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Junior Recruitment Workshop: Neil Thakral

Thursday, January 25, 2018 at 11:40am to 1:10pm

Ives Hall, 111
B07 Tower Rd, Ithaca, NY 14853, USA

Neil Thakral - Harvard University

Daily Labor Supply and Adaptive Reference Points (joint w/Linh T. Tô)

Abstract:  We document evidence of high-frequency reference-point adjustment in the field. Analyzing a dataset of all New York City cab fares in 2013 using non-parametric methods, we find reductions in cabdriver labor supply in response to higher accumulated daily earnings and stronger effects for more recent earnings. The income effect is inconsistent with the neoclassical model and the non-fungibility of daily income rejects models invoking daily income targets. To explain the evidence, we incorporate adaptive reference points into models of loss aversion and salience. While loss aversion tends to overstate the main quantitative features of the data, both models capture the qualitative features.

Event Type

Seminar, Class/ Workshop

Tags

economics, EconSeminar, EconMetrics, EconMacro, EconPublic, EconIO, EconDevelop, EconRecruit, EconBehave, EconMicro

Contact E-Mail

alg5@cornell.edu

Contact Name

Amy Moesch

Contact Phone

607-255-3072

Speaker

Neil Thakral

Speaker Affiliation

Harvard University

Open To

Cornell Economics Community (List Serve Members)

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