Table 4.

Panel regression with fixed effects.

Variables			(1)	(2)	(3)	(4)	(5)	(6)
Variables			$A v g_P p k m$	$G i n i^{l o d d}$	$β$	$A v g_P p k m$	$G i n i^{l o d d}$	$β$
$C o v i d$			−0.0715*** (0.0030)	−0.5305*** (0.0582)	−0.0497*** (0.0025)
$C o v i d$	$L o w c o s t$	$D o m e s t i c$
Y	N	N				−0.0604*** (0.0050)	−0.4507*** (0.0636)	−0.0304*** (0.0039)
Y	N	Y				−0.0741*** (0.0032)	−0.5979*** (0.0579)	−0.0470*** (0.0026)
Y	Y	N				−0.0211*** (0.0056)	−0.4942*** (0.0644)	−0.0552*** (0.0044)
Y	Y	Y				−0.0545*** (0.0030)	−0.3619*** (0.0516)	−0.0494*** (0.0031)
$H H I$			0.0305*** (0.0027)	0.2779*** (0.0381)	0.0382*** (0.0031)	0.0341*** (0.0027)	0.2603*** (0.0384)	0.0339*** (0.0031)
$H o l i d a y s$			0.0131*** (0.0028)	−0.2338*** (0.0552)	−0.0138*** (0.0026)	0.0154*** (0.0028)	−0.2212*** (0.0552)	−0.0146*** (0.0026)
$P o p u l a t i o n$			−0.0001*** (0.0000)	0.0003 (0.0003)	0.0003*** (0.0000)	−0.0003*** (0.0000)	−0.0002 (0.0006)	0.0002*** (0.0000)
$G D P_{p c}$			0.0001*** (0.0000)	−0.0026*** (0.0004)	−0.0004*** (0.0000)	0.0003*** (0.0000)	−0.0021*** (0.0005)	−0.0003*** (0.0000)
Constant			0.4331*** (0.0564)	−1.2699 (1.1604)	−0.7861*** (0.0540)	0.9662*** (0.1133)	0.1256 (2.0229)	−0.5702*** (0.0801)
Observations			68,282	68,282	68,282	68,282	68,282	68,282
R-squared			0.2825	0.0123	0.0451	0.2927	0.0139	0.0483
Number of flights			34,141	34,141	34,141	34,141	34,141	34,141

Robust standard errors in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1.