Every cab I have ever ridden has been complaining about how hard it is to make ends meet as a driver. The public is generally quick to blame unfair competition from the likes of Uber. However, additional forces are also to blame.
Going through more than 10 years worth of NYC taxi data, I analyse how the antiquated meter system impacts the livelihood of NYC cabbies by drawing an analogy with stock options trading. Interestingly, this approach allows us to show that drivers have progressively been worse-off, independently of competition from Uber.
In order to do so, we have loaded a dataset into our database QuestDB. This dataset includes over 1.6 billion taxi rides, 700 million FHV rides (Uber, Lyft etc), and 10 years of weather and gas prices data.