“…Under a potentially more competitive environment in the first decade of the 2000s [see Oliveira, Lohmann, and Costa (2016) and Turolla, Lovadine, and Oliveira (2006)], the Departamento de Aviac¸ão Civil (DAC), the institution that regulated the Brazilian airline sector, approved concession contracts that allowed the entry of firms into the domestic market. The first case was the entry of GOL Airlines in 2001, which adopted a business model low-cost/low-fare that was unprecedented in the Brazilian market (Evangelho, Huse, and Linhares 2005).…”