Supply of New York City Cabdrivers

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

classic study, Day of the Dead, experimental subject, fear of failure, hedonic treadmill, Kibera, Lao Tzu, meta-analysis, Mikhail Gorbachev, Paradox of Choice, science of happiness, security theater, selection bias, Steve Jobs, summit fever, Supply of New York City Cabdrivers, traveling salesman, World Values Survey

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.

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

3Com Palm IPO, Alan Greenspan, Albert Einstein, Alvin Roth, Amazon Mechanical Turk, Andrei Shleifer, Apple's 1984 Super Bowl advert, Atul Gawande, behavioural economics, Berlin Wall, Bernie Madoff, Black-Scholes formula, book value, 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, equity risk 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, low interest rates, market clearing, Mason jar, mental accounting, meta-analysis, money market fund, More Guns, Less Crime, mortgage debt, Myron Scholes, Nash equilibrium, Nate Silver, New Journalism, nudge unit, PalmPilot, Paul Samuelson, payday loans, Ponzi scheme, Post-Keynesian economics, presumed consent, pre–internet, principal–agent problem, prisoner's dilemma, profit maximization, random walk, randomized controlled trial, Richard Thaler, risk free rate, Robert Shiller, Robert Solow, Ronald Coase, Silicon Valley, South Sea Bubble, Stanford marshmallow experiment, statistical model, Steve Jobs, sunk-cost fallacy, Supply of New York City Cabdrivers, systematic bias, 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

“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.”

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

Airbnb, Albert Einstein, Alfred Russel Wallace, algorithmic trading, Alvin Roth, assortative mating, behavioural economics, 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, data science, deep learning, deliberate practice, discrete time, distributed ledger, Easter island, en.wikipedia.org, Estimating the Reproducibility of Psychological Science, Everything should be made as simple as possible, experimental economics, first-price auction, Flash crash, Ford Model T, Geoffrey West, Santa Fe Institute, germ theory of disease, Gini coefficient, Higgs boson, 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, money market fund, multi-armed bandit, Nash equilibrium, natural language processing, Network effects, opioid epidemic / opioid crisis, p-value, Pareto efficiency, pattern recognition, Paul Erdős, Paul Samuelson, phenotype, Phillips curve, power law, pre–internet, prisoner's dilemma, race to the bottom, random walk, randomized controlled trial, Richard Feynman, Richard Thaler, Robert Solow, school choice, scientific management, sealed-bid auction, second-price auction, selection bias, six sigma, social graph, spectrum auction, statistical model, Stephen Hawking, Supply of New York City Cabdrivers, systems thinking, tacit knowledge, The Bell Curve by Richard Herrnstein and Charles Murray, The Great Moderation, the long tail, The Rise and Fall of American Growth, the rule of 72, the scientific method, The Spirit Level, the strength of weak ties, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, Tragedy of the Commons, urban sprawl, value at risk, web application, winner-take-all economy, zero-sum game

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.”

Thinking, Fast and Slow by Daniel Kahneman

Albert Einstein, Atul Gawande, availability heuristic, Bayesian statistics, behavioural economics, Black Swan, book value, Cass Sunstein, Checklist Manifesto, choice architecture, classic study, cognitive bias, cognitive load, 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 Bogle, John von Neumann, Kenneth Arrow, libertarian paternalism, Linda problem, loss aversion, medical residency, mental accounting, meta-analysis, nudge unit, pattern recognition, Paul Samuelson, peak-end rule, precautionary principle, pre–internet, price anchoring, quantitative trading / quantitative finance, random walk, Richard Thaler, risk tolerance, Robert Metcalfe, Ronald Reagan, Shai Danziger, sunk-cost fallacy, Supply of New York City Cabdrivers, systematic bias, TED Talk, The Chicago School, The Wisdom of Crowds, Thomas Bayes, transaction costs, union organizing, Walter Mischel, Yom Kippur War

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?