New York City Cab Drivers' Labor Supply Revisited: Reference-Dependent Preferences with Rational-Expectations Targets for Hours and Income
基于Farber的数据和Kőszegi-Rabin的参照依赖偏好理论，构建了同时设定小时和收入目标的司机劳动供给模型，调和了停运概率与小时相关而非收入、以及工资弹性为负的发现。
This paper proposes a model of cab drivers' labor supply, building on Henry S. Farber's (2005, 2008) empirical analyses and Botond Kőszegi 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.