The simulation you linked has a population density of 25,000 people per sq mile (New York City is 27,000 per sq mi.)
It only accounts for trips internal to the city which already have low wait times with existing taxi cabs, and does not simulate the waits for trips traversing into/out of the city.
Re:G.M. Invests $500M in Lyft
by biznickman on Monday January 04, 2016 @02:37PM
(#10837925)
Why not link to the study you are quoting?! Would be useful :)
Not according to studies I've seen, including the one cited in my original comment [1]. They map commute patterns, urban, suburban and rural, and take simultaneity and fleet access into account.
In Ann Arbor, Michigan a "shared fleet [was predicted to] provide almost instantaneous access [fractions of one minute] to a vehicle with a fleet of only 15% of the number of privately owned vehicles that would have been used for these trips." In a rural study conducted in Germany, maximum wait was estimated at 5 minutes with fleet capacity at around 20%.
[1] http://sustainablemobility.ei.columbia.edu/files/2012/12/Tra...