The assessment task for this component of ECON1001 requires you to write a short term paper. You must answer the question set out below (for either topic 1 or 2).
The structure should be:
Executive Summary (not exceeding 150 words) on a separate front page;
Reference list and a clear listing of data or other sources and definitions at the end. (N.B. Reference list and executive summary are not included in the 750 word limit; but everything else is.)
Competition and services in the New South Wales taxi industry.
Recent news reports have identified the rise of App-based taxi or “ride-sharing” services such as Uber. The taxi services industry objects strongly to these alternative taxi services being allowed in the market. Identify and explain the economic factors (a) behind this opposition and (b) describe the expected market implications.
For some background information, read the articles: “Apps poised to drive change in taxi industry” (The Age, 3 May 2014) and “Low cost service a danger to public, say furious taxi drivers” (SMH, 24 April 2014). Links to these articles can be found in the eReadings for the course: http://opac.library.usyd.edu.au/search/r?SEARCH=ECON1001
In particular, in your essay you should address the following questions:
(1) Briefly describe the existing taxi services industry in NSW. What type of market structure does it represent?
(2) What are the welfare (efficiency) implications of this market structure?
(3) What are the expected implications of allowing App-based ride-sharing services or otherwise allowing greater competition in the provision of taxi services?
(4) Is there any evidence from Australia or other countries about the benefits of allowing greater competition in these services?
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