Replication data for: New York City Cab Drivers' Labor Supply Revisited: Reference-Dependent Preferences with Rational-Expectations Targets for Hours and Income
Principal Investigator(s): View help for Principal Investigator(s) Vincent P. Crawford; Juanjuan Meng
Version: View help for Version V1
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text/plain | 14.6 KB | 10/11/2019 12:00:PM |
Project Citation:
Crawford, Vincent P., and Meng, Juanjuan. Replication data for: New York City Cab Drivers’ Labor Supply Revisited: Reference-Dependent Preferences with Rational-Expectations Targets for Hours and Income. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112450V1
Project Description
Summary:
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This paper proposes a model of cab drivers' labor supply, building on Henry S. Farber's (2005, 2008) empirical analyses and Botond Koszegi and Matthew Rabin's (2006; henceforth "KR") theory of reference-dependent preferences. Following KR, our model has targets for hours as well as income, determined by proxied rational
expectations. Our model, estimated with Farber's data, reconciles his finding that stopping probabilities are significantly related to hours but not income with Colin Camerer et al.'s (1997) negative "wage" elasticity of hours; and avoids Farber's criticism that estimates of drivers' income targets are too unstable to yield a useful model of labor supply. (JEL J22, J31, L92)
Scope of Project
JEL Classification:
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J22 Time Allocation and Labor Supply
J31 Wage Level and Structure; Wage Differentials
L92 Railroads and Other Surface Transportation
J22 Time Allocation and Labor Supply
J31 Wage Level and Structure; Wage Differentials
L92 Railroads and Other Surface Transportation
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