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The Uncertain Hand: Hong Kong Taxis and Tenders (Friedman Lecture Fund Monograph)
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About The Uncertain Hand: Hong Kong Taxis And Tenders
Product description This book traces the sometimes bizarre and comical history of taxi regulations in Hong Kong. It compares the history of regulation changes to developments in the taxi business, including the rise and fall of the illegal taxi trade, the patterns of taxi accidents, malpractice complaints, and taxi license prices. The strange history of the market for taxi licenses shows that these regulations have been inconsistent, erratic and incomprehensible to people risking their money in the public auctions for licenses. In essence, this is an analysis of how people in the taxi business have studied the process of governmental regulation. The dispersion and volatility of taxi license auction prices, reveal the results of these studies and say more about their conclusions than any library of academic works will ever do. These prices show that potential movements of the uncertain hand of regulation, rather than the inherent characteristics of the taxi business, are the major source of risk and thus speculation. By driving brand name companies out of the market, regulation has also moulded the industry into one offering only "generic" service of uncertain quality.
