Dynamic pricing in a labor market surge pricing

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1、DynamicPricinginaLaborMarket:SurgePricingandFlexibleWorkontheUberPlatformM.KeithChenandMichaelSheldonDecember11,2015AbstractThispaperstudieshowthedynamicpricingoftasksinthe“gig”econ-omyinfluencesthesupplyoflabor.Alargeeconomicliteraturehasex-ploredlaborsupplywhenworkerscanflexiblychoosehowlongtowork

2、eachday.Inastudyoftaxidrivers,Camereretal.(1997)claimthatdriversquitwhentheyhitadailyincometarget,consequentlydrivinglesswhenhourlyearningsarehigh.Ifgeneral,thisbehaviorwouldunder-minethebenefitsofemerging“sharingeconomy”marketswheretasksaredynamicallypriced.Inthispaper,westudyhowdriver-partnersonth

3、eUberplatformrespondtothedynamicpricingoftrips,knownas“surge”pricing.Incontrasttoincome-targetfindings,wefindthatUberpartnersdrivemoreattimeswhenearningsarehigh,andflexiblyadjusttodrivemoreathighsurgetimes.Adiscontinuitydesignconfirmsthattheseef-fectsarecausal,andthatsurgepricingsignificantlyincreasesth

4、esupplyofridesontheUbersystem.Wediscusstheimplicationsofthesefindingsforearnings,flexiblework,andtheefficiencyofdynamically-pricedlabormarkets.Chen:UCLAAnderson,keith.chen@anderson.ucla.edu.Sheldon:UniversityofChicago,msx@uchicago.edu.Commentsarewelcomeatkeith.chen@anderson.ucla.edu.WethankFranziskaBe

5、ll,JudithChevalier,JonathanHall,BarryNalebuff,ConnanSnider,MollySpaeth,andseminarparticipantsatPrinceton,RAND,UCLA,andUSCforgenerousfeed-backandsuggestions.Allerrorsinthisdraftaretheresponsibilityoftheauthors.Disclosures:ChencurrentlyservesastheHeadofEconomicResearchforUber,wherehedesignedthemostrec

6、entsurgealgorithm.SheldonheldasummerinternshipatUber.Keywords:laborsupply,incometargeting,dynamicpricing,ridesharing,two-sidedmarkets,thesharingeconomy.1Inmanymarkets,newtechnologiesallowtraditionaljobstobedividedintodis-cretetasksthatarewidelydistributedacrossworkersanddynamicallypricedgivenprevai

7、lingsupplyanddemandconditions.This“sharing”or“gig”econ-omyrepresentsashiftawayfromfixedemploymentcontractstoamoreflex-ibleworksystem,andismostcommonintwo-sidedmarketsinwhichafirmactsasaplatformtoconnectservice