This paper estimates the value consumers place on air travel on-time performance (OTP), and the extent to which airlines are motivated to improve their OTP. We find robust evidence that consumers value OTP and are willing to pay to avoid delays. Airlines can invest to improve OTP, but would independently choose to do so only if on-time performance improvement leads to increases in profitability. Using a methodology that does not require having actual cost data to draw inference on cost changes associated with improvement in OTP, we analyze airlines' optimal OTP-improvement investment choice. The modeling framework allows us to provide estimates of OTP-related marginal investment costs per minute of improvement necessary to achieve specific percent reductions in arrival delay minutes from the current levels of arrival delay minutes observed in the data.

本文估算了消费者对航空航班准点率（OTP）的重视程度，以及航空公司提高其OTP积极性的程度。我们发现有力的证据表明消费者重视OTP，并愿意为避免延误而付费。航空公司可以进行投资来改善OTP，但是只有在按时提高绩效可以提高盈利能力的情况下，航空公司才会独立选择这样做。使用不需要实际成本数据即可推断与OTP改善相关的成本变化的方法，我们分析了航空公司优化OTP的最佳投资选择。