Airport owners grant airlines the right to schedule a landing or departure during a specific period of time in accordance with guidelines set out by the International Air Transport Association. Once allocated, landing slots can be traded between airlines. It was reported in February 2016, for example, that Oman Air paid Air France-KLM \(\$ 75\) million for a landing slot at London, Heathrow. What are the welfare implications of landing slot agreements for new entrants and for existing right holders?