Besides booking your flight, there are so many things to look at when planning a holiday to that perfect holiday destination. However, sooner or later in comes down to the process of booking the best airline tickets. Then comes the big question – when should I book the airline tickets? Should I book it early before the prices soar or should I wait until the last minute. Would I be able to find a good flight deal?
Search no more. Two economists – Makoto Watanabe and Marc Moller have come up with a mathematical formula to answer this question. In the latest edition of The Economic Journal, these two economists say:
∏A =gUG + min(k – g, (1 – g)(1 – r)), where ∏ equals profit
Now I am sure you are wondering how they came up with this formula and most of all how can an average traveler can use this to find the best flight deal. Simplified version of this answer is, the tickets should be booked eight weeks in advance, and book them in the afternoon to get the best flight deal!
Booking your flight tickets eight weeks ahead seems a good idea. However, it could mean that you are taking the risk of having to pay more, if by any chance you alter your travel plans. At the same time if you wait till later to book your airline tickets, there is a risk of prices going higher and flights becoming fully booked.
To the average holiday maker, I doubt this formula would be beneficial because it is not a complete answer to getting the best price for airline tickets. Sometimes it is just pure luck and you get an awesome flight deal. Other times you have no choice but to pay what the travel agent says.
So, if you are going to use this formula, I’d say be 100% sure about your travel plans so there won’t be any alterations. Do some research online or through a travel agent and book your tickets at leisure. You can also buy the book about cheap flight secrets. This way you can avoid last minute rush and relax happily at your holiday destination on your flight.