线时，任职者将机票价格提高到抵消大部分有利于竞争的进入效应的程度。本章通过利用空间计量经济面板数据模型填补了现任企业对LCC进入的动态响应的文献空白，该模型可对时间和空间固定效应以及航线票价之间的空间依赖性进行显式建模。此外，我展示了如何使用空间计量经济学方法来全面评估LCC的直接和间接影响。从1994年第四季度到2004年第四季度的每个季度，可以计算出可归因于LCC的竞争而为旅客节省的费用；与航线价格对机票价格的影响相比，LCC对机场价格的影响是文献研究较少。在第4章中，我估计了LCC进入对机场级别的票价指数以及替代机场之间的票价差异的影响。结果表明，西南航空进入机场会导致票价效应，其动态模式类似于在路线水平分析中观察到的动态模式。西南航空都确认了入境前和入境后的影响，但其他LCC的估计影响几乎没有意义，表明它们无法在机场层面施加超出其实际服务范围的更普遍的竞争压力。此外，机场级别机票之间存在空间相关性，这表明一个机场的竞争条件，无论是来自低成本航空公司的进入还是其他因素的影响，都将反映在附近机场的现行机票价格中。 LCC在美国航空业中的作用，方法是利用最佳可用数据和适当的估算技术，尤其是适合于航空业数据空间性质的空间计量经济学方法。掌握航空公司市场竞争的空间本质。旅客在其他机场中进行选择的套利行为很可能会导致共同目的地或附近目的地之间的航线价格共同变动。因此，相邻路线中的机票价格可能相互关联，低成本航企的竞争效果不仅限于它们进入的路线，而且还扩展到相邻路线。在本论文的第一章中，我研究了当影响范围遍及相邻路线时，替代性经验方法，以评估旅行者从低成本航空公司中所享受的成本节省。我展示了空间计量经济学方法在捕获标准回归模型中遗漏的间接影响方面的优势。提供了对西南航空和其他低成本航空公司1998年和2004年美国主要航线的实证分析，以说明当关注空间模型时，成本节省的估算值可能会发生重大变化。

著录项

  • 作者

    Daraban, Ioan Bogdan.;

  • 作者单位

    The Florida State University.;

  • 授予单位 The Florida State University.;
  • 学科 Economics.
  • 学位 Ph.D.
  • 年度 2007
  • 页码 142 p.
  • 总页数 142
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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