By Rigas Doganis
Flying off target presents a desirable and topical perception into the workings of foreign air delivery as obvious from an economist's perspective.
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Additional resources for Flying Off Course: The Economics of International Airlines, 2nd Edition
This provided the framework for the orderly and safe development of international air transport. It did this through its various articles and the annexes (mentioned earlier), which deal with every aspect of the operation of aircraft and air services both in the air and on the ground. The Convention also set up the International Civil Aviation Organization (ICAO), an intergovernmental agency which provided the forum for further discussion of key aviation issues and the basis for the worldwide coordination of technical and operational standards and practices.
However, it was often argued that three features of the IATA traffic conference system safeguarded the interests of the public and the consumers and prevented the airlines’ cartel from abusing its power. These were: first, a de facto ban on any kind of capacity regulation; second, the ‘unanimity rule’ mentioned above; and third, the fact that IATA fare agreements had to be approved by the respective governments. In theory, since IATA was not in a position to restrict capacity or control entry, it would be difficult for the airlines to extract monopoly profits by fixing both fares and output at the appropriate levels.
Its agreements include one with Thai International, covering air services between Thailand and Malaysia. More commonly, airlines contract ‘revenue-sharing’ pools in which all revenue on a route or sector is shared by the participating airlines in proportion to the capacity they offer on the route. In a two-airline pool, each airline will normally want a half share of the revenue and hence will expect to provide half the capacity. Imbalances in capacity may be permitted by mutual agreement if one carrier cannot or does not wish to increase its own capacity.
Flying Off Course: The Economics of International Airlines, 2nd Edition by Rigas Doganis