If yield management were perfect, why was I on a LAX-HNL in January (award tix) that offered bumps? How can you possibly take the position that my award cost AA nothing?

I have often seen the statement that selling miles is the most profitable business sector for airlines. While it is pretty easy to track revenues of these programs, I can tell you that 6 skilled and dedicated accountants would come up with 6 different answers on what the costs were. Probably true with 60 accountants.