🚕 If you use a rideshare app in NYC, the latest NBER study may save you $:
Among consumers who opened either the Uber or the Lyft app on a given day, only 16 percent opened the other. The report found that the average absolute price gap between Uber and Lyft was approximately $3.50, representing roughly 14 percent of the average fare price, with higher gaps for longer rides. Price differences exceeded $1 about 75 percent of the time, and the distribution of price gaps was relatively symmetric, meaning neither platform was consistently cheaper. NYC riders collectively forgo approximately $300 million in potential annual savings by not comparing prices between platforms. Consumers may benefit from comparing prices more regularly. The market could also become more competitive if there were increased access to price aggregators, reducing search frictions.
In sum—check Lyft and Uber before booking a ride.