Institutional Affiliation: Zurich, Switzerland
Information about this author at RePEc
NBER Working Papers and Publications
|July 2016||First Cabin Fares from New York to the British Isles, 1826-1914|
with Brandon Dupont, Thomas Weiss: w22426
We present a continuous time series on first cabin passenger fares for ocean travel from New York to the British Isles covering nearly a century of time. We discuss the conceptual and empirical difficulties of constructing such a time series, and examine the reasons for differences between the behavior of advertised fares and those based on passenger revenues. We find that while there are conceptual differences between these two measurements, as well as differences in the average values, the two generally moved in parallel, which means that the advertised fare series can serve as a reasonable proxy for movement of the revenue-based fares. We also find that advertised fares declined over time, roughly paralleling the drop in freight rates for U.S. bulk exports, until around 1890, but therea...