Colin camerer taxi drivers

COLIN CAMERER LINDA BABCOCK GEORGE LOEWENSTEIN RICHARD THALER Life-cycle models of labor supply predict a positive relationship between hours supplied and transitory changes in wages. We tested this prediction using three samples of wages and hours of New York City cabdrivers, whose wages are correlated within days but uncorrelated between days. larly, a study of taxi drivers in New York by Colin Camerer and George Loewenstein (among others) shows that drivers are remarkably insensi-tive to economic concepts like opportunity costs in deciding when to work.3 Rather, the behavior of taxi drivers follows a model of mental. Transcribed image text: In a study from , Colin Camerer and collaborators find that cab drivers in NYC work less on rainy days, impacting thus their incomes. This is puzzling, because on rainy days there are more customers looking for taxi rides and taxi fares are higher. Camerer and collaborators discard various possible explanations, such as: drivers are tired; drivers .

ticity among New York City taxi drivers by Camerer et al. (). They interpret their finding as evidence of target earnings behavior by taxi drivers. A target earner is defined as an individual who works until earnings reach the target level, and then quits. Target earnings behavior is an. According to economist Colin Camerer of the California Institute of Technology, many New York taxi drivers decide when to finish work by setting an income goal for themselves. If this is true, on busy days when the effective hourly wage is higher, tax drivers will. "Taxi Drivers and Beauty Contests" by Colin Camerer (amusing optional reading; pdf) Reference to Hide-and-Seek paper on episode of the CBS series Numb3rs, "Assassin," first aired 10/21/ (courtesy of William Nguyen Phan) Outguessing scene from The Princess Bride.

Jul with the negative wage elasticity of hours found by Colin Camerer et al. New York city taxi drivers all find a negative relationship. wage elasticity of labor supply of New York City cab drivers is taxi driver labor supply (Camerer, Babcock, Loewenstein, and Thaler, ; Chou ). COLIN F. CAMERER in New York City about when they decide to quit driving each day. drivers lease their cabs for a fixed fee for up to 12 hours.