Download Contrived Competition: Regulation and Deregulation in by Richard Vietor PDF

By Richard Vietor

This e-book explains how 4 significant firms--American airways, El Paso normal gasoline, AT&T, and financial institution America--and their respective managements have been challenged via the deregulation of markets beginning within the overdue Nineteen Seventies. The 4 tales illustrate the dynamic means of industry restructuring and organizational adjustment, in addition to the ways that managers and regulators painfully realized to function successfully as their monetary and political environments shifted round them.

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Additional info for Contrived Competition: Regulation and Deregulation in America

Sample text

Two issues were paramount: route structure and the "costs" of competition. The board's authority and vision were limited, with regard to route structure. " Thus, the board proceeded on an ad hoc basis, expanding multicarrier service in point-to-point, city-pair segments. This process carried over to the issue of competitive costs. In the absence of pricing flexibility and price competition, increased service rivalry within city pairs raised unit costs by adding (excess) capacity, diverting traffic (suboptimally), incurring promotional expenses, and unnecessarily diverting resources from other sectors of the economy.

With this provision, the route structure established in 1934 and the market dominance of four carriers—American, United, TWA, and Eastern—were extended well beyond the war years. 33 To do this, the board used route expansions, entry restrictions, and tight rein over mergers and acquisitions. 34 A few months later, though, adjudicating in an important route expansion, the board favored o Ov O 1 OJ Q Ciri E •*-> a i» 6 t: co O. % s a; VI >H C/1 a o « M O a C/1 c co (-1 I-I •a y u t» -C e c o t-H M-l CO co -o 60 C *C/1 3 v Ov C/1 u e o T3 >< CO CÀ s H) o

Five DC-lOs. United followed a few days later. At t h e same time, Eastern, TWA, and Delta committed to buying Lockheed's L-1011 (250 seats). By 1975 t r u n k carriers h a d taken delivery o n 282 widebodied aircraft, expanding by nearly one-third their total revenue-passenger miles (and a n even greater portion of seating capacity). 78 This capacity expansion entailed a n i m m e n s e capital outlay by t r u n k carriers. At $22 million to $25 million apiece, t h e widebodied jets that w e r e p u t into service bet w e e n 1969 and 1975 cost m o r e t h a n $6 billion—nearly f o u r times cumulative operating profits.

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