Cabdrivers ’ Labor Supply Revisited : Reference-Dependent Preferences with Rational-Expectations Targets for Hours and Income

@inproceedings{Crawford2008CabdriversL,
  title={Cabdrivers ’ Labor Supply Revisited : Reference-Dependent Preferences with Rational-Expectations Targets for Hours and Income},
  author={Vincent P. Crawford and Juanjuan Meng},
  year={2008}
}
1912 In the absence of large income effects, a neoclassical model of labor supply predicts a positive wage elasticity of hours. However, Camerer et al. (1997) collected data on the daily labor supply of New York City cab drivers who, unlike most workers in modern economies, are free to choose their own hours, and found a strongly negative elasticity of hours with respect to their closest analog of a wage, realized earnings per hour. In Camerer et al.’s dataset, realized earnings per hour (which… CONTINUE READING
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