Variables in the Airlines Data File (Raw Data)
The original sample is a balanced panel of cost and output
data for 25 airlines observed for 15 years. In many of the years,
data are incomplete because of strikes, mergers, etc.
After
eliminating observations with incomplete (BAD -- see below) data,
the sample of 375 is reduced to an unbalanced panel totalling 256
observations.
COST
= total cost
CMTL
= materials cost
MTL
CFUEL
= fuel cost
FUEL
CEQPT
= equipment cost
EQPT
CLABOR
= labor cost
LABOR
CPROP
= property cost
PROPERTY
PM = price of material
LPM = log
PF = fuel price
LPF = log
PE = equipment price
LPE = log
PL = labor price
LPL = log
PP = property price
LPP = log
LPMPP = log(PM/PP)
LPFPP = log(PF/PP)
LPEPP = log(PE/PP)
LPLPP = log(PL/PP)
LC
= log cost
LF
= log fuel
LM
= log materials
LE
= log equipment
LL
= log labor
LP
= log property
REVENUE = revenue
OUTPUT = total output
LQ = log(OUTPUT)
LQ2 = LQ2
PK = capital price index
K = capital index
LOADFCTR = load factor
STAGE = average stage length
POINTS = number of points served
YEAR = 1970...1984
BAD = dummy var. for bad obs.
FIRM = ID, 1,...,25
T = YEAR - 1969, = 1,...,15
CN = COST/PP, LCN = log(CN)
(Not in the project file)
VARCOST = COST - PK * K
LVC = log variable cost
= materials quantity
= fuel quantity
= equipment quantity
= labor quantity
= property quantity
material price
fuel price
equipment price
labor price
property price