If bf (bp) is found to be statistically equal to zero then none of the short-run deviation will be closed by the airline (passenger demand) in t þ1. From our discussion above, we expect bf to be close to zero at least for a given scheduling season (approximately six to seven months). Since airlines have a degree of control over the short-run seat-factor through revenue management, we expect bp to be positive and responsive to short-run punctuated events.