> A taxi may be more expensive at "idle" times - but ever tried to grab an Uber at a big event like a concert, a soccer game or Saturday night out drinking? You'll pay triple or more. Regulated taxis are more expensive, but always consistent which is a value on its own. Also, you can be sure that the driver doesn't live in poverty [1] or works ridiculous hours.

The prior here is simply not having enough taxis available. Fixed cost and capacity versus incentives that increase capacity when needed.