Based on the classic reservation wage theory, this paper proposes the concept of reservation wage on platform and utilizes the carhailing platforms survey data to empirically investigate the impact and mechanism of heterogeneous work experience on reservation wages, and to examine the impact of the gig economy on the overall welfare rather than income of gig workers. The results reveal that the drivers who transferred from the laidoff and unemployed status have the lowest reservation wages. Coming from industries with excess capacity and having negative job search experience significantly reduce the reservation wages of the gig workers, and the former has a greater effect. Further, the risk attitude towards the platform and the degree of family support are important mechanisms, and the type of gig workers (survival or development) has a differentiating effect. Finally, the paper describes the gig workers' current status of labor supply and labor surplus. Based on this description, this paper discusses policy implications about helping gig workers transfer and improve employment quality.