New York City Medallion Market’s Rise, Fall, and Regulation Implications

EasyChair Preprint 55

Abstract

Capping the number of licenses giving exclusive right to street hailing passengers, the New York City medallion system manipulated the demand and supply of taxicab market and made the Yellow Cab medallion not only a commodity of scarcity but also an investment product hotly pursued. Since 1937, the medallion market evolved and experienced four phases of birth, formation, booming, and collapse and is fighting a losing battle against the newly emerged app-based, ride-sharing service providers like Uber and Lyft. This article presented the findings from mining the data made available by the New York City Taxi and Limousine Commission, conducted analysis, and argued the deregulation of the New York City taxicab industry has started and that should not and will not be turned back.

Keyphrases: App-based, Data Mining, For-Hire Vehicle, Green Cab Taxis, Lyft, Medallion, New York City Taxicab, SHV, TLC, Taxi & Limousine Commission, Trip Data, Uber, Yellow Cab Taxis, ride-sharing

@booklet{EasyChair:55,
  author    = {Sherraina Song},
  title     = {New York City Medallion Market’s Rise, Fall, and Regulation Implications},
  doi       = {10.29007/gjm4},
  howpublished = {EasyChair Preprint 55},
  year      = {EasyChair, 2018}}