Friday, July 24, 2015

At what cost?

Take a look at this blog post looking at the economic costs of making publicly-funded airport security effective. An excerpt:
If a 95% failure rate results in some people waiting longer than 20 minutes, then how would an 85% or 75% failure rate affect wait times? In other words, what is the marginal impact in wait times as a result of improving failure rates?

Read more:
Of course, this is something that the market can answer if security were left up to those with vested interests: airlines, airport owners*, and passengers.

*Unfortunately, airports tend to be "owned" by municipalities, so this can not be a true market, but - as history has shown - is a vast improvement over federal management of security.