Financing the Gig Economy

• 成果类型: Article
• 署名作者: Buchak, Greg
• 署名单位: Stanford University; Stanford University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13292
• 发表日期: 2024
• 页码: 219-256
• 关键词: CREDIT ACCESS; MARKET; misallocation; GROWTH; prices; equity; HOME

摘要

Unlike traditional firm production, gig economy workers provide their own physical capital. As a consequence, the low-income households for whom gig economy opportunities are most valuable often borrow to participate. In the context of ride share, difference-in-difference analysis reveals increased vehicle purchases, borrowing, utilization, and employment around entry, but financially constrained individuals cannot participate. To assess the equilibrium importance of financing, I build and estimate a structural model of the gig economy. Access to finance proves critical for the gig economy's growth: without finance, equilibrium quantities would be 40% lower and prices 90% higher, and only higher-income households could participate as drivers.