A MULTIDIMENSIONAL ASSESSMENT OF WELL-BEING BASED ON SEN'S FUNCTIONING APPROACH

Abstract

A simple model is presented in order to analyse the main failures in the taxi market, mainly due to search costs, externalities, asymmetries in information. Also regulation, however, has been generally unsatisfactory: it has resulted in shortage of supply, high waiting time, high value of medallions, bad distribution of the service, little innovation. From the beginning of the eighties, a number of countries has experienced some forms of deregulation: even within a variety of situations, the outcomes have been quite disappointing. Instead of relying on deregulation, probably a new scheme of regulation, innovative with respect to the past, should be drawn.