Table 1 Estimation results: flight planned cruise speed (SPDCRU, DSPDCRU).

Flight operations

 VDIST

1.3090***

 VDIST2

− 0.0983***

 MASS [hist]

0.4243***

0.0523***

0.0521***

0.0521***

0.0522***

0.0702***

− 0.0060

 FUELP

0.0101

0.0062

0.0061

0.0061

0.0012

0.0007

0.0015

Airport operations

 CONG [hist]

− 0.0577***

− 0.0094***

− 0.0094***

− 0.0094***

− 0.0097***

− 0.0090***

0.0021

 MAXFREQ

− 0.0085***

0.0025*

0.0025*

0.0025*

0.0024*

0.0024*

0.0007

 SLOT

0.0201***

0.0027

0.0027

0.0027

0.0029

0.0040

− 0.0013

 HUB

− 0.0299***

− 0.0042

− 0.0042

− 0.0042

− 0.0042

− 0.0045

− 0.0089

Aircraft factors

 AGE

0.0130***

0.0013

0.0013

0.0013

0.0013

0.0011

− 0.0015**

 NEWMOD

0.0403***

0.0134***

0.0134***

0.0134***

0.0137***

0.0124***

0.0000

Market and industry environment

 GOL

− 0.0073

− 0.0133*

− 0.0132*

− 0.0132*

− 0.0133*

− 0.0128*

− 0.0345***

 AZUL

− 0.0020

− 0.0477***

− 0.0477***

− 0.0477***

− 0.0478***

− 0.0467***

− 0.0393***

 HHI

0.0316***

− 0.0091**

 NCOMP

0.0083**

0.0083**

0.0083**

0.0086**

− 0.0033*

 TREND

− 0.0002

0.0016

0.0009

− 0.0082***

 TREND × PAND

− 0.0004***

− 0.0004***

− 0.0002**

Estimator

MultLevFE

MultLevFE

MultLevFE

MultLevFE

MultLevFE

MultLevFE

MultLevFE

Fixed effects

 [1] Route

No

Yes

Yes

Yes

Yes

No

No

 [2] Year

Yes

Yes

Yes

Yes

Yes

Yes

Yes

 [3] Month

Yes

Yes

Yes

Yes

Yes

No

No

 [4] Weekday

Yes

Yes

Yes

Yes

Yes

Yes

Yes

 [5] Route-month

No

No

No

No

No

Yes

Yes

 [6] Aircraft model

No

No

No

No

No

No

No

Clusters

Route

Route

Route

Route

Route

Route

Route

Adj. R² statistic

0.6806

0.8855

0.8855

0.8855

0.8856

0.8945

0.5676

RMSE statistic

0.0900

0.0539

0.0539

0.0539

0.0539

0.0517

0.0314

No. observations

887,500

887,494

887,494

887,494

887,494

887,330

887,330