NBER WORKING PAPER SERIES IS TOMORROW ANOTHER DAY? …

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NBER WORKING PAPER SERIES IS TOMORROW ANOTHER DAY? THE LABOR SUPPLY OF NEW YORK CAB DRIVERS Henry S. Farber Working Paper 9706 http://www.nber.org/papers/w9706 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2003 I thank Orley Ashenfelter, David Autor, Avinash Dixit, Danny Kahneman, Alan Krueger, Robert Solow, and participants in numerous workshops for helpful comments and discussion. Susan Merino, Gregory Evans, Julia Stahl, and Hannah Pierce provided able research assistance. This paper was written while I was a Visiting Scholar at the Russell Sage Foundation. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. ©2003 by Henry S. Farber. All rights reserved. Short sections of text not to exceed two paragraphs, may be quoted without explicit permission provided that full credit including © notice, is given to the source.

Transcript of NBER WORKING PAPER SERIES IS TOMORROW ANOTHER DAY? …

NBER WORKING PAPER SERIES

IS TOMORROW ANOTHER DAY?THE LABOR SUPPLY OF NEW YORK CAB DRIVERS

Henry S. Farber

Working Paper 9706http://www.nber.org/papers/w9706

NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts Avenue

Cambridge, MA 02138May 2003

I thank Orley Ashenfelter, David Autor, Avinash Dixit, Danny Kahneman, Alan Krueger, Robert Solow, andparticipants in numerous workshops for helpful comments and discussion. Susan Merino, Gregory Evans,Julia Stahl, and Hannah Pierce provided able research assistance. This paper was written while I was aVisiting Scholar at the Russell Sage Foundation. The views expressed herein are those of the authors and notnecessarily those of the National Bureau of Economic Research.

©2003 by Henry S. Farber. All rights reserved. Short sections of text not to exceed two paragraphs, may bequoted without explicit permission provided that full credit including © notice, is given to the source.

Is Tomorrow Another Day? The Labor Supply of New York Cab DriversHenry S. FarberNBER Working Paper No. 9706May 2003JEL No. J4, J6

ABSTRACT

I model the labor supply of taxi drivers as the result of optimization based on an inter-temporal

utility function. Since income effects in response to temporary fluctuations in daily earnings

opportunities are likely to be small, cumulative hours will be much more important than cumulative

income in the decision to stop work on a given day. However, if these income effects are large due

to very high discount and interest rates, then labor supply functions could be backward bending, and,

in the extreme case where the wage elasticity of daily labor supply is minus one, drivers could be

target earners. Indeed, Camerer, Babcock, Lowenstein, and Thaler (1997) and Chou (2000) find that

the daily wage elasticity of labor supply of New York City cab drivers is substantially negative and

conclude that it is likely that cab drivers are target earners. I conclude from my empirical analysis,

based on new data, of the stopping behavior of New York City cab drivers that, when accounting

for earnings opportunities in a reduced form with measures of clock hours, day of the week, weather,

and geographic location, cumulative hours worked on the shift is a primary determinant of the

likelihood of stopping work while cumulative income earned on the shift is weakly related, at best,

to the likelihood of stopping work. This is consistent with there being inter-temporal substitution

and inconsistent with the hypothesis that taxi drivers are target earners.

Henry FarberIndustrial Relations SectionFirestone LibraryPrinceton UniversityPrinceton, NJ 08544-2098and [email protected]

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