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An Economic Analysis of Regulated Taxicab Markets

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Author Info
Daniel Flores-Guri ()

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Abstract

The literature on taxicab markets has provided theoretical insights regarding the peculiarities of taxicab markets. A key finding is the positive effect that excess capacity, in the form of vacant taxicabs, has on the demand for taxicab service. Lack of data on taxicab markets has made estimating these models difficult. This paper models a taxicab market in which entry and fares are regulated. It estimates the model using data from meter inspections of New York City taxicabs. It finds a positive, inelastic relationship between vacant taxicabs and demand for taxicab service. The estimates of the parameters of the model are used to evaluate the effects of policy changes such as increases in the regulated fare and in the number of taxicab medallions.

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Publisher Info
Article provided by Springer in its journal Review of Industrial Organization.

Volume (Year): 23 (2003)
Issue (Month): 3_4 (December)
Pages: 255-266
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Handle: RePEc:kap:revind:v:23:y:2003:i:3_4:p:255-266

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Web page: http://www.springerlink.com/link.asp?id=100336

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Cairns, Robert D. & Liston-Heyes, Catherine, 1996. "Competition and regulation in the taxi industry," Journal of Public Economics, Elsevier, vol. 59(1), pages 1-15, January. [Downloadable!] (restricted)
  2. De Vany, Arthur S, 1975. "Capacity Utilization under Alternative Regulatory Restraints: An Analysis of Taxi Markets," Journal of Political Economy, University of Chicago Press, vol. 83(1), pages 83-94, February. [Downloadable!] (restricted)
  3. Arnott, Richard, 1996. "Taxi Travel Should Be Subsidized," Journal of Urban Economics, Elsevier, vol. 40(3), pages 316-333, November. [Downloadable!] (restricted)
  4. John R. Schroeter, 1983. "A Model of Taxi Service under Fare Structure and Fleet Size Regulation," Bell Journal of Economics, The RAND Corporation, vol. 14(1), pages 81-96, Spring.
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  1. Christopher Snyder, 2003. "Introduction to the 2003 International Industrial Organization Conference Special Issue," Review of Industrial Organization, Springer, vol. 23(3), pages 175-177, December. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

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