The past several years have seen dramatic increases in oil prices, which have adversely impacted airlines, with the average price of jet fuel increasing from $1.34 per gallon between 1995 and 2005 to $2.81 per gallon between 2006 and 2009. As a partial response to these increases in costs, many...

Following deregulation, the airline industry has dramatically changed. In addition to numerous mergers and bankruptcies, the industry has also seen an influx of small, “low-cost” carriers who offer differentiated competition to the traditional legacy carriers. These low-cost carriers...