How do changing jet fuel prices impact airline revenues? As expenses for jet fuel are one of the most relevant cost factors for airlines, their economic success largely depends on the ability to match changes on the cost side with an adaption on the revenue side. While previous studies primarily focused on the impact of fuel price changes to consumer prices, this paper empirically examines the ability of US airlines to pass-through lagged jet fuel prices to scaled operating revenues from an airline driven perspective. Our results suggest that the extent to which an exogenous increase in fuel prices can be passed on to revenues will deviate according to the competitive situation faced by an airline. Based on these findings our research should also be of interest for European policy makers who are discussing actions to exogenously increase jet fuel prices due to environmental reasons.

不断变化的航空燃油价格如何影响航空公司的收入？由于航油费用是航空公司最相关的成本因素之一，因此它们的经济成功在很大程度上取决于将成本方面的变化与收入方面的调整相匹配的能力。虽然之前的研究主要关注燃油价格变化对消费者价格的影响，但本文从航空公司驱动的角度实证检验了美国航空公司将滞后的航空燃油价格转嫁到规模经营收入的能力。我们的结果表明，燃油价格的外生上涨可以在多大程度上转移到收入上，这将根据航空公司面临的竞争情况而有所不同。