It makes sense that uber and lyft don't pay enough to cover depreciation; price falls to marginal cost for cheapest driver which is a casual irregular driver for uber who is using otherwise idle capital whose cost is sunk.
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The upshot of this is irregular drivers have lower marginal costs than regular ones, which means that the price falls to THEIR cost, which is below the sustainable price for the regular drivers.
Yes. It’s possible that Uber makes a good automatic stabilizer but not a great career