The Demand for Taxis and the Value of Time – A Welfare Analysis.

This paper reports the results of a study into the value of taxi passengers' walking time, waiting time and in-vehicle time, and the price and waiting time elasticities of demand for taxis in a university town. The data were obtained using stated preference and transfer price techniques. Consequently of the reports' three main sections, the first deals with the design and analysis of the stated preference experiment into the value of time and the second uses transfer price data to calibrate demand models. The third major section presents a welfare analysis of the current price and quantity regulations in this town.