What are standby flights? Are they cheaper....?

Answer 1

These days, standby refers to when you have a ticket but not a guaranteed seat for a particular flight. This could happen because you were scheduled to fly on a particular flight but now want to take a different flight (trying to catch an earlier plane, or missed your flight and have to take a later one, or mechanical/weather problems cancelled your original flight). This could also happen because the airline has overbooked the flight and there are not enough seats for all the passengers.

Flying standby does not cost any less than a regular ticket.

You used to be able to show up at the airport without a ticket and fly standby, usually at a discount, but those days are gone. These days, standby passengers already have bought their tickets at the normal price before they are placed on the standby list.

Answer 2

Standby tickets are presented when there have been last minute cancellations made by someone. They are cheaper but you have to be prepared to go on a moments notice!