This paper develops a model to explain and analyze the evolution of network structure (connectivity) and design (flight frequency, aircraft size, prices) in the post-deregulation U.S. airline industry. We show that legacy carriers choice of Hub-and-Spoke networks and the emergence of low cost...

Sufficient reliable data on private market total returns do not exist for infrastructure investments, which makes it difficult to assess the performance of infrastructure through macroeconomic cycles. In this article, using 27 years of historical EBITDA data (1986–2012) for 229 mature...