This article examines how price regulation impacts service standards in the taxicab industry, suggesting implications for efficiency.
In a market of cruising taxis price competition is impracticable, and service (measured by waiting time) cannot be differentiated by customers\’ willingness to pay. This article examines the principles governing the setting of efficient prices to attain the maximum use of the service.
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G.W. Douglas (1972) studied this question.
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