Did LCCs save airline revenue management?

The growth of low‐cost carriers (LCCs) and their simplified fare structures highlighted the weaknesses of traditional airline revenue management (RM) forecasting and optimization. The LCC pricing revolution caused RM systems to falter and threatened decades of scientific research and RM system investment by airlines. At the same time, it provided a much‐needed impetus for new RM research into improved forecasting and optimization models, laying the foundation for the next generation of airline RM systems.