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> and why on earth would they cut their own pay

So market set the pay for services however executive pay is not affected by the market at all?

Uber pays its executives what it does because other comparable companies pay the same. If they cuts that people they’d want to hire will choose to work for other places and they will have to find someone who agrees to work for less (which might or might not be bad a thing)

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Thanks for making my argument more explicit.

And arguable, executive pay is perhaps a lot more elastic than ordinary workers' pay. Companies aren't shy about paying huge bonuses to their CEO one year, but cutting them to nothing the next. Ordinary workers have a much steadier pay check, even when working for Uber.

Similarly, most companies are also quite willing to hire and fire CEOs. Statistical distribution of CEO tenures is a well studied subject.

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