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Air travel has become an essential part of our personal and business life. Air transport is an important component of a modern economy that impacts economic development and the welfare of populations. The aviation industry plays a pivotal role in supporting international trade and economic integration and contributing to long-term economic growth. Individuals aiming to be a professional within the aviation industry or an industry closely linked to aviation need to possess the knowledge of basic economic theories and concepts to understand the current economic issues and challenges facing the global aviation industry, as well as the underlying forces that have shaped the airline industry in the last three decades. This course is also of relevance to undergraduate students who wish to have a better understanding of the behaviour of aviation markets and the key stakeholders including passengers, airlines, airports, governments and regulators.

This course uses air transport examples to illustrate basic concepts related to supply and demand, costs, competition and market structures. Key topics in the field of aviation economics are explored, including areas such as regulation and deregulation, open skies, airline alliances, airline pricing and revenue management, and the emergence of low cost carriers. Topics are explored from an economic perspective, with the aim to help students understand core economic concepts and principles, giving them the chance to develop the types of problem-solving, critical thinking, research and communication skills required for success in the aviation industry.

On successful completion of this course students should be able to:

1. identify the drivers of the evolution of the aviation industry and the factors influencing the supply of and demand for aviation services;
2. describe the costs and operational infrastructures of the aviation industry;
3. apply basic economic frameworks to issues in aviation including the role of government, deregulation, pricing, competition and anti-trust;
4. compare the benefits and costs of open skies policy, airline mergers and alliances;
5. develop problem-solving and critical-thinking skills through analysing how airlines can survive and improve financial and economic performance under varying economic conditions;
6. effectively communicate the results of an economic analysis to an audience of stakeholders regarding a potential project or decision.