On the surface, it might seem that as new LCCs have been entering the industry, a variety of new business
models is emerging. However, the analysis provided in this paper demonstrates that although the LCCs face strong
incentives to differentiate themselves from the competition, they are not abandoning the key features of the core
LCC model. Therefore, moving forward, the equilibrium outcome depends on the response of the FSCs. Until then,
the LCC revolution in the US airline industry continues