An Economic Analysis of Regulated Taxicab Markets

Daniel Flores-Guri ()

Review of Industrial Organization, 2003, vol. 23, issue 3_4, 255-266

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.

Date: 2003
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