4 ms·
It's worse than that: taxi drivers count the amount of money they made in a day and stop when it's enough. Then if it rains they make their day quickly and go h
by gbog 10y ago
It's worse than that: taxi drivers count the amount of money they made in a day and stop when it's enough. Then if it rains they make their day quickly and go home, while they will cruise much longer during low demand days.
This is a classic example of short term view and the invisible hand going bad, found in Thinking fast and slow.
- Someone 10y agoCitation needed. I would think most taxi drivers are smart enough to figure out that it is better to work a few more hours more on rainy days and sit in the park on sunny days than to work a few hours more on sunny days and sit in the park on rainy days.
- nazgob 10y agoYou got one. 'Thinking Fast and Slow' by Daniel Kahneman. Sometimes people don't optimize long term and just prefer to get 'daily' rate and go back to their families. This might turn bad if sth happens and they can't ride for some time and could use the 'rain' money. Book is really good, highly recommended.