A Tale of Two Cities: An Examination of Medallion Prices in New York and Chicago

Sutirtha Bagchi

No 33, Villanova School of Business Department of Economics and Statistics Working Paper Series from Villanova School of Business Department of Economics and Statistics

Abstract: This paper examines the institution of taxicab medallions in two of the largest cities of the U.S.: New York and Chicago and changes in the prices of those medallions during the period 2009-2016 (for New York City) and 2007-2016 (for Chicago). We document a drop of roughly 50% in the prices of these medallions in New York and roughly 80% in Chicago from their peak in 2013/2014 to the present. We also find that medallion prices are positively correlated with taxicab revenues and negatively correlated with proxies for the intensity of adoption of Uber and Lyft in both cities.

Keywords: Taxicab medallions; Transportation Network Company; Uber; Lyft (search for similar items in EconPapers)
JEL-codes: G14 L43 L51 M13 (search for similar items in EconPapers)
Date: 2017-01
New Economics Papers: this item is included in nep-mkt, nep-tre and nep-ure
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http://repec.library.villanova.edu/workingpapers/VSBEcon33.pdf (application/pdf)

Related works:
Journal Article: A Tale of Two Cities: An Examination of Medallion Prices in New York and Chicago (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:vil:papers:33

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