Pii: S0191-2615(99)00010-7
نویسندگان
چکیده
Operating lease of the aircraft gives the airlines ̄exibility in capacity management. However, airlines pay a risk premium to the leasing companies for bearing part of the risks. Therefore, the airlines face a trade-o between ̄exibility of capacity and higher costs. This paper develops a model for the airlines to determine their optimal mix of leased and owned capacity, taking into consideration that the demand for air transportation is uncertain and cyclical. Empirical results based on the model suggested that the optimal demand by 23 major airlines in the world would range between 40% and 60% of their total ̄eet, for the reasonable range of premiums of operating lease. For the leasing companies, this indicates huge potential of the market given strong forecast for the growth of air transportation in the next decade. Ó 1999 Elsevier Science Ltd. All rights reserved.
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