Personalized Pricing and the Value of Time: Evidence From Auctioned Cab Rides

IF 6.6 1区经济学 Q1 ECONOMICS

Econometrica Pub Date : 2025-06-10 DOI:10.3982/ECTA18838

Nicholas Buchholz, Laura Doval, Jakub Kastl, Filip Matejka, Tobias Salz

引用次数: 0

Abstract

We recover valuations of time using detailed data from a large ride-hail platform, where drivers bid on trips and consumers choose between a set of rides with different prices and wait times. Leveraging a consumer panel, we estimate demand as a function of both prices and wait times and use the resulting estimates to recover heterogeneity in the value of time across consumers. We study the welfare implications of personalized pricing and its effect on the platform, drivers, and consumers. Taking into account drivers' optimal reaction to the platform's pricing policy, personalized pricing lowers consumer surplus by 2.5% and increases overall surplus by 5.2%. Like the platform, drivers benefit from personalized pricing. By conditioning prices on drivers' wait times and not on consumers' data, the platform can capture a significant portion of the profits garnered from personalized pricing, and simultaneously benefit consumers.

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个性化定价和时间价值：来自拍卖出租车的证据

我们使用来自大型叫车平台的详细数据来恢复时间估值，在这个平台上，司机对行程进行竞标，消费者在一组价格和等待时间不同的行程中进行选择。利用消费者面板，我们将需求作为价格和等待时间的函数进行估计，并使用结果估计来恢复消费者时间价值的异质性。我们研究了个性化定价的福利含义及其对平台、司机和消费者的影响。考虑到司机对平台定价政策的最佳反应，个性化定价使消费者剩余减少2.5%，使总剩余增加5.2%。与该平台一样，司机也从个性化定价中受益。通过根据司机的等待时间而不是消费者的数据来调整价格，该平台可以从个性化定价中获得很大一部分利润，同时让消费者受益。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

期刊介绍： Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics. Econometrica maintains a long tradition that submitted articles are refereed carefully and that detailed and thoughtful referee reports are provided to the author as an aid to scientific research, thus ensuring the high calibre of papers found in Econometrica. An international board of editors, together with the referees it has selected, has succeeded in substantially reducing editorial turnaround time, thereby encouraging submissions of the highest quality. We strongly encourage recent Ph. D. graduates to submit their work to Econometrica. Our policy is to take into account the fact that recent graduates are less experienced in the process of writing and submitting papers.