The value of a taxi medallion (license to drive a taxi car) can be viewed as the sum of expected discounted future earnings of the taxi business.

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The value of a taxi medallion is indeed often calculated based on the present value of expected future earnings from operating a taxi, discounted back to their present value. This method accounts for the anticipated income stream that the medallion will generate over time, adjusted for the time value of money.

The Value of a Taxi Medallion (License to Drive a Taxi