Economics of the U.S. Commercial Airline Industry: Productivity, Technology and Deregulation
Economics of the U.S. Commercial Airline Industry: Productivity, Technology and Deregulation illustrates the impact of upstream technological change in capital goods (aircraft and aircraft engines) on demand, productivity, and cost reduction in the U.S. a
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U.S.
COMMERCIAL AIRLINE INDUSTRY: PRODUCTIVITY,
TECHNOLOGY AND DEREGULATION
Transportation Research, Economics and Policy VOLUME 8
Editorial Board Yossi Berechman Department of Economics & Public Policy, Tel Aviv University, Israel Kenneth Small Department of Economics, University of California at Irvine, U. S.A.
The titles published in this series are listed at the end of this volume.
ECONOMICS OF THE
U.S.
COMMERCIAL
AIRLINE INDUSTRY: PRODUCTIVITY, TECHNOLOGY AND DEREGULATION
by IVANL.
prrr
Center for Science and Technology Policy Rensselaer Polytechnic Institute Troy, New York
JOHN R. NORSWORTHY
Lally School ofManagement and Technology
Rensselaer Polytechnic Institute Troy, New Yo",
" ~.
SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Library of Congress Cataloging-in-Publication Data Pitt, Ivan L. Economics of the U.S. commercial airline industry : productivity , technology, and deregulation / by Ivan L. Pitt, John R. Norsworthy. P. cm. -- (Transportation research, economics and policy ; v. 8) Includes bibliographical references and index. ISBN 978-1-4613-7286-8 ISBN 978-1-4615-5031-0 (eBook) DOI 10.1007/978-1-4615-5031-0
1. Aeronautics, Commercial--United States. 2. Aeronautics, Commercial--Deregulation--UnitedStates. 1. Norsworthy, J. R. II. Title. III. Title: Economics of the United States commercial airline industry. IV. Title: Economics of the US commercial airline industry. V. Series. HE9803.A4P58 1999 387.7 '1'0973--dc21 99-20658 CIP
Copyright @ 1999 by Springer Science+Business Media New York Origina1ly published by Kluwer Academic Publishers in 1999 Softcover reprint ofthe hardcover Ist edition 1999 Ali rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photo-copying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC.
Printed on acid-free paper.
CONTENTS
List of Figures List of Tables Acknowledgments 1
ix xi
xv
PRODUCTMTY, TECHNOLOGY AND EFFICIENCY IN mE u.s COMMERCIAL AIRLINE INDUSTRY
1
l.1 l.2
Introduction Motivation for the Study
1 2
1
ECONOMICS OF COMMERCIAL AIRCRAFT
9
2.1 2.2 2.3
Economics of Commercial Aircraft-Demand Side New Aircraft Orders, Deliveries, Profitability and Business Cycles Complicating Factors in Airline Purchases 2.3.1 Commonality of Fleet 2.3.2 Aircraft Financing 2.3.3 Terms and Conditions in Aircraft Sales Agreements 2.3.4 Political-Military Considerations Airbus Loan Guarantees and Subsidization Boeing and McDonnell-Douglas Aircraft Manufacturing Industry Consolidation U.S. Government Support in the Industry 2.6.1 Cost Structure of Aircraft Manufacturing Economics of Commercial Aircraft-Supply Side Key Elements That Dominate Aircraft Production 2.8.1 Fixed Costs 2.8.2 Learning Effects 2.8.3 Economies of Scale and Scope 2.8.4 Aircraft Pricing
9 11 IS 16 17 19 20 21
AIRCRAFT CHARACTERISTICS
41
2.4 2.5 2.6 2.7 2.8
3
3.1 The Early Years of Jet Trnnsport 3.2 Performance Characteristics a
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