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Airport Capacity Extension, Fleet Investment, and Optimal Aircraft Scheduling in a Multi-Level Market Model : Quantifying the Cost of Imperfect Markets

DOI zum Zitieren der Version auf EPub Bayreuth: https://doi.org/10.15495/EPub_UBT_00005869
URN to cite this document: urn:nbn:de:bvb:703-epub-5869-6

Title data

Coniglio, Stefano ; Sirvent, Mathias ; Weibelzahl, Martin:
Airport Capacity Extension, Fleet Investment, and Optimal Aircraft Scheduling in a Multi-Level Market Model : Quantifying the Cost of Imperfect Markets.
In: OR Spectrum. Vol. 43 (2021) . - pp. 367-408.
ISSN 1436-6304
DOI der Verlagsversion: https://doi.org/10.1007/s00291-021-00621-4

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Project's official titleProject's id
Projektgruppe WI Nachhaltiges Energiemanagement & MobilitätNo information

Abstract

We present a market model of a liberalized aviation market with independent decision makers. The model consists of a hierarchical, trilevel optimization problem where perfectly-competitive budget-constrained airports decide (in the first level) on optimal runway capacity extensions and airport charges by anticipating long-term fleet investment and medium-term aircraft scheduling decisions taken by a set of imperfectly-competitive airlines (in the second level). Both airports and airlines anticipate the short-term outcome of a perfectly-competitive ticket market (in the third level). We compare our trilevel model to an integrated single-level (benchmark) model in which investments, scheduling, and market-clearing decisions are simultaneously taken by a welfare-maximizing social planner. Using a simple six-airports example from the literature, we illustrate the inefficiency of long-run investments in both runway capacity and aircraft fleet which may be observed in aviation markets with imperfectly-competitive airlines.

Further data

Item Type: Article in a journal
Keywords: OR in Airlines; Mixed-Integer Optimization; Multilevel Optimization; Market Design; Long-Run Investments
DDC Subjects: 000 Computer Science, information, general works > 004 Computer science
300 Social sciences > 330 Economics
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Research Institutions
Research Institutions > Research Centres > Forschungszentrum für Modellbildung und Simulation (MODUS)
Research Institutions > Affiliated Institutes
Research Institutions > Affiliated Institutes > Fraunhofer Project Group Business and Information Systems Engineering
Research Institutions > Affiliated Institutes > FIM Research Center Finance & Information Management
Faculties
Faculties > Faculty of Law, Business and Economics
Research Institutions > Research Centres
Language: English
Originates at UBT: Yes
URN: urn:nbn:de:bvb:703-epub-5869-6
Date Deposited: 28 Oct 2021 07:15
Last Modified: 28 Oct 2021 07:34
URI: https://epub.uni-bayreuth.de/id/eprint/5869

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