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Uber economics: Sometimes the invisible hand slaps you in the face

Maria Redin

Fascinating article about real-time pricing and the sharing economy colliding:

In New York, the skies opened up to blanket the city with icy snow. Hailing a cab was futile, so people turned to Uber: request a ride, and a livery car will pick you up shortly.

Demand, in other words, was elevated. Supply was having issues, as drivers chose to stay off the roads. So Uber customers were greeted with unpleasant news: “Demand is off the charts. Rates have increased to get more Ubers on the road."

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