There’s a lot of buzz around price differentiation these days, especially with the spotlight on AI and big data. Machine learning makes it much easier to customize the marketing of products and services – and that includes the price.
Let’s be clear: price differentiation is not a new phenomenon. We encounter it regularly and, as consumers, often profit from it. Market-goers can sometimes get bargain prices on fruit and vegetables if they come at the end of the day as the stallholders are packing up. Frequent customers get discou [...]
Kenneth Frazier, the CEO of the pharmaceutical company known as MSD outside of North America, discusses his upbringing and how it influences his leadership as chief executive. He is one of the few African-American CEOs in the Fortune 500, and shot to prominence after resigning from a council advising the Trump White House. Frazier discusses the importance of values in leadership and how Merck thinks about R&D and drug prices.
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Soda’s empty calories are public enemy number one in the fight against obesity, and taxes on sugary drinks are an increasingly popular tool among local governments hoping to curb consumption.
State and federal taxes on tobacco and alcohol have helped reduce consumption; local governments are simply assuming a soda tax will work in the same way. The idea is that making soda cost more will encourage consumers to drink less of it. But that only happens if retailers pass along the added cost to their customers — something that doesn’ [...]
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Have you ever looked up flights or hotels on an app on your phone, only to open your laptop and see different prices?
That’s exactly what happened to me recently. I was using Orbitz’s iPhone app to research a vacation package to New York City. Settling on a hotel, I accessed Orbitz’s website on my laptop to book the package. That’s odd, I thought, realizing that the package on my laptop — identical flights, hotel, room type — was $117 more (6.5% more) than the price on Orbitz’s app. A quick scan f [...]
It’s a longstanding debate that’s reemerged during Hurricanes Irma and Harvey: During a time of crisis, should merchants raise or maintain prices when demand increases for essential products such as water, gas, and bread? Now, due to the influence of social media, a new alternative is emerging: Why not lower prices during these critical times?
Economists usually lobby against implementing price-gouging laws that restrict large price increases during natural disasters. Instead, they advocate raising prices to bring demand in line with supply. By allowing the market to work [...]
A cornerstone of efficient and transparent markets is freely available information. Information drives financial activity, and ensuring equitable access to that information is seen as critical to a well-functioning marketplace.
But does the mere action of placing a piece of financial news in the public domain make it readily seen and efficiently reflected in stock prices? According to my and others’ research, not necessarily.
In 2001 professors Gur Huberman and Tomer Regev of Columbia University drew attention to a peculiar sequence of market reactions to news regarding a cancer research [...]
Solving marijuana's banking problem. The "ugly side" of Yelp. Are we running out of chocolate and turkeys? [...]
Together with our collaborators KPCC in Los Angeles and ClearHealthCosts.com, a New York City startup dedicated to health cost transparency, we created a form to make it easy for people to share what they paid — and easy for consumers to see apples-to ... [...]
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