Price and income elasticities of demand for air transportation: Empirical evidence from US airfreight industry

Price and income elasticities of demand for air transportation: Empirical evidence from US airfreight industry

Journal: Air Transport Management

Author: Junwook Chi, Jungho Baek

Published: 2012

Abstract

This paper examines the demand for airfreight in the US as a function of real income and the price of airfreight between 1996 and 2010. Results show that a unique long-run equilibrium relationship exists between the volume of the US airfreight and the selected variables. The estimated long-run price and income elasticities indicate that US airfreight industry is price and income elastic. It is also found that income is a more powerful determinant of the long-run behavior of US airfreight industry than airfreight price.

Keywords: Airfreight transportation, Airfreight demand analysis

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