Groove Track: Cab Driver Study (opens in new tab)

Groove Track | Why can’t you find a cab in the rain? We take a deep dive exploring the 1997 study “LABOR SUPPLY OF NEW YORK CITY CAB DRIVERS: ONE DAY AT A TIME,” by Colin Camerer, Linda Babcock, George Loewenstein, and Richard Thaler. This paper shifts through piles of data to look at how NY city cab drivers behaved - and what they found was an economic anomaly - the cab drivers did not behave as classical economists predicted. The data showed that the drivers worked shorter hours on days whe...