Supply of New York City Cabdrivers

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pages: 211 words: 69,380

The Antidote: Happiness for People Who Can't Stand Positive Thinking by Oliver Burkeman

experimental subject, fear of failure, hedonic treadmill, Kibera, Lao Tzu, meta analysis, meta-analysis, Mikhail Gorbachev, science of happiness, selection bias, Steve Jobs, Supply of New York City Cabdrivers, traveling salesman, World Values Survey

George Lawrence (New York: HarperCollins, 2007), 369. The psychologist Dorothy Rowe argues: In Tim Lott, ‘Why Uncertainty is Good for You’, The Sunday Times, 24 May 2009. Here are the words of one blogger: See David Cain, ‘How To Get Comfortable Not Knowing’, at www.raptitude.com/2009/06/how-to-get-comfortable-not-knowing the economist Colin Camerer and three of his colleagues: Colin Camerer et al., ‘Labor Supply of New York City Cabdrivers: One Day at a Time’, Quarterly Journal of Economics 112 (1997): 407-41. a 2009 paper with a heavy-handed pun for its title: Lisa Ordóñez et al., ‘Goals Gone Wild: The Systematic Side-effects of Overprescribing Goal-setting’, Academy of Management Perspectives 23 (2009): 6-16. One illuminating example of the problem: My account of GM’s ‘twenty-nine’ campaign is drawn from Sean Cole, ‘It’s Not Always Good To Create Goals’, from the website of the American Public Media radio show Marketplace, accessible at www.marketplace.org/topics/life/its-not-always-good-create-goals, and Drake Bennett, ‘Ready, Aim … Fail’, Boston Globe, 15 March 2009.


pages: 500 words: 145,005

Misbehaving: The Making of Behavioral Economics by Richard H. Thaler

"Robert Solow", 3Com Palm IPO, Albert Einstein, Alvin Roth, Amazon Mechanical Turk, Andrei Shleifer, Apple's 1984 Super Bowl advert, Atul Gawande, Berlin Wall, Bernie Madoff, Black-Scholes formula, business cycle, capital asset pricing model, Cass Sunstein, Checklist Manifesto, choice architecture, clean water, cognitive dissonance, conceptual framework, constrained optimization, Daniel Kahneman / Amos Tversky, delayed gratification, diversification, diversified portfolio, Edward Glaeser, endowment effect, equity premium, Eugene Fama: efficient market hypothesis, experimental economics, Fall of the Berlin Wall, George Akerlof, hindsight bias, Home mortgage interest deduction, impulse control, index fund, information asymmetry, invisible hand, Jean Tirole, John Nash: game theory, John von Neumann, Kenneth Arrow, Kickstarter, late fees, law of one price, libertarian paternalism, Long Term Capital Management, loss aversion, market clearing, Mason jar, mental accounting, meta analysis, meta-analysis, money market fund, More Guns, Less Crime, mortgage debt, Myron Scholes, Nash equilibrium, Nate Silver, New Journalism, nudge unit, Paul Samuelson, payday loans, Ponzi scheme, presumed consent, pre–internet, principal–agent problem, prisoner's dilemma, profit maximization, random walk, randomized controlled trial, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Coase, Silicon Valley, South Sea Bubble, Stanford marshmallow experiment, statistical model, Steve Jobs, Supply of New York City Cabdrivers, technology bubble, The Chicago School, The Myth of the Rational Market, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, transaction costs, ultimatum game, Vilfredo Pareto, Walter Mischel, zero-sum game

“Common Risk Factors in the Returns on Stocks and Bonds.” Journal of Financial Economics 33, no. 1: 3–56. ———. 1996. “The CAPM Is Wanted, Dead or Alive.” Journal of Finance 51, no. 5: 1947–58. ———. 2014. “A Five-Factor Asset Pricing Model.” Working paper, Fama–Miller Center for Research in Finance. Available at: http://ssrn.com/abstract= 2287202. Farber, Henry S. 2005. “Is Tomorrow Another Day? The Labor Supply of New York City Cabdrivers.” Journal of Political Economy 113, no. 1: 46. ———. 2008. “Reference-Dependent Preferences and Labor Supply: The Case of New York City Taxi Drivers.” American Economic Review 98, no. 3: 1069–82. ———. 2014. “Why You Can’t Find a Taxi in the Rain and Other Labor Supply Lessons from Cab Drivers.” Working Paper 20604, National Bureau of Economic Research. Farnsworth, Ward. 1999. “Do Parties to Nuisance Cases Bargain after Judgment?


pages: 543 words: 153,550

Model Thinker: What You Need to Know to Make Data Work for You by Scott E. Page

"Robert Solow", Airbnb, Albert Einstein, Alfred Russel Wallace, algorithmic trading, Alvin Roth, assortative mating, Bernie Madoff, bitcoin, Black Swan, blockchain, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Checklist Manifesto, computer age, corporate governance, correlation does not imply causation, cuban missile crisis, deliberate practice, discrete time, distributed ledger, en.wikipedia.org, Estimating the Reproducibility of Psychological Science, Everything should be made as simple as possible, experimental economics, first-price auction, Flash crash, Geoffrey West, Santa Fe Institute, germ theory of disease, Gini coefficient, High speed trading, impulse control, income inequality, Isaac Newton, John von Neumann, Kenneth Rogoff, knowledge economy, knowledge worker, Long Term Capital Management, loss aversion, low skilled workers, Mark Zuckerberg, market design, meta analysis, meta-analysis, money market fund, Nash equilibrium, natural language processing, Network effects, p-value, Pareto efficiency, pattern recognition, Paul Erdős, Paul Samuelson, phenotype, pre–internet, prisoner's dilemma, race to the bottom, random walk, randomized controlled trial, Richard Feynman, Richard Thaler, school choice, sealed-bid auction, second-price auction, selection bias, six sigma, social graph, spectrum auction, statistical model, Stephen Hawking, Supply of New York City Cabdrivers, The Bell Curve by Richard Herrnstein and Charles Murray, The Great Moderation, The Rise and Fall of American Growth, the rule of 72, the scientific method, The Spirit Level, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, urban sprawl, value at risk, web application, winner-take-all economy, zero-sum game

Structural Holes: The Social Structure of Competition. Cambridge, MA: Harvard University Press. Bush, Robert, and Frederick Mosteller. 1954. Stochastic Models for Learning. New York: John Wiley and Sons. Camerer, Colin F. 2003. Behavioral Game Theory: Experiments in Strategic Interaction. Princeton, NJ: Princeton University Press. Camerer, Colin, Linda Babcock, George Loewenstein, and Richard Thaler. 1997. “Labor Supply of New York City Cabdrivers: One Day at a Time.” Quarterly Journal of Economics 112, no. 2: 407–441. Camerer, Colin, and Tek Ho. 1999. “Experience-Weighted Attraction Learning in Normal Form Games.” Econometrica 67, no. 4: 827–874. Camerer, Colin, George Loewenstein, and Drazen Prelec. 2005. “Neuroeconomics: How Neuroscience Can Inform Economics.” Journal of Economic Literature 43: 9–64. Campbell, Donald T. 1976.


pages: 654 words: 191,864

Thinking, Fast and Slow by Daniel Kahneman

Albert Einstein, Atul Gawande, availability heuristic, Bayesian statistics, Black Swan, Cass Sunstein, Checklist Manifesto, choice architecture, cognitive bias, complexity theory, correlation coefficient, correlation does not imply causation, Daniel Kahneman / Amos Tversky, delayed gratification, demand response, endowment effect, experimental economics, experimental subject, Exxon Valdez, feminist movement, framing effect, hedonic treadmill, hindsight bias, index card, information asymmetry, job satisfaction, John von Neumann, Kenneth Arrow, libertarian paternalism, loss aversion, medical residency, mental accounting, meta analysis, meta-analysis, nudge unit, pattern recognition, Paul Samuelson, pre–internet, price anchoring, quantitative trading / quantitative finance, random walk, Richard Thaler, risk tolerance, Robert Metcalfe, Ronald Reagan, Shai Danziger, Supply of New York City Cabdrivers, The Chicago School, The Wisdom of Crowds, Thomas Bayes, transaction costs, union organizing, Walter Mischel, Yom Kippur War

Vohs, “Bad Is Stronger Than Good,” Review of General Psychology 5 (200 {/spFac1): 323. biologically significant improvement: Michel Cabanac, “Pleasure: The Common Currency,” Journal of Theoretical Biology 155 (1992): 173–200. not equally powerful: Chip Heath, Richard P. Larrick, and George Wu, “Goals as Reference Points,” Cognitive Psychology 38 (1999): 79–109. rain-drenched customers: Colin Camerer, Linda Babcock, George Loewenstein, and Richard Thaler, “Labor Supply of New York City Cabdrivers: One Day at a Time,” Quarterly Journal of Economics 112 (1997): 407–41. The conclusions of this research have been questioned: Henry S. Farber, “Is Tomorrow Another Day? The Labor Supply of New York Cab Drivers,” NBER Working Paper 9706, 2003. A series of studies of bicycle messengers in Zurich provides strong evidence for the effect of goals, in accord with the original study of cabdrivers: Ernst Fehr and Lorenz Goette, “Do Workers Work More if Wages Are High?