The Demand for Taxi Services in Sheffield: An Empirical Study of the Value of Waiting Time and the Price Elasticity of Demand

This paper reports the empirical results from a study into the value of taxi passengers1 waiting time and the price elasticity of demand for taxis in Sheffield using stated preference and transfer price data. It is in two parts. The first part details the stated preference design, implementation and results. The effects on the value of time estimates of changes in the depth of ranking modelled, non-linearities, and socio-economic and use variables are assessed. The second part of the paper describes an analysis of the sensitivity of demand for taxi services to increased price using a transfer price approach.