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The Economic Cost of Taxicab Regulation: The Case of Brisbane

Author

Listed:
  • Gaunt, Clive

    (Queensland University of Technology)

  • Black, Terry

    (Queensland University of Technology)

Abstract

The Brisbane taxicab industry is highly regulated with government imposed controls over the number of taxi licenses issued and the fares to be charged. These controls protect existing license holders from competition, allowing monopoly rents to be earned. Monopoly rents are reflected in the market price of a Brisbane taxi license which was around $190,000 in 1993. Deregulation of the industry, were it to occur, would be expected to benefit consumers of taxicab services by an average of $1.47 per taxi ride, through a combination of an expected 15 per cent increase in the number of taxicabs, and service innovation thereby ending the 20 million dollar per annum consumer wealth loss.

Suggested Citation

  • Gaunt, Clive & Black, Terry, 1996. "The Economic Cost of Taxicab Regulation: The Case of Brisbane," Economic Analysis and Policy, Elsevier, vol. 26(1), pages 45-58, March.
    • Handle: RePEc:eee:ecanpo:v:26:y:1996:i:1:p:45-58
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    More about this item

    Keywords

    Competition; Deregulation; Monopoly; Regulation; Taxis;
    All these keywords.

    JEL classification:

    • L43 - Industrial Organization - - Antitrust Issues and Policies - - - Legal Monopolies and Regulation or Deregulation
    • L92 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Railroads and Other Surface Transportation
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • R48 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government Pricing and Policy

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