CINXE.COM

<!doctype html> <html lang="en-GB"> <head> <meta charset="UTF-8"> <meta name="viewport" content="width=device-width, initial-scale=1"> <link rel='stylesheet' href='https://fideres.com/wp-content/plugins/breakdance/plugin/themeless/normalize.min.css'> <meta name='robots' content='index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1' /> <style>img:is([sizes="auto" i], [sizes^="auto," i]) { contain-intrinsic-size: 3000px 1500px }</style> <link rel="alternate" href="https://fideres.com/it/skipping-the-flight-fantastic/" hreflang="it" /> <link rel="alternate" href="https://fideres.com/es/skipping-the-flight-fantastic/" hreflang="es" /> <link rel="alternate" href="https://fideres.com/skipping-the-flight-fantastic/" hreflang="en" />  <title>Skipping The Flight Fantastic - Fideres</title> <meta name="description" content="Fideres examines how US airlines' skiplagging restrictions raise prices, block competition, and may violate antitrust laws." /> <link rel="canonical" href="https://fideres.com/skipping-the-flight-fantastic/" /> <meta property="og:locale" content="en_GB" /> <meta property="og:locale:alternate" content="it_IT" /> <meta property="og:locale:alternate" content="es_ES" /> <meta property="og:type" content="article" /> <meta property="og:title" content="Skipping The Flight Fantastic - Fideres" /> <meta property="og:description" content="Fideres examines how US airlines' skiplagging restrictions raise prices, block competition, and may violate antitrust laws." /> <meta property="og:url" content="https://fideres.com/skipping-the-flight-fantastic/" /> <meta property="og:site_name" content="Fideres" /> <meta property="article:published_time" content="2024-10-04T12:14:07+00:00" /> <meta property="article:modified_time" content="2024-11-12T11:59:17+00:00" /> <meta property="og:image" content="https://fideres.com/wp-content/uploads/2024/10/shutterstock_1773534752-1024x683.png" /> <meta property="og:image:width" content="1024" /> <meta property="og:image:height" content="683" /> <meta property="og:image:type" content="image/png" /> <meta name="author" content="Emily Hatchett" /> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:creator" content="@fideres" /> <meta name="twitter:site" content="@fideres" /> <meta name="twitter:label1" content="Written by" /> <meta name="twitter:data1" content="Emily Hatchett" /> <meta name="twitter:label2" content="Estimated reading time" /> <meta name="twitter:data2" content="9 minutes" /> <script type="application/ld+json" class="yoast-schema-graph">{"@context":"https://schema.org","@graph":[{"@type":"Article","@id":"https://fideres.com/skipping-the-flight-fantastic/#article","isPartOf":{"@id":"https://fideres.com/skipping-the-flight-fantastic/"},"author":{"name":"Emily Hatchett","@id":"https://fideres.com/#/schema/person/d797a78da4369c8ea28d445f592803b9"},"headline":"Skipping The Flight Fantastic","datePublished":"2024-10-04T12:14:07+00:00","dateModified":"2024-11-12T11:59:17+00:00","mainEntityOfPage":{"@id":"https://fideres.com/skipping-the-flight-fantastic/"},"wordCount":1752,"commentCount":0,"publisher":{"@id":"https://fideres.com/#organization"},"image":{"@id":"https://fideres.com/skipping-the-flight-fantastic/#primaryimage"},"thumbnailUrl":"https://fideres.com/wp-content/uploads/2024/10/shutterstock_1773534752.png","keywords":["Competition Economics"],"articleSection":["Research"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https://fideres.com/skipping-the-flight-fantastic/#respond"]}]},{"@type":"WebPage","@id":"https://fideres.com/skipping-the-flight-fantastic/","url":"https://fideres.com/skipping-the-flight-fantastic/","name":"Skipping The Flight Fantastic - Fideres","isPartOf":{"@id":"https://fideres.com/#website"},"primaryImageOfPage":{"@id":"https://fideres.com/skipping-the-flight-fantastic/#primaryimage"},"image":{"@id":"https://fideres.com/skipping-the-flight-fantastic/#primaryimage"},"thumbnailUrl":"https://fideres.com/wp-content/uploads/2024/10/shutterstock_1773534752.png","datePublished":"2024-10-04T12:14:07+00:00","dateModified":"2024-11-12T11:59:17+00:00","description":"Fideres examines how US airlines' skiplagging restrictions raise prices, block competition, and may violate antitrust laws.","breadcrumb":{"@id":"https://fideres.com/skipping-the-flight-fantastic/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https://fideres.com/skipping-the-flight-fantastic/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https://fideres.com/skipping-the-flight-fantastic/#primaryimage","url":"https://fideres.com/wp-content/uploads/2024/10/shutterstock_1773534752.png","contentUrl":"https://fideres.com/wp-content/uploads/2024/10/shutterstock_1773534752.png","width":5779,"height":3857},{"@type":"BreadcrumbList","@id":"https://fideres.com/skipping-the-flight-fantastic/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://fideres.com/"},{"@type":"ListItem","position":2,"name":"Skipping The Flight Fantastic"}]},{"@type":"WebSite","@id":"https://fideres.com/#website","url":"https://fideres.com/","name":"Fideres","description":"","publisher":{"@id":"https://fideres.com/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://fideres.com/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https://fideres.com/#organization","name":"Fideres","url":"https://fideres.com/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https://fideres.com/#/schema/logo/image/","url":"https://fideres.com/wp-content/uploads/2021/12/logo-dark-1.png","contentUrl":"https://fideres.com/wp-content/uploads/2021/12/logo-dark-1.png","width":450,"height":180,"caption":"Fideres"},"image":{"@id":"https://fideres.com/#/schema/logo/image/"},"sameAs":["https://x.com/fideres","https://www.linkedin.com/company/fideres-partners-llp/","https://open.spotify.com/show/1kyMSOQvGyr4A4XIJxE4lD","https://www.youtube.com/channel/UCmIBJE3GegIvYM4b7vZPq2w"]},{"@type":"Person","@id":"https://fideres.com/#/schema/person/d797a78da4369c8ea28d445f592803b9","name":"Emily Hatchett","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https://fideres.com/#/schema/person/image/","url":"https://fideres.com/wp-content/uploads/2021/10/Emily-web_cropa-96x96.jpg","contentUrl":"https://fideres.com/wp-content/uploads/2021/10/Emily-web_cropa-96x96.jpg","caption":"Emily Hatchett"},"description":"Emily joined Fideres in December 2020. She holds a degree in Music from Durham University and went on to complete her Law degree at The College of Law in London. After graduating, Emily gained litigation support experience at an international law firm in London. Prior to joining Fideres, she worked as a paralegal at a law firm in New York City, where she was involved in a securities litigation and assisted with a number of blog posts covering trends in the credit markets.","url":"https://fideres.com/author/emily_hatchett/"}]}</script>  <link rel="alternate" type="application/rss+xml" title="Fideres » Skipping The Flight Fantastic Comments Feed" href="https://fideres.com/skipping-the-flight-fantastic/feed/" /> <script type="text/javascript"> /* <![CDATA[ */ window._wpemojiSettings = {"baseUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/","ext":".png","svgUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/","svgExt":".svg","source":{"concatemoji":"https:\/\/fideres.com\/wp-includes\/js\/wp-emoji-release.min.js?ver=6.7.1"}}; /*! This file is auto-generated */ !function(i,n){var o,s,e;function c(e){try{var t={supportTests:e,timestamp:(new Date).valueOf()};sessionStorage.setItem(o,JSON.stringify(t))}catch(e){}}function p(e,t,n){e.clearRect(0,0,e.canvas.width,e.canvas.height),e.fillText(t,0,0);var t=new Uint32Array(e.getImageData(0,0,e.canvas.width,e.canvas.height).data),r=(e.clearRect(0,0,e.canvas.width,e.canvas.height),e.fillText(n,0,0),new Uint32Array(e.getImageData(0,0,e.canvas.width,e.canvas.height).data));return t.every(function(e,t){return e===r[t]})}function u(e,t,n){switch(t){case"flag":return n(e,"\ud83c\udff3\ufe0f\u200d\u26a7\ufe0f","\ud83c\udff3\ufe0f\u200b\u26a7\ufe0f")?!1:!n(e,"\ud83c\uddfa\ud83c\uddf3","\ud83c\uddfa\u200b\ud83c\uddf3")&&!n(e,"\ud83c\udff4\udb40\udc67\udb40\udc62\udb40\udc65\udb40\udc6e\udb40\udc67\udb40\udc7f","\ud83c\udff4\u200b\udb40\udc67\u200b\udb40\udc62\u200b\udb40\udc65\u200b\udb40\udc6e\u200b\udb40\udc67\u200b\udb40\udc7f");case"emoji":return!n(e,"\ud83d\udc26\u200d\u2b1b","\ud83d\udc26\u200b\u2b1b")}return!1}function f(e,t,n){var r="undefined"!=typeof WorkerGlobalScope&&self instanceof WorkerGlobalScope?new OffscreenCanvas(300,150):i.createElement("canvas"),a=r.getContext("2d",{willReadFrequently:!0}),o=(a.textBaseline="top",a.font="600 32px Arial",{});return e.forEach(function(e){o[e]=t(a,e,n)}),o}function t(e){var t=i.createElement("script");t.src=e,t.defer=!0,i.head.appendChild(t)}"undefined"!=typeof Promise&&(o="wpEmojiSettingsSupports",s=["flag","emoji"],n.supports={everything:!0,everythingExceptFlag:!0},e=new Promise(function(e){i.addEventListener("DOMContentLoaded",e,{once:!0})}),new Promise(function(t){var n=function(){try{var e=JSON.parse(sessionStorage.getItem(o));if("object"==typeof e&&"number"==typeof e.timestamp&&(new Date).valueOf()<e.timestamp+604800&&"object"==typeof e.supportTests)return e.supportTests}catch(e){}return null}();if(!n){if("undefined"!=typeof Worker&&"undefined"!=typeof OffscreenCanvas&&"undefined"!=typeof URL&&URL.createObjectURL&&"undefined"!=typeof Blob)try{var e="postMessage("+f.toString()+"("+[JSON.stringify(s),u.toString(),p.toString()].join(",")+"));",r=new Blob([e],{type:"text/javascript"}),a=new Worker(URL.createObjectURL(r),{name:"wpTestEmojiSupports"});return void(a.onmessage=function(e){c(n=e.data),a.terminate(),t(n)})}catch(e){}c(n=f(s,u,p))}t(n)}).then(function(e){for(var t in e)n.supports[t]=e[t],n.supports.everything=n.supports.everything&&n.supports[t],"flag"!==t&&(n.supports.everythingExceptFlag=n.supports.everythingExceptFlag&&n.supports[t]);n.supports.everythingExceptFlag=n.supports.everythingExceptFlag&&!n.supports.flag,n.DOMReady=!1,n.readyCallback=function(){n.DOMReady=!0}}).then(function(){return e}).then(function(){var e;n.supports.everything||(n.readyCallback(),(e=n.source||{}).concatemoji?t(e.concatemoji):e.wpemoji&&e.twemoji&&(t(e.twemoji),t(e.wpemoji)))}))}((window,document),window._wpemojiSettings); /* ]]> */ </script> <style id='wp-emoji-styles-inline-css' type='text/css'> img.wp-smiley, img.emoji { display: inline !important; border: none !important; box-shadow: none !important; height: 1em !important; width: 1em !important; margin: 0 0.07em !important; vertical-align: -0.1em !important; background: none !important; padding: 0 !important; } </style> <link rel='stylesheet' id='breakdance-global-block-css-css' href='https://fideres.com/wp-content/plugins/breakdance/plugin/gutenberg/blocks/dist/blocks.style.build.css?ver=1729499050' type='text/css' media='all' /> <link rel='stylesheet' id='mpp_gutenberg-css' href='https://fideres.com/wp-content/plugins/metronet-profile-picture/dist/blocks.style.build.css?ver=2.6.0' type='text/css' media='all' /> <link rel='stylesheet' id='research-posts-loader-style-css' href='https://fideres.com/wp-content/plugins/New%20folder%20(11)/css/styles.css?ver=6.7.1' type='text/css' media='all' /> <link rel='stylesheet' id='ctf_styles-css' href='https://fideres.com/wp-content/plugins/custom-twitter-feeds/css/ctf-styles.min.css?ver=2.2.5' type='text/css' media='all' /> <link rel='stylesheet' id='uaf_client_css-css' href='https://fideres.com/wp-content/uploads/useanyfont/uaf.css?ver=1729092182' type='text/css' media='all' /> <style id='wpgb-head-inline-css' type='text/css'> .wp-grid-builder:not(.wpgb-template),.wpgb-facet{opacity:0.01}.wpgb-facet fieldset{margin:0;padding:0;border:none;outline:none;box-shadow:none}.wpgb-facet fieldset:last-child{margin-bottom:40px;}.wpgb-facet fieldset legend.wpgb-sr-only{height:1px;width:1px} </style> <link rel='stylesheet' id='ivory-search-styles-css' href='https://fideres.com/wp-content/plugins/add-search-to-menu/public/css/ivory-search.min.css?ver=5.5.7' type='text/css' media='all' /> <link rel='stylesheet' id='tablepress-default-css' href='https://fideres.com/wp-content/tablepress-combined.min.css?ver=18' type='text/css' media='all' /> <link rel='stylesheet' id='um_modal-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-modal.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_ui-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/jquery-ui/jquery-ui.min.css?ver=1.13.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_tipsy-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/tipsy/tipsy.min.css?ver=1.0.0a' type='text/css' media='all' /> <link rel='stylesheet' id='um_raty-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/raty/um-raty.min.css?ver=2.6.0' type='text/css' media='all' /> <link rel='stylesheet' id='select2-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/select2/select2.min.css?ver=4.0.13' type='text/css' media='all' /> <link rel='stylesheet' id='um_fileupload-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-fileupload.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_confirm-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/um-confirm/um-confirm.min.css?ver=1.0' type='text/css' media='all' /> <link rel='stylesheet' id='um_datetime-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/default.min.css?ver=3.6.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_datetime_date-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/default.date.min.css?ver=3.6.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_datetime_time-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/default.time.min.css?ver=3.6.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_fonticons_ii-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/legacy/fonticons/fonticons-ii.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_fonticons_fa-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/legacy/fonticons/fonticons-fa.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_fontawesome-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-fontawesome.min.css?ver=6.5.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_common-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/common.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_responsive-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-responsive.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_styles-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-styles.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_crop-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/cropper/cropper.min.css?ver=1.6.1' type='text/css' media='all' /> <link rel='stylesheet' id='um_profile-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-profile.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_account-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-account.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_misc-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-misc.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_default_css-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-old-default.min.css?ver=2.8.9' type='text/css' media='all' /> <script type="text/javascript" src="https://fideres.com/wp-includes/js/jquery/jquery.min.js?ver=3.7.1" id="jquery-core-js"></script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/jquery/jquery-migrate.min.js?ver=3.4.1" id="jquery-migrate-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-gdpr.min.js?ver=2.8.9" id="um-gdpr-js"></script> <link rel="https://api.w.org/" href="https://fideres.com/wp-json/" /><link rel="alternate" title="JSON" type="application/json" href="https://fideres.com/wp-json/wp/v2/posts/38833" /><link rel="EditURI" type="application/rsd+xml" title="RSD" href="https://fideres.com/xmlrpc.php?rsd" /> <meta name="generator" content="WordPress 6.7.1" /> <link rel='shortlink' href='https://fideres.com/?p=38833' /> <link rel="alternate" title="oEmbed (JSON)" type="application/json+oembed" href="https://fideres.com/wp-json/oembed/1.0/embed?url=https%3A%2F%2Ffideres.com%2Fskipping-the-flight-fantastic%2F" /> <link rel="alternate" title="oEmbed (XML)" type="text/xml+oembed" href="https://fideres.com/wp-json/oembed/1.0/embed?url=https%3A%2F%2Ffideres.com%2Fskipping-the-flight-fantastic%2F&format=xml" />  <script async src=https://www.googletagmanager.com/gtag/js?id=G-6CW6CZ6SBJ></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-6CW6CZ6SBJ'); </script> <style type="text/css"> .um_request_name { display: none !important; } </style> <noscript><style>.wp-grid-builder .wpgb-card.wpgb-card-hidden .wpgb-card-wrapper{opacity:1!important;visibility:visible!important;transform:none!important}.wpgb-facet {opacity:1!important;pointer-events:auto!important}.wpgb-facet *:not(.wpgb-pagination-facet){display:none}</style></noscript> <style type="text/css">.pp-podcast {opacity: 0;}</style> <style type="text/css">.saboxplugin-wrap{-webkit-box-sizing:border-box;-moz-box-sizing:border-box;-ms-box-sizing:border-box;box-sizing:border-box;border:1px solid #eee;width:100%;clear:both;display:block;overflow:hidden;word-wrap:break-word;position:relative}.saboxplugin-wrap .saboxplugin-gravatar{float:left;padding:0 20px 20px 20px}.saboxplugin-wrap .saboxplugin-gravatar img{max-width:100px;height:auto;border-radius:0;}.saboxplugin-wrap .saboxplugin-authorname{font-size:18px;line-height:1;margin:20px 0 0 20px;display:block}.saboxplugin-wrap .saboxplugin-authorname a{text-decoration:none}.saboxplugin-wrap .saboxplugin-authorname a:focus{outline:0}.saboxplugin-wrap .saboxplugin-desc{display:block;margin:5px 20px}.saboxplugin-wrap .saboxplugin-desc a{text-decoration:underline}.saboxplugin-wrap .saboxplugin-desc p{margin:5px 0 12px}.saboxplugin-wrap .saboxplugin-web{margin:0 20px 15px;text-align:left}.saboxplugin-wrap .sab-web-position{text-align:right}.saboxplugin-wrap .saboxplugin-web a{color:#ccc;text-decoration:none}.saboxplugin-wrap .saboxplugin-socials{position:relative;display:block;background:#fcfcfc;padding:5px;border-top:1px solid #eee}.saboxplugin-wrap .saboxplugin-socials a svg{width:20px;height:20px}.saboxplugin-wrap .saboxplugin-socials a svg .st2{fill:#fff; transform-origin:center center;}.saboxplugin-wrap .saboxplugin-socials a svg .st1{fill:rgba(0,0,0,.3)}.saboxplugin-wrap .saboxplugin-socials a:hover{opacity:.8;-webkit-transition:opacity .4s;-moz-transition:opacity .4s;-o-transition:opacity .4s;transition:opacity .4s;box-shadow:none!important;-webkit-box-shadow:none!important}.saboxplugin-wrap .saboxplugin-socials .saboxplugin-icon-color{box-shadow:none;padding:0;border:0;-webkit-transition:opacity .4s;-moz-transition:opacity .4s;-o-transition:opacity .4s;transition:opacity .4s;display:inline-block;color:#fff;font-size:0;text-decoration:inherit;margin:5px;-webkit-border-radius:0;-moz-border-radius:0;-ms-border-radius:0;-o-border-radius:0;border-radius:0;overflow:hidden}.saboxplugin-wrap .saboxplugin-socials .saboxplugin-icon-grey{text-decoration:inherit;box-shadow:none;position:relative;display:-moz-inline-stack;display:inline-block;vertical-align:middle;zoom:1;margin:10px 5px;color:#444;fill:#444}.clearfix:after,.clearfix:before{content:' ';display:table;line-height:0;clear:both}.ie7 .clearfix{zoom:1}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-twitch{border-color:#38245c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-addthis{border-color:#e91c00}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-behance{border-color:#003eb0}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-delicious{border-color:#06c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-deviantart{border-color:#036824}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-digg{border-color:#00327c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-dribbble{border-color:#ba1655}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-facebook{border-color:#1e2e4f}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-flickr{border-color:#003576}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-github{border-color:#264874}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-google{border-color:#0b51c5}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-googleplus{border-color:#96271a}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-html5{border-color:#902e13}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-instagram{border-color:#1630aa}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-linkedin{border-color:#00344f}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-pinterest{border-color:#5b040e}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-reddit{border-color:#992900}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-rss{border-color:#a43b0a}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-sharethis{border-color:#5d8420}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-skype{border-color:#00658a}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-soundcloud{border-color:#995200}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-spotify{border-color:#0f612c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-stackoverflow{border-color:#a95009}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-steam{border-color:#006388}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-user_email{border-color:#b84e05}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-stumbleUpon{border-color:#9b280e}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-tumblr{border-color:#10151b}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-twitter{border-color:#0967a0}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-vimeo{border-color:#0d7091}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-windows{border-color:#003f71}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-whatsapp{border-color:#003f71}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-wordpress{border-color:#0f3647}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-yahoo{border-color:#14002d}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-youtube{border-color:#900}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-xing{border-color:#000202}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-mixcloud{border-color:#2475a0}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-vk{border-color:#243549}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-medium{border-color:#00452c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-quora{border-color:#420e00}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-meetup{border-color:#9b181c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-goodreads{border-color:#000}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-snapchat{border-color:#999700}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-500px{border-color:#00557f}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-mastodont{border-color:#185886}.sabox-plus-item{margin-bottom:20px}@media screen and (max-width:480px){.saboxplugin-wrap{text-align:center}.saboxplugin-wrap .saboxplugin-gravatar{float:none;padding:20px 0;text-align:center;margin:0 auto;display:block}.saboxplugin-wrap .saboxplugin-gravatar img{float:none;display:inline-block;display:-moz-inline-stack;vertical-align:middle;zoom:1}.saboxplugin-wrap .saboxplugin-desc{margin:0 10px 20px;text-align:center}.saboxplugin-wrap .saboxplugin-authorname{text-align:center;margin:10px 0 20px}}body .saboxplugin-authorname a,body .saboxplugin-authorname a:hover{box-shadow:none;-webkit-box-shadow:none}a.sab-profile-edit{font-size:16px!important;line-height:1!important}.sab-edit-settings a,a.sab-profile-edit{color:#0073aa!important;box-shadow:none!important;-webkit-box-shadow:none!important}.sab-edit-settings{margin-right:15px;position:absolute;right:0;z-index:2;bottom:10px;line-height:20px}.sab-edit-settings i{margin-left:5px}.saboxplugin-socials{line-height:1!important}.rtl .saboxplugin-wrap .saboxplugin-gravatar{float:right}.rtl .saboxplugin-wrap .saboxplugin-authorname{display:flex;align-items:center}.rtl .saboxplugin-wrap .saboxplugin-authorname .sab-profile-edit{margin-right:10px}.rtl .sab-edit-settings{right:auto;left:0}img.sab-custom-avatar{max-width:75px;}.saboxplugin-wrap {margin-top:20px; margin-bottom:0px; padding: 0px 0px }.saboxplugin-wrap .saboxplugin-authorname {font-size:18px; line-height:25px;}.saboxplugin-wrap .saboxplugin-desc p, .saboxplugin-wrap .saboxplugin-desc {font-size:14px !important; line-height:21px !important;}.saboxplugin-wrap .saboxplugin-web {font-size:14px;}.saboxplugin-wrap .saboxplugin-socials a svg {width:18px;height:18px;}</style><link rel="icon" href="https://fideres.com/wp-content/uploads/2022/01/cropped-fav-1-32x32.png" sizes="32x32" /> <link rel="icon" href="https://fideres.com/wp-content/uploads/2022/01/cropped-fav-1-192x192.png" sizes="192x192" /> <link rel="apple-touch-icon" href="https://fideres.com/wp-content/uploads/2022/01/cropped-fav-1-180x180.png" /> <meta name="msapplication-TileImage" content="https://fideres.com/wp-content/uploads/2022/01/cropped-fav-1-270x270.png" /> <style type="text/css" id="wp-custom-css"> h4 {font-weight:100;color:#717171!important;} .dataTables_scrollHeadInner {width:100%!important;} .tablepress th {background-color:#535776!important; font-weight:300; border: 1px solid white; color:white; text-align:center;} .tablepress tr:nth-child(even) td { background-color: #F2F2F2; text-align:center; } .tablepress tr:nth-child(odd) td { background-color: #D7D7D7; text-align:center; } .tablepress td { border: 1px solid white!important;} .saboxplugin-authorname {pointer-events:none;} .um-right {display:none;} .um-half {width:100%!important;} input[type="radio"][value="TELEGRAM"] { display: none; } .bde-social-share-button-twitter svg {display:none;} .bde-social-share-button-twitter :before {content:url('https://fideres.com/wp-content/uploads/2023/11/twitter-1.png')} @media (min-width: 768px) { .prop .bde-simple-counter__digit {margin-left:-21.5px!important;}} @media (max-width: 768px) { .prop .bde-simple-counter__digit {margin-left:-10.5px!important;}} #is-search-input-37577 { border: none!important; border-bottom: 2px solid orange!important; outline: none!important; /* Removes the default focus outline */ } .is-search-input::placeholder { color: grey; font-size:30px; } @media (max-width: 768px) { .is-search-input::placeholder { font-size: 20px; } } a {font-weight:300;} .aligncenter{ display: block; margin-left: auto; margin-right: auto; } .wpdt-c.wpDataTableContainerSimpleTable .wpdtSimpleTable.wpDataTable {width:100%!important;} .bde-rich-text.breakdance-rich-text-styles ul { padding-left:0px!important; list-style: none; } .bde-rich-text.breakdance-rich-text-styles ul li { position: relative; padding-left: 14px; padding-bottom:5px; margin-top:0px!important; } .bde-rich-text.breakdance-rich-text-styles ul li p{ margin-top:0px;margin-bottom:1px; } .bde-rich-text.breakdance-rich-text-styles ul li:before { content: ""; position: absolute; left: 0; top: 8px; /* Align with the top of the text */ width: 5px; height: 5px; background-color: #f47836; } .lang-item-341 { position: relative; display: inline-block; /* Add any other styling you need for the list item */ } .lang-item-341::after { content: "Italian"; font-size:12px; background-color: #333; color: white; padding: 5px; position: absolute; z-index: 1; bottom: 100%; left: 50%; transform: translateX(-50%); opacity: 0; visibility: hidden; transition: opacity 0.2s ease, visibility 0.2s ease; } .lang-item-341:hover::after { opacity: 1; visibility: visible; } .lang-item-344 { position: relative; display: inline-block; /* Add any other styling you need for the list item */ } .lang-item-344::after { content: "Spanish"; font-size:12px; background-color: #333; color: white; padding: 5px; position: absolute; z-index: 1; bottom: 100%; left: 50%; transform: translateX(-50%); opacity: 0; visibility: hidden; transition: opacity 0.2s ease, visibility 0.2s ease; } .lang-item-344:hover::after { opacity: 1; visibility: visible; } .lang-item-348 { position: relative; display: inline-block; /* Add any other styling you need for the list item */ } .lang-item-348::after { content: "English"; font-size:12px; background-color: #333; color: white; padding: 5px; position: absolute; z-index: 1; bottom: 100%; left: 50%; transform: translateX(-50%); opacity: 0; visibility: hidden; transition: opacity 0.2s ease, visibility 0.2s ease; } .lang-item-348:hover::after { opacity: 1; visibility: visible; } </style>  <link rel="stylesheet" href="https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/breakdance-fancy-background@1/fancy-background.css?bd_ver=1.7.2" /> <link rel="stylesheet" href="https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/awesome-form@1/css/form.css?bd_ver=1.7.2" /> <link rel="stylesheet" href="https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/awesome-menu@1/awesome-menu.css?bd_ver=1.7.2" /> <link rel="stylesheet" href="https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/popups@1/popups.css?bd_ver=1.7.2" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-36062-defaults.css?v=4d39ce9c429af7591593a81c552d8556" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-35993-defaults.css?v=1c4d34f7489f8fe366e5bebf9f7b3e25" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-37010-defaults.css?v=627e65727f88a7312a6c9b69ebc82dbd" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34868-defaults.css?v=7a2c6d9b1d3cf87e694ccec661b6a5b0" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34994-defaults.css?v=ad7549c4e71db512f09081b6b9f0e6ef" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-37594-defaults.css?v=7163837c41857a896c9bdd4cbc65c7ea" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34948-defaults.css?v=0ae69622fcba6921986bc2138777bb0d" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/global-settings.css?v=be7f917c79685aa178d1dbbfa2ee2311" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/selectors.css?v=772a728a32e477452458221341cacce6" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-36062.css?v=2cd3981eda15f64c162d1a51a7c8c676" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-35993.css?v=974b42c7b3dc1d3062beb1139bc4fb90" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-37010.css?v=24e83ad950b19230a7ddb8c977a14b1b" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34868.css?v=71f79e1bedc72efc5f68e6b67ba138e1" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34994.css?v=98edc292c26d00c95a3a245769f58c27" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-37594.css?v=f62adc11f80a48a0ac5d6ea6b5f3c5a3" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34948.css?v=3b421be296ddc54859a9e3416e5da66a" />  <style type="text/css"> </style> </head> <body class="post-template-default single single-post postid-38833 single-format-standard breakdance breakdance-zero"> <header class="bde-header-builder-34868-102 bde-header-builder bde-header-builder--sticky-scroll-slide"> <div class="bde-header-builder__container"><div class="bde-image-34868-103 bde-image"> <figure class="breakdance-image breakdance-image--34873"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <a class="breakdance-image-link breakdance-image-link--url" href="https://fideres.com/" target="_self" rel="noopener" data-sub-html="" data-lg-size="-"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" width="450" height="180" srcset="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png 450w, https://fideres.com/wp-content/uploads/2023/08/logo-dark-1-300x120.png 300w" > </a> </div> </div> </figure> </div><div class="bde-div-34868-130 bde-div"> <div class="bde-wp-menu-34868-109 bde-wp-menu"> <nav class="breakdance-menu breakdance-menu--collapse "> <button class="breakdance-menu-toggle breakdance-menu-toggle--squeeze" type="button" aria-label="Open Menu" aria-expanded="false" aria-controls="menu-109"> <span class="breakdance-menu-toggle-icon"> <span class="breakdance-menu-toggle-lines"></span> </span> </button> <ul class="breakdance-menu-list" id="menu-109"> <li class="breakdance-menu-topbar"> <span class="breakdance-menu-topbar-logo"> <img src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" alt="" /> </span> <button class="breakdance-menu-close-button" type="button">Close</button> </li> <li id="menu-item-26512" class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26512 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Expertise</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Expertise Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li id="menu-item-31507" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-31507 breakdance-dropdown-item"><a href="https://fideres.com/expertise/competition-economics/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Competition Economics</span></a></li> <li id="menu-item-26713" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26713 breakdance-dropdown-item"><a href="https://fideres.com/expertise/digital-markets/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Digital Markets</span></a></li> <li id="menu-item-26712" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26712 breakdance-dropdown-item"><a href="https://fideres.com/expertise/discrimination/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Discrimination</span></a></li> <li id="menu-item-26711" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26711 breakdance-dropdown-item"><a href="https://fideres.com/expertise/financial-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Financial Litigation</span></a></li> <li id="menu-item-26710" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26710 breakdance-dropdown-item"><a href="https://fideres.com/expertise/securities-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Securities Litigation</span></a></li> </ul> </div> </div> </div></li> <li id="menu-item-44" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-44 breakdance-menu-item"><a href="https://fideres.com/how-we-add-value/" class="breakdance-menu-link">How We Add Value</a></li> <li id="menu-item-47" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-47 breakdance-menu-item"><a href="https://fideres.com/our-research/" class="breakdance-menu-link">Our Research</a></li> <li id="menu-item-26514" class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26514 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Media</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Media Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li id="menu-item-19085" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-19085 breakdance-dropdown-item"><a href="https://fideres.com/media/news/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">News</span></a></li> <li id="menu-item-37512" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-37512 breakdance-dropdown-item"><a href="https://fideres.com/videos/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Videos</span></a></li> </ul> </div> </div> </div></li> <li id="menu-item-18740" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-18740 breakdance-menu-item"><a href="https://fideres.com/careers/" class="breakdance-menu-link">Careers</a></li> <li id="menu-item-26513" class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26513 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">About Us</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="About Us Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li id="menu-item-35956" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-35956 breakdance-dropdown-item"><a href="/about-us/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">About Us</span></a></li> <li id="menu-item-35973" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35973 breakdance-dropdown-item"><a href="https://fideres.com/our-professionals/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Professionals</span></a></li> <li id="menu-item-35989" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35989 breakdance-dropdown-item"><a href="https://fideres.com/our-offices/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Offices</span></a></li> </ul> </div> </div> </div></li> </ul> </nav> </div><div class="bce-polylang-languages-34868-138 bce-polylang-languages language-switcher"> <ul> <li class="lang-item lang-item-341 lang-item-it lang-item-first"><a lang="it-IT" hreflang="it-IT" href="https://fideres.com/it/skipping-the-flight-fantastic/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAUVBMVEUAiQAAgADk5OTe3t7vAAB3yXf9/f36+vr5Vlb3RkZjwWNYvVj4+Pj1MzP1KChQuFD1GxviAABHtUf19fXzDw4/sT8AcAA2qzYAWgDLy8vDw8ObXclsAAAAVElEQVR4AQXBSwoCQRQEsNT70CC69P5XdCUMA2ISSAiBWAQScg8bN7GJWxFDrCivwhCLMipGx3LKUOi2HAZluy2HgXprxQGfGL6G63B5MJ5FCD/4A3DaCLvbBle5AAAAAElFTkSuQmCC" alt="Italiano" width="16" height="11" style="width: 16px; height: 11px;" /></a></li> <li class="lang-item lang-item-344 lang-item-es"><a lang="es-ES" hreflang="es-ES" href="https://fideres.com/es/skipping-the-flight-fantastic/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAflBMVEX/AAD9AAD3AADxAADrAAD/eXn9bGz8YWH8WVn6UVH5SEj5Pz/3NDT0Kir9/QD+/nL+/lT18lDt4Uf6+j/39zD39yf19R3n5wDxflXsZ1Pt4Y3x8zr0wbLs1NXz8xPj4wD37t3jmkvsUU/Bz6nrykm3vJ72IiL0FBTyDAvhAABEt4UZAAAAX0lEQVR4AQXBQUrFQBBAwXqTDkYE94Jb73+qfwVRcYxVQRBRToiUfoaVpGTrtdS9SO0Z9FR9lVy/g5c99+dKl30N5uxPuviexXEc9/msC7TOkd4kHu/Dlh4itCJ8AP4B0w4Qwmm7CFQAAAAASUVORK5CYII=" alt="Español" width="16" height="11" style="width: 16px; height: 11px;" /></a></li> </ul> </div> </div><div class="bde-icon-34868-146 bde-icon"> <a class="breakdance-link bde-icon-icon breakdance-icon-atom" href="#" target="_self" data-type="action" data-action='{"type":"popup","popupOptions":{"popupId":"37594","popupAction":"open"}}' > <svg xmlns="http://www.w3.org/2000/svg" id="icon-search" viewBox="0 0 32 32"> <path d="M31.008 27.231l-7.58-6.447c-0.784-0.705-1.622-1.029-2.299-0.998 1.789-2.096 2.87-4.815 2.87-7.787 0-6.627-5.373-12-12-12s-12 5.373-12 12 5.373 12 12 12c2.972 0 5.691-1.081 7.787-2.87-0.031 0.677 0.293 1.515 0.998 2.299l6.447 7.58c1.104 1.226 2.907 1.33 4.007 0.23s0.997-2.903-0.23-4.007zM12 20c-4.418 0-8-3.582-8-8s3.582-8 8-8 8 3.582 8 8-3.582 8-8 8z"/> </svg> </a> </div><div class="bde-icon-34868-121 bde-icon"> <a class="breakdance-link bde-icon-icon breakdance-icon-atom" href="#" target="_self" data-type="action" data-action='{"type":"popup","popupOptions":{"popupId":"34948","popupAction":"open"}}' > <svg xmlns="http://www.w3.org/2000/svg" fill="none" height="512" viewBox="0 0 24 24" width="512"><path clip-rule="evenodd" d="m3 6c0-.55228.44772-1 1-1h16c.5523 0 1 .44772 1 1s-.4477 1-1 1h-16c-.55228 0-1-.44772-1-1zm0 6c0-.5523.44772-1 1-1h10c.5523 0 1 .4477 1 1s-.4477 1-1 1h-10c-.55228 0-1-.4477-1-1zm0 6c0-.5523.44772-1 1-1h5c.55228 0 1 .4477 1 1s-.44772 1-1 1h-5c-.55228 0-1-.4477-1-1z" fill="rgb(0,0,0)" fill-rule="evenodd"/></svg> </a> </div></div> </header><header class="bde-header-builder-34868-122 bde-header-builder bde-header-builder--sticky bde-header-builder--sticky-scroll-slide bde-header-builder--sticky-styles bde-header-builder--sticky-scroll-start-off-hidden bde-header-builder--sticky-scroll-hide" data-sticky-hide-until-scroll-distance="300"> <div class="bde-header-builder__container"><div class="bde-image-34868-142 bde-image"> <figure class="breakdance-image breakdance-image--34873"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <a class="breakdance-image-link breakdance-image-link--url" href="https://fideres.com/" target="_self" rel="noopener" data-sub-html="" data-lg-size="-"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" width="450" height="180" srcset="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png 450w, https://fideres.com/wp-content/uploads/2023/08/logo-dark-1-300x120.png 300w" > </a> </div> </div> </figure> </div><div class="bde-div-34868-133 bde-div"> <div class="bde-wp-menu-34868-134 bde-wp-menu"> <nav class="breakdance-menu breakdance-menu--collapse "> <button class="breakdance-menu-toggle breakdance-menu-toggle--squeeze" type="button" aria-label="Open Menu" aria-expanded="false" aria-controls="menu-134"> <span class="breakdance-menu-toggle-icon"> <span class="breakdance-menu-toggle-lines"></span> </span> </button> <ul class="breakdance-menu-list" id="menu-134"> <li class="breakdance-menu-topbar"> <span class="breakdance-menu-topbar-logo"> <img src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" alt="" /> </span> <button class="breakdance-menu-close-button" type="button">Close</button> </li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26512 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Expertise</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Expertise Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-31507 breakdance-dropdown-item"><a href="https://fideres.com/expertise/competition-economics/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Competition Economics</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26713 breakdance-dropdown-item"><a href="https://fideres.com/expertise/digital-markets/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Digital Markets</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26712 breakdance-dropdown-item"><a href="https://fideres.com/expertise/discrimination/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Discrimination</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26711 breakdance-dropdown-item"><a href="https://fideres.com/expertise/financial-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Financial Litigation</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26710 breakdance-dropdown-item"><a href="https://fideres.com/expertise/securities-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Securities Litigation</span></a></li> </ul> </div> </div> </div></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-44 breakdance-menu-item"><a href="https://fideres.com/how-we-add-value/" class="breakdance-menu-link">How We Add Value</a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-47 breakdance-menu-item"><a href="https://fideres.com/our-research/" class="breakdance-menu-link">Our Research</a></li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26514 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Media</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Media Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-19085 breakdance-dropdown-item"><a href="https://fideres.com/media/news/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">News</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-37512 breakdance-dropdown-item"><a href="https://fideres.com/videos/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Videos</span></a></li> </ul> </div> </div> </div></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-18740 breakdance-menu-item"><a href="https://fideres.com/careers/" class="breakdance-menu-link">Careers</a></li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26513 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">About Us</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="About Us Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-35956 breakdance-dropdown-item"><a href="/about-us/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">About Us</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35973 breakdance-dropdown-item"><a href="https://fideres.com/our-professionals/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Professionals</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35989 breakdance-dropdown-item"><a href="https://fideres.com/our-offices/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Offices</span></a></li> </ul> </div> </div> </div></li> </ul> </nav> </div><div class="bce-polylang-languages-34868-137 bce-polylang-languages"> <ul> <li class="lang-item lang-item-341 lang-item-it lang-item-first"><a lang="it-IT" hreflang="it-IT" href="https://fideres.com/it/skipping-the-flight-fantastic/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAUVBMVEUAiQAAgADk5OTe3t7vAAB3yXf9/f36+vr5Vlb3RkZjwWNYvVj4+Pj1MzP1KChQuFD1GxviAABHtUf19fXzDw4/sT8AcAA2qzYAWgDLy8vDw8ObXclsAAAAVElEQVR4AQXBSwoCQRQEsNT70CC69P5XdCUMA2ISSAiBWAQScg8bN7GJWxFDrCivwhCLMipGx3LKUOi2HAZluy2HgXprxQGfGL6G63B5MJ5FCD/4A3DaCLvbBle5AAAAAElFTkSuQmCC" alt="Italiano" width="16" height="11" style="width: 16px; height: 11px;" /></a></li> <li class="lang-item lang-item-344 lang-item-es"><a lang="es-ES" hreflang="es-ES" href="https://fideres.com/es/skipping-the-flight-fantastic/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAflBMVEX/AAD9AAD3AADxAADrAAD/eXn9bGz8YWH8WVn6UVH5SEj5Pz/3NDT0Kir9/QD+/nL+/lT18lDt4Uf6+j/39zD39yf19R3n5wDxflXsZ1Pt4Y3x8zr0wbLs1NXz8xPj4wD37t3jmkvsUU/Bz6nrykm3vJ72IiL0FBTyDAvhAABEt4UZAAAAX0lEQVR4AQXBQUrFQBBAwXqTDkYE94Jb73+qfwVRcYxVQRBRToiUfoaVpGTrtdS9SO0Z9FR9lVy/g5c99+dKl30N5uxPuviexXEc9/msC7TOkd4kHu/Dlh4itCJ8AP4B0w4Qwmm7CFQAAAAASUVORK5CYII=" alt="Español" width="16" height="11" style="width: 16px; height: 11px;" /></a></li> </ul> </div> </div><div class="bde-search-form-34868-126 bde-search-form"> <button aria-label="Toggle search" aria-expanded="false" aria-controls="search-form-126" class="search-form__button search-form__button--full-screen js-search-form-expand-button"> <svg width="100%" aria-hidden="true" class="search-form__icon--search" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path d="M504.1 471l-134-134C399.1 301.5 415.1 256.8 415.1 208c0-114.9-93.13-208-208-208S-.0002 93.13-.0002 208S93.12 416 207.1 416c48.79 0 93.55-16.91 129-45.04l134 134C475.7 509.7 481.9 512 488 512s12.28-2.344 16.97-7.031C514.3 495.6 514.3 480.4 504.1 471zM48 208c0-88.22 71.78-160 160-160s160 71.78 160 160s-71.78 160-160 160S48 296.2 48 208z"/></svg> </button> <form id="search-form-126" role="search" method="get" data-type="full-screen" aria-hidden="true" class="js-search-form search-form search-form--full-screen" action="https://fideres.com"> <div class="search-form__container"> <label class="screen-reader-text" for="search-form-126">Search for:</label> <div class="search-form__lightbox"> <div role="button" class="search-form__lightbox-close js-search-form-close"> <svg width="100%" aria-hidden="true" class="search-form__icon--close" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 320 512"><path d="M312.1 375c9.369 9.369 9.369 24.57 0 33.94s-24.57 9.369-33.94 0L160 289.9l-119 119c-9.369 9.369-24.57 9.369-33.94 0s-9.369-24.57 0-33.94L126.1 256L7.027 136.1c-9.369-9.369-9.369-24.57 0-33.94s24.57-9.369 33.94 0L160 222.1l119-119c9.369-9.369 24.57-9.369 33.94 0s9.369 24.57 0 33.94L193.9 256L312.1 375z"/></svg> </div> <div class="search-form__lightbox-bg js-search-form-lightbox-bg"></div> <div class="search-form__lightbox-container"> <button type="submit" class="search-form__lightbox-button"> <svg width="100%" aria-hidden="true" class="search-form__icon--search" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path d="M504.1 471l-134-134C399.1 301.5 415.1 256.8 415.1 208c0-114.9-93.13-208-208-208S-.0002 93.13-.0002 208S93.12 416 207.1 416c48.79 0 93.55-16.91 129-45.04l134 134C475.7 509.7 481.9 512 488 512s12.28-2.344 16.97-7.031C514.3 495.6 514.3 480.4 504.1 471zM48 208c0-88.22 71.78-160 160-160s160 71.78 160 160s-71.78 160-160 160S48 296.2 48 208z"/></svg> </button> <input type="text" id="search-form-search-field-126" class="js-search-form-field search-form__field" placeholder="Search" value="" name="s" /> </div> </div> </div> </form> </div><div class="bde-icon-34868-127 bde-icon"> <a class="breakdance-link bde-icon-icon breakdance-icon-atom" href="#" target="_self" data-type="action" data-action='{"type":"popup","popupOptions":{"popupId":"34948","popupAction":"open"}}' > <svg xmlns="http://www.w3.org/2000/svg" fill="none" height="512" viewBox="0 0 24 24" width="512"><path clip-rule="evenodd" d="m3 6c0-.55228.44772-1 1-1h16c.5523 0 1 .44772 1 1s-.4477 1-1 1h-16c-.55228 0-1-.44772-1-1zm0 6c0-.5523.44772-1 1-1h10c.5523 0 1 .4477 1 1s-.4477 1-1 1h-10c-.55228 0-1-.4477-1-1zm0 6c0-.5523.44772-1 1-1h5c.55228 0 1 .4477 1 1s-.44772 1-1 1h-5c-.55228 0-1-.4477-1-1z" fill="rgb(0,0,0)" fill-rule="evenodd"/></svg> </a> </div></div> </header><style>.breakdance .bde-section-36062-100{background-color:#616161;background-image:url(https://fideres.com/wp-content/uploads/2024/10/shutterstock_1773534752.png);background-repeat:no-repeat;background-position:center center}.breakdance .bde-section-36062-100>.section-background-overlay{background:linear-gradient(99deg,rgba(0,0,0,1) 0%,rgba(0,0,0,0) 100%)}.breakdance .bde-section-36062-100>.section-background-overlay{opacity:0.7}</style><section class="bde-section-36062-100 bde-section"> <div class="section-background-overlay"></div> <div class="section-container"><h1 class="bde-heading-36062-101 bde-heading"> Skipping The Flight Fantastic </h1><div class="bde-div-36062-120 bde-div"> <ul class="bde-post-meta-36062-102 bde-post-meta"> <li class="ee-postmeta-author-wrap"> <span class="ee-postmeta-author"><span class="ee-postmeta-before">By </span>Emily Hatchett</span> </li> <li class="ee-postmeta-custom-wrap"> <span class="ee-postmeta-custom">October 4, 2024</span> </li> <li class="ee-postmeta-custom-wrap"> <span class="ee-postmeta-custom">Research</span> </li> </ul><div class="bde-shortcode-36062-119 bde-shortcode"> <span class="span-reading-time rt-reading-time"><span class="rt-label rt-prefix">Reading Time:</span> <span class="rt-time"> 7</span> <span class="rt-label rt-postfix">minutes</span></span> </div> </div></div> </section><section class="bde-section-36062-103 bde-section"> <div class="section-container"><div class="bde-rich-text-36062-104 bde-rich-text breakdance-rich-text-styles"> <h2><span style="font-family: proxima-nova-light">Key Points</span></h2> <ul> <li>In this note we consider the anti-competitive effects of restrictions by US airlines on ‘skiplagging’ and the potential for them to breach section 2 of the Sherman Act.</li> <li><span data-teams="true"><span class="ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak" dir="ltr">It is often cheaper to book a multi-stop flight with a layover, without boarding the second flight. Many airlines prohibit this – known as skiplagging – increasing prices for consumers on routes where there is a lack of competition.</span></span></li> <li><span data-teams="true"><span class="ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak" dir="ltr">Skiplagging occurs on approximately 15% of flights and predominantly on flights operated by the “big four” airlines – American, Delta, United and Southwest, which together control 80% of flights in the United States.</span></span></li> <li><span data-teams="true"><span class="ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak" dir="ltr">The use of market power to apply restrictions on consumer skiplagging has two effects, each of which results in consumers paying higher prices. Firstly, it allows the airlines to exclude Skiplagged – a website that allows customers to locate and book cheaper “skiplag” tickets. Secondly, it forces consumers to purchase a product that delivers negative utility (a ‘bad’) in order to obtain the product that they want.</span></span></li> <li><span data-teams="true"><span class="ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak" dir="ltr">The use of market power around airline hubs to apply restrictions on skiplagging has two effects. Firstly, it allows airlines to exclude Skiplagged – a website that assists customers to locate and book cheaper “skiplag” tickets. Secondly, it ties consumers to purchase an unwanted product in order to obtain the product that they want, thereby allowing airlines to maintain supra-competitive prices.</span></span></li> <li><span data-teams="true"><span class="ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak" dir="ltr">Imposing this penalty, and excluding intermediaries, allows the airlines to set supra-competitive prices on direct routes in which they hold a monopoly.</span></span></li> <li><span data-teams="true"><span class="ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak" dir="ltr">If customers skiplagged wherever feasible, the total damages would be in the order of $2 billion per year.</span></span></li> </ul> <h2><span style="font-family: proxima-nova-light">Skiplagging</span></h2> <p>Skiplagging occurs when a consumer purchases a multi-stop flight and disembarks at the stopping point instead of completing the entire journey, to save money.</p> <p>For example, suppose a passenger would like to travel from New York City to Austin. A non-stop flight from New York City to Austin might cost $400. However, a flight from New York City to Denver with a layover in Austin might cost $200. The passenger may be motivated to book the cheaper flight and disembark at Austin, saving $200.</p> <p><img loading="lazy" class="size-full wp-image-38838 aligncenter" src="https://fideres.com/wp-content/uploads/2024/10/graph.png" alt="A graph depicting skiplagging, indicating that a flight from New York City to Denver with a layover in Austin is cheaper than a direct flight from New York City to Austin." width="841" height="372" /></p> <h3>What Restrictions Are There?</h3> <p>Skiplagging is prohibited by most airlines in the U.S. For example, American Airlines’ Conditions of Carriage prohibit “purchasing a ticket without intending to fly all flights to gain lower fares (hidden city ticketing).”<a href="http://www.aa.com/i18n/customer-service/support/conditions-of-carriage.jsp"><sup>1</sup></a> Many airlines impose penalties for engaging in skiplagging, which include banning the customer from the airline, canceling the rest of the roundtrip ticket, refusing to let the passenger fly and check bags, and charging the passenger for what the ticket would have cost if they hadn’t skiplagged. Airlines argue that they lose revenue when passengers skiplag. If a passenger does not board the connecting flight, there will be an empty seat on the second leg of the trip, which the airline could otherwise have sold (albeit for the second time).<a href="http://www.npr.org/2023/08/23/1194998452/skiplagging-airfare-flying-skiplagged-american-airlines"><sup>2</sup></a></p> <p>In the U.S., airlines have objected to an innovative intermediary service called Skiplagged – a flight search engine that uses an algorithm to allow users to locate and book cheaper ‘skiplag’ tickets. Skiplagged explains that “Our goal is to empower consumers to use their buying power however they please. We exist to just find the best prices for you.”<a href="https://skiplagged.com/about"><sup>3</sup></a> This intermediary therefore assists customers to purchase better value tickets. It plays the same role as rail ticket intermediaries such as Trainline that invest in algorithms that discover and sell cheaper split-fare tickets that are sold by rail companies in the UK and Europe. In response, some airlines – including American Airlines – have filed lawsuits against Skiplagged, alleging that it employs “unauthorized and deceptive” ticketing practices.<a href="http://www.documentcloud.org/documents/23923387-american-airlines-v-skiplagged"><sup>4</sup></a> In Europe, by contrast – many low-cost airlines (such as Ryanair for example) do not prohibit skiplagging.</p> <p><a href="#_ftnref1" name="_ftn1"></a></p> <h3>How Common Is Skiplagging?</h3> <p>Academics estimate that HCT opportunities arise on approximately 15% of US flights.<a href="https://mpra.ub.uni-muenchen.de/113960/1/MPRA_paper_113960.pdf"><span style="font-size: 10pt"><sup>5</sup></span></a> This is consistent with a 2001 report from the U.S. Government Accountability Office, which found that HCT opportunities arise 17% of the time.<a href="http://www.gao.gov/assets/gao-01-831.pdf"><sup>6</sup></a></p> <p>The extent to which passengers exploit HCT opportunities when they arise is, however, unclear. Researchers found that some passengers <em>are</em> taking advantage of skiplagging opportunities, but noted that this usually involves purchasing two separate one-way tickets, given the risk that “failure to show up for the second leg of the outbound portion of the trip typically results in cancellation of the rest of the roundtrip ticket.”<sup>7</sup> Other consumers may end up spending more by purchasing the higher-priced non-stop flight, so as not to violate the conditions of carriage.</p> <p>Skiplagging also depends on route competition and primarily occurs on full-service carriers that operate large hub-and-spoke networks (American, Delta, and United).<sup>8</sup> These airlines account for the majority of HCT.<sup>9</sup> A study found that “an additional nonstop carrier on route A-C increases the likelihood of HCT by 1.6%-3.6% while an additional nonstop carrier on route A-B decreases the likelihood of HCT by 3.5%.”<sup>10</sup> The study describes how, “by controlling a large fraction of flights and gates at their hubs, carriers are also able to exercise market power and charge a “hub premium” to passengers who originate or terminate their trips at the hub.”<sup>11</sup></p> <h2>Anticompetitive Harm</h2> <p>We examine two possible theories of harm in relation to skiplagging: (1) exclusion of a market intermediary; and (2) an unusual tying claim.</p> <h3>Exclusion Of A Rival</h3> <p>By banning skiplagging and seeking to exclude through legal action the intermediary Skiplagged, airlines are excluding a rival ticket retailer that imposes a constraint on their price setting. Skiplagged’s purpose is to increase transparency in the market and help consumers to locate the “best prices”. Therefore, using monopoly power to exclude it can be expected to lead to higher prices for consumers. Given the restrictions it faces, Skiplagged is not yet widely used. But if it were not suppressed by the airlines, the service it offers is an innovation that should incentivize rival intermediaries to invest in similar algorithms to improve their price competitiveness.</p> <p>Notably, there have been parallels to this conduct outside the United States. In 2023, the German Competition Authority found that Deutsche Bahn – Germany’s largest rail company – abused its market power by withholding information, such as traffic data, from rival websites including Trainline.<a href="http://www.bundeskartellamt.de/SharedDocs/Meldung/EN/Pressemitteilungen/2023/28_06_2023_DB_Mobilitaet.html"><sup>12</sup></a> The same year, the European Commission commenced an investigation into Renfe – Spain’s state-owned rail operator – over concerns that it restricted competition by withholding information, including real-time passenger data, to third-party ticketing platforms.<a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3455"><sup>13</sup></a></p> <h3>Tying A ‘Bad’ To Protect Monopoly Pricing</h3> <p>As a consequence of skiplagging restrictions, consumers who want flight A-B (e.g. New York to Austin) at a competitive price are forced to also purchase <em>and use</em> flight B-C (Austin to Denver). Here, the tied product is the B-C flight (Austin to Denver) which has no additional financial cost, but which creates no utility. In fact, it creates a considerable utility cost to the customer. This product (B-C) is therefore – for this customer – an economic “bad” with a negative value.<sup>14</sup></p> <p>Absent market power, an airline would be expected to price A-B at more competitive prices and would be unable to enforce a boilerplate skiplagging clause.<sup>15</sup> The tie here therefore leverages market power in the A-B route to force unwanted purchases in the A-B-C route, the prospect of which prevents consumers buying cheaper A-B tickets from third party retailers. This helps to maintain the airline’s monopoly pricing in A-B. In these circumstances, the use of market power to impose the tie (and to suppress output of A-B-C tickets) serves to protect and maintain the ability to use that market power to overcharge in the direct A-B market. The restriction therefore acts to prevent arbitrage that would otherwise benefit consumers.</p> <h3>Is There An Efficiency Defense?</h3> <p>It might be argued that skiplagging restrictions facilitate a kind of price discrimination that improves consumer welfare. Airlines already price-discriminate through their dynamic pricing, selling tickets at different prices in order to efficiently use their capacity. To do so they apply restrictions to prevent consumers reselling their tickets (intermediaries like Skiplagged can resell but at live rates, not via advance purchases). Such price discrimination helps to expand output by ensuring that flights are operated that otherwise may not be.</p> <p>However, banning skiplagging does not contribute in the same way. This is because – when the airline sells a seat, it receives whichever ‘price’ it puts on that seat – regardless of whether or not the seat is actually used. Therefore, while the restriction on skiplagging may increase prices and revenues overall, it does not change the incentive to run the flight in question, nor the incentive to run unprofitable flights.</p> <p>A different pro-competitive argument for this pricing practice might be that absent the skiplagging restriction, an airline would have increased the price of indirect A-B-C routes in order to reduce arbitrage incentives and to protect its ability to charge higher prices on A-B tickets. However, this argument relies on out-of-market efficiencies in the A-C market being weighed against consumer harm that is incurred in the A-B market.<sup>16</sup> Such out-of-market efficiencies are not generally considered relevant by the courts (since distortionary cross-subsidization of another market by A-B purchasers is not a recognized goal of antitrust law).</p> <p>Moreover, it is far from clear that A-C prices would actually increase absent the restriction. Direct A-C prices face little or no constraint from indirect A-B-C prices. This means that withdrawing A-B-C offers would not reduce the constraints on direct A-C prices. Furthermore, indirect A-B-C prices can also be assembled by consumers or intermediaries who would be paying less on the A-B leg even if the B-C price were to increase. This would suggest that the net price on A-B-C tickets may not be reduced.</p> <p>Finally, the airline might, absent the skiplagging restriction, increase B-C prices to reduce the possibility of arbitrage by customers building their own A-B-C routes. This however would be an out-of-market efficiency claim, and not relevant to competition on the B-C route. Moreover, it is unclear that there would be any benefit to consumers in terms of lower B-C prices.<sup>17</sup> Ultimately, the airline’s ability and incentive to increase direct B-C prices will depend on direct B-C competition and demand. The case for an efficiency defense therefore appears a weak one.</p> <h2>Quantifying Harm</h2> <p>Given that the U.S. airline industry generated $179 billion in revenue from passenger fares, and around 15% to 17% of flights are affected by HCT, we estimate that the volume of affected commerce was around $30 billion in 2023. HCT saves an average of around $24 per ticket,<sup>18</sup> and U.S. airlines carried 658 million passengers in 2021.<a href="http://www.bts.gov/newsroom/full-year-2022-us-airline-traffic-data"><sup>19</sup></a> Therefore if consumers skiplagged where feasible they would make savings in the order of $2 billion per year.<sup>20</sup><a href="#_ftnref1" name="_ftn1"></a></p> </div><h1 class="bde-heading-36062-112 bde-heading"> Sources </h1><div class="bde-rich-text-36062-111 bde-rich-text breakdance-rich-text-styles"> <p><span style="font-size: 8pt"><sup>1 </sup><a href="http://www.aa.com/i18n/customer-service/support/conditions-of-carriage.jsp">www.aa.com/i18n/customer-service/support/conditions-of-carriage.jsp</a> (accessed September 16, 2024).</span></p> <p><span style="font-size: 8pt"><sup>2 </sup>See, e.g., <em>United Airlines et al. v. Zaman</em>, Complaint, No. 14-09214 (N.D. Ill.), ¶13. See also <a href="http://www.npr.org/2023/08/23/1194998452/skiplagging-airfare-flying-skiplagged-american-airlines">www.npr.org/2023/08/23/1194998452/skiplagging-airfare-flying-skiplagged-american-airlines</a></span></p> <p><span style="font-size: 8pt"><sup>3 </sup>https://skiplagged.com/about</span></p> <p><span style="font-size: 8pt"><sup>4</sup> American<em> Airlines v. Skiplagged</em>, Complaint, No. 23-00860 (N.D. Tex.), available at <a href="http://www.documentcloud.org/documents/23923387-american-airlines-v-skiplagged">www.documentcloud.org/documents/23923387-american-airlines-v-skiplagged</a></span></p> <p><span style="font-size: 8pt"><sup>5 </sup>Luttmann, A. and Gaggero, A., “Discount opportunities in hub-and-spoke networks: The determinants of hidden-city ticketing”, Munich Personal RePEc Archive, 26 July 2022, available at <a href="https://mpra.ub.uni-muenchen.de/113960/1/MPRA_paper_113960.pdf">mpra.ub.uni-muenchen.de/113960/1/MPRA_paper_113960.pdf</a> (hereinafter, “The determinants of HCT”), p. 30.</span></p> <p><span style="font-size: 8pt"><sup>6 </sup>“Aviation Competition – Restricting Airline Ticketing Rules Unlikely to Help Consumers”, United States General Accounting Office, July 2001, available at <a href="http://www.gao.gov/assets/gao-01-831.pdf">www.gao.gov/assets/gao-01-831.pdf</a>, p. 33.</span></p> <p><span style="font-size: 8pt"><sup>7 </sup>The determinants of HCT, p. 17.</span></p> <p><span style="font-size: 8pt"><sup>8 </sup>The determinants of HCT, p. 1. The study notes that “Relative to Sun Country, the omitted airline fixed effect in the regressions, HCT opportunities are approximately 21% more likely on American, 37% more likely on Delta, and 25% more likely on United” (pp. 23-24).</span></p> <p><span style="font-size: 8pt"><sup>9 </sup>The determinants of HCT, p. 6.</span></p> <p><span style="font-size: 8pt"><sup>10</sup> The determinants of HCT, p. 30.</span></p> <p><span style="font-size: 8pt"><sup>11 </sup>The determinants of HCT, p. 4.</span></p> <p><span style="font-size: 8pt"><sup>12</sup> <a href="http://www.bundeskartellamt.de/SharedDocs/Meldung/EN/Pressemitteilungen/2023/28_06_2023_DB_Mobilitaet.html">www.bundeskartellamt.de/SharedDocs/Meldung/EN/Pressemitteilungen/2023/28_06_2023_DB_Mobilitaet.html</a></span></p> <p><span style="font-size: 8pt"><sup>13 </sup><a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3455">ec.europa.eu/commission/presscorner/detail/en/ip_23_3455</a></span></p> <p><span style="font-size: 8pt"><sup>14 </sup>In economics these are referred to as “bads” rather than “goods”. An example is horse manure which turned from an economic good to an economic bad. <a href="https://ideas.repec.org/a/wej/wldecn/34.html">ideas.repec.org/a/wej/wldecn/34.html</a></span></p> <p><span style="font-size: 8pt"><sup>15 </sup>These competitive prices would nevertheless still be dynamically set in line with yield management principles, rather than simply reflecting marginal cost plus a return.</span></p> <p><span style="font-size: 8pt"><sup>16 </sup>For example, it requires using the possibility of cheaper prices in the AC or BC market as a justification for increased prices in the AB market.</span></p> <p><span style="font-size: 8pt"><sup>17 </sup>Analyzing those effects would require looking at the market conditions in the distinct BC market, and BC pricing is likely to be driven by demand and supply for direct travelers rather than the small proportion that travel indirectly.</span></p> <p><span style="font-size: 8pt"><sup>18 </sup>The determinants of HCT, pp. 12-13.</span></p> <p><span style="font-size: 8pt"><sup>19 </sup><a href="http://www.bts.gov/newsroom/full-year-2022-us-airline-traffic-data">www.bts.gov/newsroom/full-year-2022-us-airline-traffic-data</a></span></p> <p><span style="font-size: 8pt"><sup>20 </sup>We calculated 15% of 658 million and multiplied this by $24.</span></p> </div><div class="bde-shortcode-36062-105 bde-shortcode"> <div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"><img src="https://fideres.com/wp-content/uploads/2022/05/Emily-web_cropa.jpg" width="100" height="100" alt="" itemprop="image"></div><div class="saboxplugin-authorname"><a href="https://fideres.com/author/emily_hatchett/" class="vcard author" rel="author"><span class="fn">Emily Hatchett</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Emily joined Fideres in December 2020. She holds a degree in Music from Durham University and went on to complete her Law degree at The College of Law in London. After graduating, Emily gained litigation support experience at an international law firm in London. Prior to joining Fideres, she worked as a paralegal at a law firm in New York City, where she was involved in a securities litigation and assisted with a number of blog posts covering trends in the credit markets.</p> </div></div><div class="clearfix"></div></div></div> </div></div> </section><section class="bde-section-36062-124 bde-section"> <div class="section-container"><div class="bde-columns-36062-125 bde-columns"><div class="bde-column-36062-126 bde-column"> <div class="bde-shortcode-36062-123 bde-shortcode"> <div class='next-post-bg' style='background-image: url(https://fideres.com/wp-content/uploads/2024/10/Bitcoin-pexels.png);'><a href='https://fideres.com/crypto-etfs-simple-concept-big-issues/' class='next-post-link'><span class='link-label'>Previous Post</span><span class='post-title'>Crypto ETFs: Simple Concept, Big Issues</span></a></div><br> </div> </div><div class="bde-column-36062-127 bde-column"> <div class="bde-shortcode-36062-122 bde-shortcode"> <div class='prev-post-bg' style='background-image: url(https://fideres.com/wp-content/uploads/2024/06/steinway_image.png);'><a href='https://fideres.com/are-piano-buyers-being-played_/' class='prev-post-link'><span class='link-label'>Next Post</span><span class='post-title'>Are Piano Buyers Being Played?</span></a></div><br><br> </div> </div></div></div> </section><section class="bde-section-36062-106 bde-section"> <div class="section-container"><h1 class="bde-heading-36062-107 bde-heading"> You May Also Like </h1><div class="bde-post-loop-36062-108 bde-post-loop"> <div class="ee-posts ee-posts-grid"> <article class="ee-post"> <a class="bde-container-link-35993-102-21624 bde-container-link bde-container-link-35993-102 breakdance-link" href="https://fideres.com/what-do-pbms-have-to-hide/" target="_self" data-type="url"> <div class="bde-image-35993-100-21624 bde-image zoomable-image bde-image-35993-100"> <figure class="breakdance-image breakdance-image--29071"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2017/02/Pharma-Hands_main-image-scaled.jpeg" width="2560" height="1706" loading="lazy" > </div> </div> </figure> </div><div class="bde-div-35993-110-21624 bde-div bde-div-35993-110"> <h1 class="bde-heading-35993-101-21624 bde-heading bde-heading-35993-101"> Research </h1><h1 class="bde-heading-35993-103-21624 bde-heading bde-heading-35993-103"> What Do PBMs Have To Hide? </h1><div class="bde-rich-text-35993-104-21624 bde-rich-text bde-rich-text-35993-104 breakdance-rich-text-styles"> <p>The role of pharmacy benefit managers In US drug pricing.</p> </div><div class="bde-div-35993-106-21624 bde-div bde-div-35993-106"> <div class="bde-image-35993-105-21624 bde-image bde-image-35993-105"> <figure class="breakdance-image breakdance-image--"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2022/08/maxt.png" width="2048" height="2048" > </div> </div> </figure> </div><div class="bde-div-35993-109-21624 bde-div bde-div-35993-109"> <h1 class="bde-heading-35993-108-21624 bde-heading bde-heading-35993-108"> February 10, 2017 </h1><h1 class="bde-heading-35993-107-21624 bde-heading bde-heading-35993-107"> Max Theiler </h1> </div> </div> </div> </a> </article> <article class="ee-post"> <a class="bde-container-link-35993-102-26082 bde-container-link bde-container-link-35993-102 breakdance-link" href="https://fideres.com/the-price-of-knowledge/" target="_self" data-type="url"> <div class="bde-image-35993-100-26082 bde-image zoomable-image bde-image-35993-100"> <figure class="breakdance-image breakdance-image--28408"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2022/04/Padlocked-book-original-1-scaled.jpg" width="2560" height="1630" loading="lazy" > </div> </div> </figure> </div><div class="bde-div-35993-110-26082 bde-div bde-div-35993-110"> <h1 class="bde-heading-35993-101-26082 bde-heading bde-heading-35993-101"> Research </h1><h1 class="bde-heading-35993-103-26082 bde-heading bde-heading-35993-103"> The Price Of Knowledge </h1><div class="bde-rich-text-35993-104-26082 bde-rich-text bde-rich-text-35993-104 breakdance-rich-text-styles"> <p>Fideres investigates competition issues in academic journal markets.</p> </div><div class="bde-div-35993-106-26082 bde-div bde-div-35993-106"> <div class="bde-image-35993-105-26082 bde-image bde-image-35993-105"> <figure class="breakdance-image breakdance-image--"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2022/08/chrispike.png" width="2048" height="2048" > </div> </div> </figure> </div><div class="bde-div-35993-109-26082 bde-div bde-div-35993-109"> <h1 class="bde-heading-35993-108-26082 bde-heading bde-heading-35993-108"> April 28, 2022 </h1><h1 class="bde-heading-35993-107-26082 bde-heading bde-heading-35993-107"> Chris Pike </h1> </div> </div> </div> </a> </article> <article class="ee-post"> <a class="bde-container-link-35993-102-21442 bde-container-link bde-container-link-35993-102 breakdance-link" href="https://fideres.com/metro-banks-accounts/" target="_self" data-type="url"> <div class="bde-image-35993-100-21442 bde-image zoomable-image bde-image-35993-100"> <figure class="breakdance-image breakdance-image--28386"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2019/03/Minda-the-gap-scaled.jpg" width="2560" height="1707" loading="lazy" > </div> </div> </figure> </div><div class="bde-div-35993-110-21442 bde-div bde-div-35993-110"> <h1 class="bde-heading-35993-101-21442 bde-heading bde-heading-35993-101"> Research </h1><h1 class="bde-heading-35993-103-21442 bde-heading bde-heading-35993-103"> Metro Bank’s Accounts </h1><div class="bde-rich-text-35993-104-21442 bde-rich-text bde-rich-text-35993-104 breakdance-rich-text-styles"> <p>Mind the gap.</p> </div><div class="bde-div-35993-106-21442 bde-div bde-div-35993-106"> <div class="bde-image-35993-105-21442 bde-image bde-image-35993-105"> <figure class="breakdance-image breakdance-image--"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2022/01/Michele-web-crop-300.png" width="2048" height="2048" > </div> </div> </figure> </div><div class="bde-div-35993-109-21442 bde-div bde-div-35993-109"> <h1 class="bde-heading-35993-108-21442 bde-heading bde-heading-35993-108"> March 11, 2019 </h1><h1 class="bde-heading-35993-107-21442 bde-heading bde-heading-35993-107"> Michele Pau </h1> </div> </div> </div> </a> </article> </div> </div></div> </section><section class="bde-section-36062-128 bde-section"> <div class="section-container"><div class="bde-comment-form-36062-110 bde-comment-form"> <div id="respond" class="comment-respond"> <h5 id="reply-title" class="comment-reply-title">Leave a Reply <small><a rel="nofollow" id="cancel-comment-reply-link" href="/skipping-the-flight-fantastic/#respond" style="display:none;">Cancel reply</a></small></h5><form action="https://fideres.com/wp-comments-post.php" method="post" id="commentform" class="breakdance-form breakdance-form--comments"><p class="comment-notes"><span id="email-notes">Your email address will not be published.</span> <span class="required-field-message">Required fields are marked <span class="required">*</span></span></p><div class="breakdance-form-field breakdance-form-field--textarea"><label class="breakdance-form-field__label" for="comment">Comment</label><textarea class="breakdance-form-field__input" id="comment" name="comment" aria-required="true"></textarea></div><div class="breakdance-form-field"><label class="breakdance-form-field__label" for="author">Name<span class="breakdance-form-field__required">*</span></label> <input id="author" class="breakdance-form-field__input" name="author" type="text" value="" size="30" aria-required='true' /></div> <div class="breakdance-form-field"><label class="breakdance-form-field__label"class="breakdance-form-field__label" for="email">Email<span class="breakdance-form-field__required">*</span></label> <input id="email" class="breakdance-form-field__input" name="email" type="text" value="" size="30" aria-required='true' /></div> <div class="breakdance-form-field"><label class="breakdance-form-field__label" for="url">Website</label><input id="url" class="breakdance-form-field__input" name="url" type="text" value="" size="30" /></div> <div class="breakdance-form-field"><div class="breakdance-form-checkbox"><input id="wp-comment-cookies-consent" name="wp-comment-cookies-consent" type="checkbox" value="yes" /><label class="breakdance-form-checkbox__text" for="wp-comment-cookies-consent">Save my name, email, and website in this browser for the next time I comment.</label></div></div> <div class="breakdance-form-field breakdance-form-footer"><input name="submit" type="submit" id="submit" class="comment-form__submit button-atom button-atom--primary breakdance-form-button" value="Submit Comment" /> <input type='hidden' name='comment_post_ID' value='38833' id='comment_post_ID' /> <input type='hidden' name='comment_parent' id='comment_parent' value='0' /> </div></form> </div> </div></div> </section><div class="bde-globalblock-36062-116 bde-globalblock"> <div class="bde-div-37010-101 bde-div hover-div clickable-item"> <div class="bde-social-share-buttons-37010-103 bde-social-share-buttons socialshare"> <div class="bde-social-share-button bde-social-share-button-mobile js-breakdance-share-mobile"> <span class="bde-social-share-button-icon"> <svg fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 16 16"> <path d="M11 2.5a2.5 2.5 0 1 1 .603 1.628l-6.718 3.12c.154.49.154 1.015 0 1.504l6.718 3.12a2.5 2.5 0 1 1-.488.876l-6.718-3.12a2.5 2.5 0 1 1 0-3.256l6.718-3.12A2.504 2.504 0 0 1 11 2.5Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-facebook" data-network="Facebook" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-facebook fa-w-16" role="img" fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 800 800"> <path d="M768 0H32C14.3 0 0 14.3 0 32v736c0 17.7 14.3 32 32 32h736c17.7 0 32-14.3 32-32V32c0-17.7-14.3-32-32-32Zm-92.4 233.5h-63.9c-50.1 0-59.8 23.8-59.8 58.8v77.1h119.6l-15.6 120.7h-104V800H427.2V490.2H322.9V369.4h104.3v-89c0-103.3 63.1-159.6 155.3-159.6 44.2 0 82.1 3.3 93.2 4.8v107.9h-.1Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-twitter" data-network="Twitter" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-twitter fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 512 512"> <path fill="currentColor" d="M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z"></path> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-linkedin" data-network="LinkedIn" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-linkedin fa-w-14" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 448 512"> <path fill="currentColor" d="M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z"></path> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-email" data-network="Email" > <span class="bde-social-share-button-icon"> <svg class="svg-inline--fa fa-envelope-square fa-w-14" role="img" fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 20 16"> <path d="M18 0H2C.9 0 .01.9.01 2L0 14c0 1.1.9 2 2 2h16c1.1 0 2-.9 2-2V2c0-1.1-.9-2-2-2Zm0 4-8 5-8-5V2l8 5 8-5v2Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-pinterest" data-network="Pinterest" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-pinterest fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 496 512"> <path fill="currentColor" d="M496 256c0 137-111 248-248 248-25.6 0-50.2-3.9-73.4-11.1 10.1-16.5 25.2-43.5 30.8-65 3-11.6 15.4-59 15.4-59 8.1 15.4 31.7 28.5 56.8 28.5 74.8 0 128.7-68.8 128.7-154.3 0-81.9-66.9-143.2-152.9-143.2-107 0-163.9 71.8-163.9 150.1 0 36.4 19.4 81.7 50.3 96.1 4.7 2.2 7.2 1.2 8.3-3.3.8-3.4 5-20.3 6.9-28.1.6-2.5.3-4.7-1.7-7.1-10.1-12.5-18.3-35.3-18.3-56.6 0-54.7 41.4-107.6 112-107.6 60.9 0 103.6 41.5 103.6 100.9 0 67.1-33.9 113.6-78 113.6-24.3 0-42.6-20.1-36.7-44.8 7-29.5 20.5-61.3 20.5-82.6 0-19-10.2-34.9-31.4-34.9-24.9 0-44.9 25.7-44.9 60.2 0 22 7.4 36.8 7.4 36.8s-24.5 103.8-29 123.2c-5 21.4-3 51.6-.9 71.2C65.4 450.9 0 361.1 0 256 0 119 111 8 248 8s248 111 248 248z"></path> </svg> </span> </div> </div><div class="bde-code-block-37010-104 bde-code-block"> </div><div class="bde-image-37010-102 bde-image theicon"> <figure class="breakdance-image breakdance-image--37032"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/shar-removebg-preview.png" width="63" height="68" > </div> </div> </figure> </div> </div> </div><section class="bde-section-36062-117 bde-section"> <div class="section-container"><div class="bde-social-share-buttons-36062-118 bde-social-share-buttons"> <div class="bde-social-share-button bde-social-share-button-mobile js-breakdance-share-mobile"> <span class="bde-social-share-button-icon"> <svg fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 16 16"> <path d="M11 2.5a2.5 2.5 0 1 1 .603 1.628l-6.718 3.12c.154.49.154 1.015 0 1.504l6.718 3.12a2.5 2.5 0 1 1-.488.876l-6.718-3.12a2.5 2.5 0 1 1 0-3.256l6.718-3.12A2.504 2.504 0 0 1 11 2.5Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-facebook" data-network="Facebook" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-facebook fa-w-16" role="img" fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 800 800"> <path d="M768 0H32C14.3 0 0 14.3 0 32v736c0 17.7 14.3 32 32 32h736c17.7 0 32-14.3 32-32V32c0-17.7-14.3-32-32-32Zm-92.4 233.5h-63.9c-50.1 0-59.8 23.8-59.8 58.8v77.1h119.6l-15.6 120.7h-104V800H427.2V490.2H322.9V369.4h104.3v-89c0-103.3 63.1-159.6 155.3-159.6 44.2 0 82.1 3.3 93.2 4.8v107.9h-.1Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-twitter" data-network="Twitter" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-twitter fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 512 512"> <path fill="currentColor" d="M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z"></path> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-linkedin" data-network="LinkedIn" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-linkedin fa-w-14" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 448 512"> <path fill="currentColor" d="M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z"></path> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-email" data-network="Email" > <span class="bde-social-share-button-icon"> <svg class="svg-inline--fa fa-envelope-square fa-w-14" role="img" fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 20 16"> <path d="M18 0H2C.9 0 .01.9.01 2L0 14c0 1.1.9 2 2 2h16c1.1 0 2-.9 2-2V2c0-1.1-.9-2-2-2Zm0 4-8 5-8-5V2l8 5 8-5v2Z" fill="currentColor"/> </svg> </span> </div> </div></div> </section><section class="bde-section-34994-105 bde-section"> <div class="section-background-overlay"></div> <div class="section-container"><div class="bde-columns-34994-106 bde-columns"><div class="bde-column-34994-119 bde-column"> <a class="bde-text-link-34994-137 bde-text-link breakdance-link" href="https://fideres.com/expertise/competition-economics/" target="_self" data-type="url"> Competition Economics </a><a class="bde-text-link-34994-138 bde-text-link breakdance-link" href="https://fideres.com/expertise/digital-markets/" target="_self" data-type="url"> Digital Markets </a><a class="bde-text-link-34994-139 bde-text-link breakdance-link" href="https://fideres.com/expertise/discrimination/" target="_self" data-type="url"> Discrimination </a><a class="bde-text-link-34994-140 bde-text-link breakdance-link" href="/expertise/financial-litigation/" target="_self" data-type="url"> Financial Litigation </a><a class="bde-text-link-34994-141 bde-text-link breakdance-link" href="/expertise/securities-litigation/" target="_self" data-type="url"> Securities Litigation </a> </div><div class="bde-column-34994-135 bde-column"> <div class="bde-rich-text-34994-133 bde-rich-text breakdance-rich-text-styles"> <p>London:  <a target="_self" href="tel:+442033975160">+44 20 3397 5160</a><br>New York:  <a href="tel:+16469928510">+1 646 992 8510</a><br>Rome:  <a target="_self" href="tel:+39 06 8587 0405">+39 06 8587 0405</a><br>Frankfurt:  <a href="tel:+4961749163000">+49 61 7491 63000</a><br>Johannesburg:  <a href="tel:+27115689611">+27 11 568 9611</a><br>Madrid: <a target="_self" href="tel:+34 919 494 330">+34 919 494 330</a></p> </div> </div></div><div class="bde-div-34994-143 bde-div"> <div class="bde-text-34994-114 bde-text"> © 2024 Fideres </div><a class="bde-text-link-34994-115 bde-text-link breakdance-link" href="/disclaimer/" target="_self" data-type="url"> Legal Notice </a><a class="bde-text-link-34994-116 bde-text-link breakdance-link" href="/privacy/" target="_self" data-type="url"> Privacy Policy </a> </div></div> </section> <div id="um_upload_single" style="display:none;"></div> <div id="um_view_photo" style="display:none;"> <a href="javascript:void(0);" data-action="um_remove_modal" class="um-modal-close" aria-label="Close view photo modal"> <i class="um-faicon-times"></i> </a> <div class="um-modal-body photo"> <div class="um-modal-photo"></div> </div> </div> <div class="breakdance"><div class="bde-popup-37594-100 bde-popup"> <div class="breakdance-popup " data-breakdance-popup-id="37594" > <div class='breakdance-popup-content'> <div class="bde-shortcode-37594-101 bde-shortcode"> <form class="is-search-form is-form-style is-form-style-3 is-form-id-37577 " action="https://fideres.com/" method="get" role="search" ><label for="is-search-input-37577"><span class="is-screen-reader-text">Search for:</span><input type="search" id="is-search-input-37577" name="s" value="" class="is-search-input" placeholder="Search here..." autocomplete=off /></label><button type="submit" class="is-search-submit"><span class="is-screen-reader-text">Search Button</span><span class="is-search-icon"><svg focusable="false" aria-label="Search" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24" width="24px"><path d="M15.5 14h-.79l-.28-.27C15.41 12.59 16 11.11 16 9.5 16 5.91 13.09 3 9.5 3S3 5.91 3 9.5 5.91 16 9.5 16c1.61 0 3.09-.59 4.23-1.57l.27.28v.79l5 4.99L20.49 19l-4.99-5zm-6 0C7.01 14 5 11.99 5 9.5S7.01 5 9.5 5 14 7.01 14 9.5 11.99 14 9.5 14z"></path></svg></span></button><input type="hidden" name="id" value="37577" /></form> </div> </div> <div class="breakdance-popup-close-button breakdance-popup-position-top-right" data-breakdance-popup-reference="37594" data-breakdance-popup-action="close"> <div class="breakdance-popup-close-icon"> <svg viewBox="0 0 24 24"> <path d="M20 6.91L17.09 4L12 9.09L6.91 4L4 6.91L9.09 12L4 17.09L6.91 20L12 14.91L17.09 20L20 17.09L14.91 12L20 6.91Z" /> </svg> </div> </div> </div> </div></div><div class="breakdance"><div class="bde-popup-34948-100 bde-popup"> <div class="breakdance-popup " data-breakdance-popup-id="34948" > <div class='breakdance-popup-content'> <div class="bde-div-34948-105 bde-div"> <div class="bde-image-34948-106 bde-image"> <figure class="breakdance-image breakdance-image--34873"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" width="450" height="180" srcset="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png 450w, https://fideres.com/wp-content/uploads/2023/08/logo-dark-1-300x120.png 300w" > </div> </div> </figure> </div> </div><section class="bde-section-34948-101 bde-section"> <div class="section-container"><div class="bde-wp-menu-34948-102 bde-wp-menu"> <nav class="breakdance-menu breakdance-menu--collapse breakdance-menu--vertical "> <button class="breakdance-menu-toggle breakdance-menu-toggle--squeeze" type="button" aria-label="Open Menu" aria-expanded="false" aria-controls="menu-102"> <span class="breakdance-menu-toggle-icon"> <span class="breakdance-menu-toggle-lines"></span> </span> </button> <ul class="breakdance-menu-list" id="menu-102"> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26512 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Expertise</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Expertise Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-31507 breakdance-dropdown-item"><a href="https://fideres.com/expertise/competition-economics/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Competition Economics</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26713 breakdance-dropdown-item"><a href="https://fideres.com/expertise/digital-markets/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Digital Markets</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26712 breakdance-dropdown-item"><a href="https://fideres.com/expertise/discrimination/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Discrimination</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26711 breakdance-dropdown-item"><a href="https://fideres.com/expertise/financial-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Financial Litigation</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26710 breakdance-dropdown-item"><a href="https://fideres.com/expertise/securities-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Securities Litigation</span></a></li> </ul> </div> </div> </div></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-44 breakdance-menu-item"><a href="https://fideres.com/how-we-add-value/" class="breakdance-menu-link">How We Add Value</a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-47 breakdance-menu-item"><a href="https://fideres.com/our-research/" class="breakdance-menu-link">Our Research</a></li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26514 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Media</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Media Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-19085 breakdance-dropdown-item"><a href="https://fideres.com/media/news/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">News</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-37512 breakdance-dropdown-item"><a href="https://fideres.com/videos/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Videos</span></a></li> </ul> </div> </div> </div></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-18740 breakdance-menu-item"><a href="https://fideres.com/careers/" class="breakdance-menu-link">Careers</a></li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26513 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">About Us</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="About Us Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-35956 breakdance-dropdown-item"><a href="/about-us/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">About Us</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35973 breakdance-dropdown-item"><a href="https://fideres.com/our-professionals/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Professionals</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35989 breakdance-dropdown-item"><a href="https://fideres.com/our-offices/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Offices</span></a></li> </ul> </div> </div> </div></li> </ul> </nav> </div><div class="bce-polylang-languages-34948-112 bce-polylang-languages"> <ul> <li class="lang-item lang-item-341 lang-item-it lang-item-first"><a lang="it-IT" hreflang="it-IT" href="https://fideres.com/it/skipping-the-flight-fantastic/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAUVBMVEUAiQAAgADk5OTe3t7vAAB3yXf9/f36+vr5Vlb3RkZjwWNYvVj4+Pj1MzP1KChQuFD1GxviAABHtUf19fXzDw4/sT8AcAA2qzYAWgDLy8vDw8ObXclsAAAAVElEQVR4AQXBSwoCQRQEsNT70CC69P5XdCUMA2ISSAiBWAQScg8bN7GJWxFDrCivwhCLMipGx3LKUOi2HAZluy2HgXprxQGfGL6G63B5MJ5FCD/4A3DaCLvbBle5AAAAAElFTkSuQmCC" alt="Italiano" width="16" height="11" style="width: 16px; height: 11px;" /><span style="margin-left:0.3em;">Italiano</span></a></li> <li class="lang-item lang-item-344 lang-item-es"><a lang="es-ES" hreflang="es-ES" href="https://fideres.com/es/skipping-the-flight-fantastic/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAflBMVEX/AAD9AAD3AADxAADrAAD/eXn9bGz8YWH8WVn6UVH5SEj5Pz/3NDT0Kir9/QD+/nL+/lT18lDt4Uf6+j/39zD39yf19R3n5wDxflXsZ1Pt4Y3x8zr0wbLs1NXz8xPj4wD37t3jmkvsUU/Bz6nrykm3vJ72IiL0FBTyDAvhAABEt4UZAAAAX0lEQVR4AQXBQUrFQBBAwXqTDkYE94Jb73+qfwVRcYxVQRBRToiUfoaVpGTrtdS9SO0Z9FR9lVy/g5c99+dKl30N5uxPuviexXEc9/msC7TOkd4kHu/Dlh4itCJ8AP4B0w4Qwmm7CFQAAAAASUVORK5CYII=" alt="Español" width="16" height="11" style="width: 16px; height: 11px;" /><span style="margin-left:0.3em;">Español</span></a></li> </ul> </div><div class="bde-search-form-34948-104 bde-search-form"> <form id="search-form-104" role="search" method="get" data-type="classic" aria-hidden="false" class="js-search-form search-form search-form--classic" action="https://fideres.com"> <div class="search-form__container"> <button type="submit" aria-label="search" class="search-form__button"> <svg width="100%" aria-hidden="true" class="search-form__icon--search" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path d="M504.1 471l-134-134C399.1 301.5 415.1 256.8 415.1 208c0-114.9-93.13-208-208-208S-.0002 93.13-.0002 208S93.12 416 207.1 416c48.79 0 93.55-16.91 129-45.04l134 134C475.7 509.7 481.9 512 488 512s12.28-2.344 16.97-7.031C514.3 495.6 514.3 480.4 504.1 471zM48 208c0-88.22 71.78-160 160-160s160 71.78 160 160s-71.78 160-160 160S48 296.2 48 208z"/></svg> </button> <label class="screen-reader-text" for="search-form-104">Search for:</label> <input id="search-form-104" type="text" class="js-search-form-field search-form__field" placeholder="Search" value="" name="s" /> </div> </form> </div></div> </section> </div> <div class="breakdance-popup-close-button breakdance-popup-position-top-right" data-breakdance-popup-reference="34948" data-breakdance-popup-action="close"> <div class="breakdance-popup-close-icon"> <svg viewBox="0 0 24 24"> <path d="M20 6.91L17.09 4L12 9.09L6.91 4L4 6.91L9.09 12L4 17.09L6.91 20L12 14.91L17.09 20L20 17.09L14.91 12L20 6.91Z" /> </svg> </div> </div> </div> </div></div><script> const items = document.querySelectorAll(".custom-dropdown-nav-item"); const actions = document.querySelectorAll(".sub-menu"); for(let i=0; i<items.length; i++){ items[i].addEventListener("click", ()=>{ for(let j=0; j<actions.length; j++){ if(!(i===j)){ actions[j].classList.remove("active") } } actions[i].classList.toggle("active") }) } </script> <script src="https://code.jquery.com/jquery-3.6.1.min.js" integrity="sha256-o88AwQnZB+VDvE9tvIXrMQaPlFFSUTR+nldQm1LuPXQ=" crossorigin="anonymous"></script> <script> $('.flickity-slider').flickity({ // options cellAlign: 'left', contain: true }); </script> <style type="text/css"></style> <link rel='stylesheet' id='pppublic-css' href='https://fideres.com/wp-content/plugins/podcast-player/frontend/css/podcast-player-public.css?ver=7.4.3' type='text/css' media='all' /> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/metronet-profile-picture/js/mpp-frontend.js?ver=2.6.0" id="mpp_gutenberg_tabs-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/New%20folder%20(11)/js/script.js?ver=1.0.0" id="research-posts-loader-script-js"></script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/underscore.min.js?ver=1.13.7" id="underscore-js"></script> <script type="text/javascript" id="wp-util-js-extra"> /* <![CDATA[ */ var _wpUtilSettings = {"ajax":{"url":"\/wp-admin\/admin-ajax.php"}}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/wp-util.min.js?ver=6.7.1" id="wp-util-js"></script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/dist/hooks.min.js?ver=4d63a3d491d11ffd8ac6" id="wp-hooks-js"></script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/dist/i18n.min.js?ver=5e580eb46a90c2b997e6" id="wp-i18n-js"></script> <script type="text/javascript" id="wp-i18n-js-after"> /* <![CDATA[ */ wp.i18n.setLocaleData( { 'text direction\u0004ltr': [ 'ltr' ] } ); /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/tipsy/tipsy.min.js?ver=1.0.0a" id="um_tipsy-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/um-confirm/um-confirm.min.js?ver=1.0" id="um_confirm-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/picker.min.js?ver=3.6.2" id="um_datetime-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/picker.date.min.js?ver=3.6.2" id="um_datetime_date-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/picker.time.min.js?ver=3.6.2" id="um_datetime_time-js"></script> <script type="text/javascript" id="um_common-js-extra"> /* <![CDATA[ */ var um_common_variables = {"locale":"en_GB"}; var um_common_variables = {"locale":"en_GB"}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/common.min.js?ver=2.8.9" id="um_common-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/cropper/cropper.min.js?ver=1.6.1" id="um_crop-js"></script> <script type="text/javascript" id="um_frontend_common-js-extra"> /* <![CDATA[ */ var um_frontend_common_variables = []; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/common-frontend.min.js?ver=2.8.9" id="um_frontend_common-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-modal.min.js?ver=2.8.9" id="um_modal-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/jquery-form/jquery-form.min.js?ver=2.8.9" id="um_jquery_form-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/fileupload/fileupload.js?ver=2.8.9" id="um_fileupload-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-functions.min.js?ver=2.8.9" id="um_functions-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-responsive.min.js?ver=2.8.9" id="um_responsive-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-conditional.min.js?ver=2.8.9" id="um_conditional-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/select2/select2.full.min.js?ver=4.0.13" id="select2-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/select2/i18n/en.js?ver=4.0.13" id="um_select2_locale-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/raty/um-raty.min.js?ver=2.6.0" id="um_raty-js"></script> <script type="text/javascript" id="um_scripts-js-extra"> /* <![CDATA[ */ var um_scripts = {"max_upload_size":"104857600","nonce":"be6e308f54"}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-scripts.min.js?ver=2.8.9" id="um_scripts-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-profile.min.js?ver=2.8.9" id="um_profile-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-account.min.js?ver=2.8.9" id="um_account-js"></script> <script type="text/javascript" id="ivory-search-scripts-js-extra"> /* <![CDATA[ */ var IvorySearchVars = {"is_analytics_enabled":"1"}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/add-search-to-menu/public/js/ivory-search.min.js?ver=5.5.7" id="ivory-search-scripts-js"></script> <script type="text/javascript" id="pppublic-js-extra"> /* <![CDATA[ */ var podcastPlayerData = {"ajax_info":{"ajaxurl":"https:\/\/fideres.com\/wp-admin\/admin-ajax.php","security":"ed44aaab85"}}; var ppmejsSettings = {"pluginPath":"\/wp-includes\/js\/mediaelement\/","classPrefix":"ppjs__","stretching":"responsive","isPremium":"","isSticky":"","features":["current","progress","duration","fullscreen"],"isMeJs":"","ppPauseBtn":"<svg class=\"icon icon-pp-pause\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-pause\" xlink:href=\"#icon-pp-pause\"><\/use> <\/svg>","ppClose":"<svg class=\"icon icon-pp-x\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-x\" xlink:href=\"#icon-pp-x\"><\/use> <\/svg>","ppMaxiScrnBtn":"<svg class=\"icon icon-pp-maximize\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-maximize\" xlink:href=\"#icon-pp-maximize\"><\/use> <\/svg>","ppMiniScrnBtn":"<svg class=\"icon icon-pp-minimize\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-minimize\" xlink:href=\"#icon-pp-minimize\"><\/use> <\/svg>","ppMinMax":"<svg class=\"icon icon-pp-drop-down\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-drop-down\" xlink:href=\"#icon-pp-drop-down\"><\/use> <\/svg>","ppPlayCircle":"<svg class=\"icon icon-pp-play\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-play\" xlink:href=\"#icon-pp-play\"><\/use> <\/svg>","ppVidLoading":"<svg class=\"icon icon-pp-refresh\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-refresh\" xlink:href=\"#icon-pp-refresh\"><\/use> <\/svg>","ppArrowUp":"<svg class=\"icon icon-pp-arrow-up\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-arrow-up\" xlink:href=\"#icon-pp-arrow-up\"><\/use> <\/svg>","ppAudioControlBtns":"<div class=\"ppjs__head-container\"><div class=\"head-wrapper\"><div class=\"ppjs__podcast-title\"><\/div><div class=\"ppjs__episode-title\"><\/div><a class=\"ppjs__episode-excerpt\" href=\"#\"><span class=\"ppjs__excerpt-content\"><\/span><span class=\"ppjs__more\">[...]<span><\/a><\/div><\/div><div class=\"ppjs__secondary-controls\"><div class=\"ppjs__control_btns\"><div class=\"ppjs__button ppjs__play-rate-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tChange Playback Rate\t\t\t\t<\/span><div class=\"play-rate-text\"><span class=\"pp-rate\">1<\/span><span class=\"pp-times\">x<\/span><\/div><\/button><ul class=\"play-rate-list\"><li><a class=\"prl-item\" href=\"#\">0.8<\/a><\/li><li><a class=\"prl-item\" href=\"#\">1<\/a><\/li><li><a class=\"prl-item\" href=\"#\">1.2<\/a><\/li><li><a class=\"prl-item\" href=\"#\">1.5<\/a><\/li><li><a class=\"prl-item\" href=\"#\">2<\/a><\/li><\/ul><\/div><div class=\"ppjs__button ppjs__skip-prev-button\"><button type=\"button\" class=\"pp-prev-btn\"><span class=\"ppjs__offscreen\">\t\t\t\t\tGo to previous episode\t\t\t\t<\/span><svg class=\"icon icon-pp-previous\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-previous\" xlink:href=\"#icon-pp-previous\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__skip-backward-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tSkip Backward\t\t\t\t<\/span><svg class=\"icon icon-pp-rotate-ccw\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-rotate-ccw\" xlink:href=\"#icon-pp-rotate-ccw\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__playpause-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tPlay Pause\t\t\t\t<\/span><svg class=\"icon icon-pp-play\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-play\" xlink:href=\"#icon-pp-play\"><\/use><\/svg><svg class=\"icon icon-pp-pause\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-pause\" xlink:href=\"#icon-pp-pause\"><\/use><\/svg><svg class=\"icon icon-pp-refresh\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-refresh\" xlink:href=\"#icon-pp-refresh\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__jump-forward-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tJump Forward\t\t\t\t<\/span><svg class=\"icon icon-pp-rotate-cw\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-rotate-cw\" xlink:href=\"#icon-pp-rotate-cw\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__skip-next-button\"><button type=\"button\" class=\"pp-next-btn\"><span class=\"ppjs__offscreen\">\t\t\t\t\tSkip to next episode\t\t\t\t<\/span><svg class=\"icon icon-pp-next\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-next\" xlink:href=\"#icon-pp-next\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__download-alt-button\"><a role=\"button\" class=\"ppshare__download button\" href=\"\" title=\"Download\" download=\"\"><svg class=\"icon icon-pp-download\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-download\" xlink:href=\"#icon-pp-download\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tDownload\t\t\t\t<\/span><\/a><\/div><div class=\"ppjs__button ppjs__share-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tShare This Episode\t\t\t\t<\/span><svg class=\"icon icon-pp-share\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-share\" xlink:href=\"#icon-pp-share\"><\/use><\/svg><\/button><ul class=\"ppshare__social ppsocial\"><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__facebook\" href=\"\" target=\"_blank\" title=\"Share on Facebook\"><svg class=\"icon icon-pp-facebook\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-facebook\" xlink:href=\"#icon-pp-facebook\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tFacebook\t\t\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__twitter\" href=\"\" target=\"_blank\" title=\"Share on Twitter\"><svg class=\"icon icon-pp-twitter\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-twitter\" xlink:href=\"#icon-pp-twitter\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tTwitter\t\t\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__linkedin\" href=\"\" target=\"_blank\" title=\"Share on Linkedin\"><svg class=\"icon icon-pp-linkedin\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-linkedin\" xlink:href=\"#icon-pp-linkedin\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tLinkedin\t\t\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__copylink\" href=\"#\" title=\"Copy episode link\"><svg class=\"icon icon-pp-copy\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-copy\" xlink:href=\"#icon-pp-copy\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tCopy episode link\t\t\t\t\t\t<\/span><span class=\"pp-copylink-msg\">Copied<\/span><\/a><\/li><li class=\"ppshare-item download\"><a role=\"button\" class=\"ppshare__download\" href=\"\" title=\"Download\" download=\"\"><svg class=\"icon icon-pp-download\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-download\" xlink:href=\"#icon-pp-download\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tDownload\t\t\t\t\t\t<\/span><\/a><\/li><input type=\"text\" value=\"\" class=\"pp-copylink\" style=\"display: none;\"><\/ul><\/div><\/div><\/div>","ppAdditionalControls":"<div class=\"ppjs__additional_controls\"><div class=\"ppjs__button ppjs__pp-text\"><button type=\"button\" class=\"pp-text-aux-btn\"><span class=\"ppjs__offscreen\">\t\t\t\tShow Podcast Episode Text\t\t\t<\/span><svg class=\"icon icon-pp-text\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-text\" xlink:href=\"#icon-pp-text\"><\/use><\/svg><svg class=\"icon icon-pp-x\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-x\" xlink:href=\"#icon-pp-x\"><\/use><\/svg><\/button><\/div><\/div>","ppAuxModal":"<div class=\"pp-modal-aux-wrapper\"><ul class=\"pp-modal-tabs\"><li class=\"pp-modal-tabs-item lists-tab\">All Episodes<\/li><li class=\"pp-modal-tabs-item content-tab selected\">Shownotes<\/li><\/ul><div class=\"pp-modal-tabs-list\" style=\"display: none;\"><\/div><div class=\"pp-modal-tabs-content\"><\/div><\/div>","ppPlayPauseBtn":"<div class=\"ppjs__button ppjs__playpause-button\"><button type=\"button\"><svg class=\"icon icon-pp-play\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-play\" xlink:href=\"#icon-pp-play\"><\/use><\/svg><svg class=\"icon icon-pp-pause\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-pause\" xlink:href=\"#icon-pp-pause\"><\/use><\/svg><svg class=\"icon icon-pp-refresh\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-refresh\" xlink:href=\"#icon-pp-refresh\"><\/use><\/svg><\/button><\/div>","ppVideoShare":"<div class=\"ppjs__button ppjs__share-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\tShare This Episode\t\t<\/span><svg class=\"icon icon-pp-share\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-share\" xlink:href=\"#icon-pp-share\"><\/use><\/svg><\/button><ul class=\"ppshare__social ppsocial\"><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__facebook\" href=\"\" target=\"_blank\" title=\"Share on Facebook\"><svg class=\"icon icon-pp-facebook\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-facebook\" xlink:href=\"#icon-pp-facebook\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tFacebook\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__twitter\" href=\"\" target=\"_blank\" title=\"Share on Twitter\"><svg class=\"icon icon-pp-twitter\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-twitter\" xlink:href=\"#icon-pp-twitter\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tTwitter\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__linkedin\" href=\"\" target=\"_blank\" title=\"Share on Linkedin\"><svg class=\"icon icon-pp-linkedin\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-linkedin\" xlink:href=\"#icon-pp-linkedin\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tLinkedin\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__copylink\" href=\"#\" title=\"Copy episode link\"><svg class=\"icon icon-pp-copy\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-copy\" xlink:href=\"#icon-pp-copy\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tCopy episode link\t\t\t\t<\/span><span class=\"pp-copylink-msg\">Copied<\/span><\/a><\/li><li class=\"ppshare-item download\"><a role=\"button\" class=\"ppshare__download\" href=\"\" title=\"Download\" download=\"\"><svg class=\"icon icon-pp-download\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-download\" xlink:href=\"#icon-pp-download\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tDownload\t\t\t\t<\/span><\/a><\/li><input type=\"text\" value=\"\" class=\"pp-copylink\" style=\"display: none;\"><\/ul><\/div>","ppCloseBtnText":"<span class=\"ppjs__offscreen\">Minimize or Close the player<\/span>"}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/podcast-player/frontend/js/public.build.js?ver=7.4.3" id="pppublic-js"></script> <script type='text/javascript'> (function() { var expirationDate = new Date(); expirationDate.setTime( expirationDate.getTime() + 31536000 * 1000 ); document.cookie = "pll_language=en; expires=" + expirationDate.toUTCString() + "; path=/; secure; SameSite=Lax"; }()); </script> <svg style="position: absolute; width: 0; height: 0; overflow: hidden;" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><defs><symbol id="icon-pp-pause" viewBox="0 0 24 24"><path fill="currentColor" d="M9 4H7a2 2 0 0 0-2 2v12a2 2 0 0 0 2 2h2a2 2 0 0 0 2-2V6a2 2 0 0 0-2-2m8 0h-2a2 2 0 0 0-2 2v12a2 2 0 0 0 2 2h2a2 2 0 0 0 2-2V6a2 2 0 0 0-2-2"/></symbol><symbol id="icon-pp-x" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M18 6L6 18M6 6l12 12"/></symbol><symbol id="icon-pp-maximize" viewBox="0 0 32 32"><path d="M32 0h-13l5 5-6 6 3 3 6-6 5 5z"></path><path d="M32 32v-13l-5 5-6-6-3 3 6 6-5 5z"></path><path d="M0 32h13l-5-5 6-6-3-3-6 6-5-5z"></path><path d="M0 0v13l5-5 6 6 3-3-6-6 5-5z"></path></symbol><symbol id="icon-pp-minimize" viewBox="0 0 32 32"><path d="M18 14h13l-5-5 6-6-3-3-6 6-5-5z"></path><path d="M18 18v13l5-5 6 6 3-3-6-6 5-5z"></path><path d="M14 18h-13l5 5-6 6 3 3 6-6 5 5z"></path><path d="M14 14v-13l-5 5-6-6-3 3 6 6-5 5z"></path></symbol><symbol id="icon-pp-drop-down" viewBox="0 0 32 32"><path d="M7.226 12.077c0.698-0.714 1.669-0.77 2.522 0l6.253 5.995 6.253-5.995c0.853-0.77 1.826-0.714 2.518 0 0.698 0.712 0.653 1.915 0 2.584-0.65 0.669-7.512 7.203-7.512 7.203-0.347 0.357-0.803 0.536-1.259 0.536s-0.912-0.179-1.262-0.536c0 0-6.859-6.534-7.512-7.203-0.654-0.669-0.698-1.872 0-2.584z"></path></symbol><symbol id="icon-pp-play" viewBox="0 0 24 24"><path fill="currentColor" d="M6 4v16a1 1 0 0 0 1.524.852l13-8a1 1 0 0 0 0-1.704l-13-8A1 1 0 0 0 6 4"/></symbol><symbol id="icon-pp-refresh" viewBox="0 0 32 32"><path d="M32 16c-0.040-2.089-0.493-4.172-1.331-6.077-0.834-1.906-2.046-3.633-3.533-5.060-1.486-1.428-3.248-2.557-5.156-3.302-1.906-0.748-3.956-1.105-5.981-1.061-2.025 0.040-4.042 0.48-5.885 1.292-1.845 0.809-3.517 1.983-4.898 3.424s-2.474 3.147-3.193 4.994c-0.722 1.846-1.067 3.829-1.023 5.79 0.040 1.961 0.468 3.911 1.254 5.694 0.784 1.784 1.921 3.401 3.316 4.736 1.394 1.336 3.046 2.391 4.832 3.085 1.785 0.697 3.701 1.028 5.598 0.985 1.897-0.040 3.78-0.455 5.502-1.216 1.723-0.759 3.285-1.859 4.574-3.208 1.29-1.348 2.308-2.945 2.977-4.67 0.407-1.046 0.684-2.137 0.829-3.244 0.039 0.002 0.078 0.004 0.118 0.004 1.105 0 2-0.895 2-2 0-0.056-0.003-0.112-0.007-0.167h0.007zM28.822 21.311c-0.733 1.663-1.796 3.169-3.099 4.412s-2.844 2.225-4.508 2.868c-1.663 0.646-3.447 0.952-5.215 0.909-1.769-0.041-3.519-0.429-5.119-1.14-1.602-0.708-3.053-1.734-4.25-2.991s-2.141-2.743-2.76-4.346c-0.621-1.603-0.913-3.319-0.871-5.024 0.041-1.705 0.417-3.388 1.102-4.928 0.683-1.541 1.672-2.937 2.883-4.088s2.642-2.058 4.184-2.652c1.542-0.596 3.192-0.875 4.832-0.833 1.641 0.041 3.257 0.404 4.736 1.064 1.48 0.658 2.82 1.609 3.926 2.774s1.975 2.54 2.543 4.021c0.57 1.481 0.837 3.064 0.794 4.641h0.007c-0.005 0.055-0.007 0.11-0.007 0.167 0 1.032 0.781 1.88 1.784 1.988-0.195 1.088-0.517 2.151-0.962 3.156z"></path></symbol><symbol id="icon-pp-arrow-up" viewBox="0 0 32 32"><path d="M30.054 23.768l-2.964 2.946c-0.446 0.446-1.161 0.446-1.607 0l-9.482-9.482-9.482 9.482c-0.446 0.446-1.161 0.446-1.607 0l-2.964-2.946c-0.446-0.446-0.446-1.179 0-1.625l13.25-13.232c0.446-0.446 1.161-0.446 1.607 0l13.25 13.232c0.446 0.446 0.446 1.179 0 1.625z"></path></symbol><symbol id="icon-pp-previous" viewBox="0 0 24 24"><path fill="currentColor" d="m19.496 4.136l-12 7a1 1 0 0 0 0 1.728l12 7A1 1 0 0 0 21 19V5a1 1 0 0 0-1.504-.864M4 4a1 1 0 0 1 .993.883L5 5v14a1 1 0 0 1-1.993.117L3 19V5a1 1 0 0 1 1-1"/></symbol><symbol id="icon-pp-rotate-ccw" viewBox="0 0 24 24"><g fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2"><path d="M7 9L4 6l3-3"/><path d="M15.997 17.918A6.002 6.002 0 0 0 15 6H4m2 8v6m3-4.5v3a1.5 1.5 0 0 0 3 0v-3a1.5 1.5 0 0 0-3 0"/></g></symbol><symbol id="icon-pp-rotate-cw" viewBox="0 0 24 24"><g fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2"><path d="M5.007 16.478A6 6 0 0 1 9 6h11m-5 9.5v3a1.5 1.5 0 0 0 3 0v-3a1.5 1.5 0 0 0-3 0"/><path d="m17 9l3-3l-3-3M9 14h1.5a1.5 1.5 0 0 1 0 3H10h.5a1.5 1.5 0 0 1 0 3H9"/></g></symbol><symbol id="icon-pp-next" viewBox="0 0 24 24"><path fill="currentColor" d="M3 5v14a1 1 0 0 0 1.504.864l12-7a1 1 0 0 0 0-1.728l-12-7A1 1 0 0 0 3 5m17-1a1 1 0 0 1 .993.883L21 5v14a1 1 0 0 1-1.993.117L19 19V5a1 1 0 0 1 1-1"/></symbol><symbol id="icon-pp-download" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M4 17v2a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2v-2M7 11l5 5l5-5m-5-7v12"/></symbol><symbol id="icon-pp-share" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 4v4C6.425 9.028 3.98 14.788 3 20c-.037.206 5.384-5.962 10-6v4l8-7z"/></symbol><symbol id="icon-pp-facebook" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M7 10v4h3v7h4v-7h3l1-4h-4V8a1 1 0 0 1 1-1h3V3h-3a5 5 0 0 0-5 5v2z"/></symbol><symbol id="icon-pp-twitter" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="m4 4l11.733 16H20L8.267 4zm0 16l6.768-6.768m2.46-2.46L20 4"/></symbol><symbol id="icon-pp-linkedin" viewBox="0 0 24 24"><g fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2"><path d="M4 6a2 2 0 0 1 2-2h12a2 2 0 0 1 2 2v12a2 2 0 0 1-2 2H6a2 2 0 0 1-2-2zm4 5v5m0-8v.01M12 16v-5"/><path d="M16 16v-3a2 2 0 0 0-4 0"/></g></symbol><symbol id="icon-pp-copy" viewBox="0 0 24 24"><g fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2"><path d="M7 9.667A2.667 2.667 0 0 1 9.667 7h8.666A2.667 2.667 0 0 1 21 9.667v8.666A2.667 2.667 0 0 1 18.333 21H9.667A2.667 2.667 0 0 1 7 18.333z"/><path d="M4.012 16.737A2 2 0 0 1 3 15V5c0-1.1.9-2 2-2h10c.75 0 1.158.385 1.5 1"/></g></symbol><symbol id="icon-pp-text" viewBox="0 0 32 32"><path d="M24.8 17.6h-17.6c-0.44 0-0.8 0.36-0.8 0.8v1.6c0 0.442 0.36 0.8 0.8 0.8h17.6c0.442 0 0.8-0.358 0.8-0.8v-1.6c0-0.44-0.358-0.8-0.8-0.8zM24.8 11.2h-17.6c-0.44 0-0.8 0.36-0.8 0.8v1.6c0 0.442 0.36 0.8 0.8 0.8h17.6c0.442 0 0.8-0.358 0.8-0.8v-1.6c0-0.44-0.358-0.8-0.8-0.8zM16.8 24h-9.6c-0.44 0-0.8 0.36-0.8 0.8v1.6c0 0.442 0.36 0.8 0.8 0.8h9.6c0.442 0 0.8-0.358 0.8-0.8v-1.6c0-0.44-0.358-0.8-0.8-0.8zM24.8 4.8h-17.6c-0.44 0-0.8 0.36-0.8 0.8v1.6c0 0.442 0.36 0.8 0.8 0.8h17.6c0.442 0 0.8-0.358 0.8-0.8v-1.6c0-0.44-0.358-0.8-0.8-0.8z"></path></symbol></defs></svg><script src='https://fideres.com/wp-content/plugins/breakdance/plugin/global-scripts/breakdance-utils.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/elements/Social_Share_Buttons/assets/social-share-buttons.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/elements-reusable-code/breakdance-link-actions.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/elements/Header_Builder/header-builder.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/awesome-menu@1/awesome-menu.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/elements/Search_Form/assets/search-form.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/popups@1/popups.js?bd_ver=1.7.2' defer></script> <script src='https://unpkg.com/gsap@3.12.2/dist/gsap.min.js' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/popups@1/popup-animations.js?bd_ver=1.7.2' defer></script> <script>document.addEventListener('DOMContentLoaded', function(){ if (!window.BreakdanceFrontend) { window.BreakdanceFrontend = {} } window.BreakdanceFrontend.data = {"homeUrl":"https:\/\/fideres.com","ajaxUrl":"https:\/\/fideres.com\/wp-admin\/admin-ajax.php","elementsPluginUrl":"https:\/\/fideres.com\/wp-content\/plugins\/breakdance\/subplugins\/breakdance-elements\/","BASE_BREAKPOINT_ID":"breakpoint_base","breakpoints":[{"id":"breakpoint_base","label":"Desktop","defaultPreviewWidth":"100%"},{"id":"breakpoint_tablet_landscape","label":"Tablet Landscape","defaultPreviewWidth":1024,"maxWidth":1119},{"id":"breakpoint_tablet_portrait","label":"Tablet Portrait","defaultPreviewWidth":768,"maxWidth":1023},{"id":"breakpoint_phone_landscape","label":"Phone Landscape","defaultPreviewWidth":480,"maxWidth":767},{"id":"breakpoint_phone_portrait","label":"Phone Portrait","defaultPreviewWidth":400,"maxWidth":479},{"id":"custom_breakpoint_laptop","label":"Laptop","minWidth":1550,"maxWidth":1120,"defaultPreviewWidth":1450}],"subscriptionMode":"pro"} }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceSocialShareButtons('.breakdance .bde-social-share-buttons-37010-103'); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ const theIcon = document.querySelector('.theicon'); const socialShare = document.querySelector('.socialshare'); // Initially hide the socialshare element socialShare.style.display = 'none'; theIcon.addEventListener('click', () => { if (socialShare.style.display === 'none') { socialShare.style.display = 'block'; } else { socialShare.style.display = 'none'; } }); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceSocialShareButtons('.breakdance .bde-social-share-buttons-36062-118'); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceHeaderBuilder(".breakdance .bde-header-builder-34868-102", "102", false); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new AwesomeMenu(".breakdance .bde-wp-menu-34868-109 .breakdance-menu", { dropdown: { openOnClick: false, mode: { desktop: 'dropdown' }, placement: 'left', width: null, animation: 'fade' }, link: { effect: '', effectDirection: '', }, mobile: { breakpoint: 'breakpoint_tablet_landscape', mode: 'offcanvas', offcanvasPosition: 'left', offset: null, followLinks: false } }); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceHeaderBuilder(".breakdance .bde-header-builder-34868-122", "122", false); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new AwesomeMenu(".breakdance .bde-wp-menu-34868-134 .breakdance-menu", { dropdown: { openOnClick: false, mode: { desktop: 'dropdown' }, placement: 'left', width: null, animation: 'fade' }, link: { effect: '', effectDirection: '', }, mobile: { breakpoint: 'breakpoint_tablet_landscape', mode: 'offcanvas', offcanvasPosition: 'left', offset: null, followLinks: false } }); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceSearchForm('.breakdance .bde-search-form-34868-126', {}); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdancePopup(37594, {"onlyShowOnce":false,"avoidMultiple":false,"limitSession":null,"limitPageLoad":null,"limitForever":null,"triggers":[],"breakpointConditions":[]}); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ if (window.breakdancePopupInstances) { const popupInstance = window.breakdancePopupInstances[37594] ?? null; if (popupInstance) { popupInstance.setOptions({ keepOpenOnHashlinkClicks: false, closeOnClickOutside: true, closeOnEscapeKey: true, closeAfterMilliseconds: null, showCloseButtonAfterMilliseconds: null, disableScrollWhenOpen: true, entranceAnimation: {"animation_type":"slideDown"}, exitAnimation: {"animation_type":"slideUp"}, }); } } }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdancePopup(34948, {"onlyShowOnce":false,"avoidMultiple":false,"limitSession":null,"limitPageLoad":null,"limitForever":null,"triggers":[],"breakpointConditions":[]}); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ if (window.breakdancePopupInstances) { const popupInstance = window.breakdancePopupInstances[34948] ?? null; if (popupInstance) { popupInstance.setOptions({ keepOpenOnHashlinkClicks: false, closeOnClickOutside: true, closeOnEscapeKey: true, closeAfterMilliseconds: null, showCloseButtonAfterMilliseconds: null, disableScrollWhenOpen: true, entranceAnimation: {"animation_type":"slideDown"}, exitAnimation: {"animation_type":"slideUp"}, }); } } }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new AwesomeMenu(".breakdance .bde-wp-menu-34948-102 .breakdance-menu", { dropdown: { openOnClick: false, mode: { desktop: 'accordion' }, placement: 'left', width: null, animation: 'fade' }, link: { effect: '', effectDirection: '', }, mobile: { breakpoint: 'never', mode: 'default', offcanvasPosition: 'left', offset: null, followLinks: false } }); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceSearchForm('.breakdance .bde-search-form-34948-104', {}); }) </script> <script type="text/javascript"> jQuery( window ).on( 'load', function() { jQuery('input[name="um_request"]').val(''); }); </script> </body> </html>