Abstract
Capping the number of licenses and granting exclusive right to street hailing passengers, the New York City (NYC) medallion system manipulated the demand and supply of taxicab services and created a medallion market. The lasting system turned the right to operate taxis in NYC into a private property of scarcity and an investment vehicle with disguised risks. Integrating data published by the NYC Taxi and Limousine Commission (TLC), this research identified four phases of the medallion market and argued that (1) the market collapsed because technology and ride-sharing economy have materially weakened the assumptions underlying the market; (2) Yellow Cab is fighting a lost battle against players of ride-sharing economy; and (3) the deregulation of the NYC taxicab industry will adapt and continue despite its adverse impact on the medallion interest groups.
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Acknowledgements
The author would like to thank the three anonymous reviewers for their encouragement and comments that helped me greatly improve the manuscript. I am immensely grateful to Kaitlin Andryauskad for her mentorship, inspirations, and insights that motivated and helped me to develop the project and finalize this paper.
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Song, S. (2018). Rise, Fall, and Implications of the New York City Medallion Market. In: Perner, P. (eds) Advances in Data Mining. Applications and Theoretical Aspects. ICDM 2018. Lecture Notes in Computer Science(), vol 10933. Springer, Cham. https://doi.org/10.1007/978-3-319-95786-9_7
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