Labor Supply of New York City Cabdrivers: One Day at a Time

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ID: 295802
1997
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Abstract
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. Estimated wage elasticities are significantly negative in two out of three samples. Elasticities of inexperienced drivers average approximately −1 and are less than zero in all three samples (and significantly less than for experienced drivers in two of three samples). Our interpretation of these findings is that cabdrivers (at least inexperienced ones): (i) make labor supply decisions "one day at a time" instead of intertemporally substituting labor and leisure across multiple days, and (ii) set a loose daily income target and quit working once they reach that target.
Reference Key
openalex_W2170411204 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Colin F. Camerer, Lyndon R. Babcock, George Loewenstein, Richard H. Thaler
Journal the quarterly journal of economics
Year 1997
DOI
10.1162/003355397555244
URL
https://doi.org/10.1162/003355397555244
Keywords Keywords not found

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