150:
However, consumers' willingness to pay can be used as a proxy for the perceived value. With the price elasticity of products, companies can calculate how many consumers are willing to pay for the product at each price point. Products with high elasticities are highly sensitive to changes in price, while products with low elasticities are less sensitive to price changes (ceteris paribus). Subsequently, products with low elasticity are typically valued more by consumers if everything else is equal. The dynamic aspect of this pricing method is that elasticities change with respect to the product, category, time, location, and retailers. With the price elasticity of products and the margin of the product, retailers can use this method with their pricing strategy to aim for volume, revenue, or
31:
329:. Uber's system for "dynamically adjusting prices for service" measures supply (Uber drivers) and demand (passengers hailing rides by use of smartphones), and prices fares accordingly. Ride-sharing companies such as Uber and Lyft have increasingly incorporated dynamic pricing into their operations. This strategy enables these businesses to offer the best prices for both drivers and passengers by adjusting prices in real-time in response to supply and demand. When there is a strong demand for rides, rates go up to encourage more drivers to offer their services, and when there is a low demand, prices go down to draw in more passengers.
128:
like market reactions, the weather, or changes in consumer value. A dynamic pricing tool can make it easier to update prices, but will not make the updates often if the user doesn't account for external information like competitor market prices. Due to its simplicity, this is the most widely used method of pricing with around 74% of companies in the United States employing this dynamic pricing strategy. Although widely used, the usage is skewed, with companies facing a high degree of competition using this strategy the most, on the other hand, companies that deal with manufacturing tend to use this strategy the least.
278:
dynamic pricing in the industry is demand pricing. This form of price discrimination is used to try to maximize revenue based on the willingness to pay of different market segments. It features price increases when demand is high and decreases to stimulate demand when it is low. Having a variety of prices based on the demand at each point in the day makes it possible for hotels to generate more revenue by bringing in customers at the different price points they are willing to pay.
302:, where a higher price at peak periods is used to encourage more efficient use of the service or time-shifting to cheaper or free off-peak travel. For example, the San Francisco Bay Bridge charges a higher toll during rush hour and on the weekend, when drivers are more likely to be traveling. This is an effective way to boost revenue when demand is high, while also managing demand since drivers unwilling to pay the premium will avoid those times. The
475:
firms’ disclaimers stating private information will only be used strictly for data collection and promising no third-party distribution will occur, few cases of misconducting companies can disrupt consumers’ perceptions. Some consumers were simply skeptical on general information collection outright due to the potentiality of “data leakages and misuses”, possibly impacting suppliers’ long-term profitability stimulated by reduced customer loyalty.
197:), whereby electricity prices are set for a specific time period on an advance or forward basis, typically not changing more often than twice a year. Prices paid for energy consumed during these periods are pre-established and known to consumers in advance, allowing them to vary their usage in response to such prices and manage their energy costs by shifting usage to a lower-cost period, or reducing their consumption overall (
508:, prices of certain items in high demand were reported to shoot up by quadruple their original price, garnering negative attention. Although Amazon denied claims of any such manipulation and blamed a few sellers for shooting up prices for essentials such as sanitizers and masks, prices of essential products 'sold by Amazon' had also seen a hefty rise in prices. Amazon claimed this was a result of software malfunction.
479:
unfairness and lower satisfaction when others paid less than themselves. However, when consumers were price-advantaged, development of trust and increased repurchase intentions were observed. Other research indicated price fairness perceptions varied depending on their privacy sensitivity and natures of dynamic pricing like, individual pricing, segment pricing, location data pricing and purchase history pricing.
137:
that changes prices often, which encourages other retailers to alter their prices to stay competitive. Such online retailers use price-matching mechanisms like price trackers. The retailers give the end-user an option for the same, and upon selecting the option to price match, an online bot searches for the lowest price across various websites and offers a price lower than the lowest.
236:; time-based pricing will typically reflect price variations on the market. Such variations include both regular oscillations due to the demand patterns of users; supply issues (such as availability of intermittent natural resources like water flow or wind); and exceptional price peaks. Price peaks reflect strained conditions in the market (possibly augmented by
478:
Consumers can also develop price fairness/unfairness perceptions, whereby different prices being offered to individuals for the same products can affect customers’ perceptions on price fairness. Studies discovered easiness of learning other individuals’ purchase price induced consumers to sense price
291:
estimated that dynamic pricing was beneficial for "early-arriving, leisure consumers at the expense of late-arriving, business travelers. Although dynamic pricing ensures seat availability for business travelers, these consumers are then charged higher prices. When aggregated over markets, welfare is
265:
Time-based pricing is the standard method of pricing in the tourism industry. Higher prices are charged during the peak season, or during special event periods. In the off-season, hotels may charge only the operating costs of the establishment, whereas investments and any profit are gained during the
127:
is the most basic method of pricing. A store will simply charge consumers the cost required to produce a product plus a predetermined amount of profit. Cost-plus pricing is simple to execute, but it only considers internal information when setting the price and does not factor in external influencers
345:
Sports that are outdoors have to factor weather into pricing strategy, in addition to the date of the game, date of purchase, and opponent. Tickets for a game during inclement weather will sell better at a lower price; conversely, when a team is on a winning streak, fans will be willing to pay more.
277:
Hotels and other players in the hospitality industry use dynamic pricing to adjust the cost of rooms and packages based on the supply and demand needs at a particular moment. The goal of dynamic pricing in this industry is to find the highest price that consumers are willing to pay. Another name for
446:
adapted this practice in 2016, and
Universal Studios followed suit. Since the supply of parks is limited and new rides cannot be added based on the surge of demand, the model followed by theme parks in regards to dynamic pricing resembles that followed by the hotel industry. During summertime, when
429:
in grocery stores has made it easier to implement dynamic pricing strategies in real-time, enabling retailers to respond quickly to changing market conditions and consumer preferences. These labels also makes it easier for grocery stores to markup high demand items (e.g. making it more expensive to
140:
Such pricing behavior depends on market conditions, as well as a firm's planning. Although a firm existing within a highly competitive market is compelled to cut prices, that is not always the case. In case of high competition, yet a stable market, and a long-term view, it was predicted that firms
136:
Businesses that want to price competitively will monitor their competitors’ prices and adjust accordingly. This is called competitor-based pricing. In retail, the competitor that many companies watch is Amazon, which changes prices frequently throughout the day. Amazon is a market leader in retail
537:
announced plans to test dynamic pricing in certain
American locations during 2025. This pricing method was included with plans to redesign menu boards and these changes were announced to stakeholders. The company received significant online backlash for this decision. In response, Wendy's stated
474:
As modern technology on data analysis is developing rapidly, enabling to detect one’s browsing history, age, gender, location and preference, some consumers fear “unwanted privacy invasions and data fraud” as the extent of their information being used is often undisclosed or ambiguous. Even with
75:
As a pricing strategy, it encourages consumers to make purchases during periods of low demand (such as buying tickets well in advance of an event or buying meals outside of lunch and dinner rushes) and disincentivizes them during periods of high demand (such as using less electricity during peak
286:
Airlines change prices often depending on the day of the week, time of day, and the number of days before the flight. For airlines, dynamic pricing factors in different components such as: how many seats a flight has, departure time, and average cancellations on similar flights. A 2022 study in
424:
Supermarkets often use dynamic pricing strategies to manage perishable inventory, such as fresh produce and meat products, that have a limited shelf life. By adjusting prices based on factors like expiration dates and current inventory levels, retailers can minimize waste and maximize revenue.
149:
Ideally, companies should ask the price for a product that is equal to the value a consumer attaches to a product. This is called value-based pricing. As this value can differ from person to person, it is difficult to uncover the perfect value and have a differentiated price for every person.
162:
There are two types of bundle pricing strategies: one from the consumer's point of view, and one from the seller's point of view. From the seller's point of view, an end product's price depends on whether it is bundled with something else; which bundle it belongs to; and sometimes on which
76:
electricity hours). In some sectors, economists have characterized dynamic pricing as having welfare improvements over uniform pricing and contributing to more optimal allocation of limited resources. Its usage often stirs public controversy, as people frequently think of it as
463:. Dynamic pricing is widely unpopular among consumers as some feel it tends to favour particular buyers. While the intent of surge pricing is generally driven by demand-supply dynamics, some instances have proven otherwise. Some businesses utilise modern technologies (
524:
After this incident, the company started placing caps on how high surge pricing can go during times of emergency, starting in 2015. Drivers have been known to hold off on accepting rides in an area until surge pricing forces fares up to a level satisfactory to them.
231:
A utility with regulated prices may develop a time-based pricing schedule on analysis of its long-run costs, such as operation and investment costs. A utility such as electricity (or another service), operating in a market environment, may be auctioned on a
1368:
1054:
Uber applied for a U.S. patent last year for 'dynamically adjusting prices for service' using mobile devices. The system measures supply (Uber drivers) and demand (passengers hailing rides with smartphones), and prices fares
516:
Uber's surge pricing has also been criticized. In 2013, when New York was in the midst of a storm, Uber users saw fares go up eight times the usual fares. This incident attracted public backlash from public figures, with
227:
Peak fit pricing is best used for products that are inelastic in supply, where suppliers are fully able to anticipate demand growth and thus be able to charge differently for service during systematic periods of time.
1215:
1025:
One of the longest standing complaints of users and journalists alike is use of dynamic pricing, or 'surge pricing.' Dynamic pricing often flies below the radar until something you want or need costs more than
341:
teams use dynamic pricing structures to boost revenue. Dynamic pricing is particularly important in baseball because MLB teams play around twice as many games as some other sports and in much larger venues.
179:. Most retail customers shop during weekly office hours (between 9 AM and 5 PM), so many retailers will raise prices during the morning and afternoon, then lower prices during the evening.
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207:, whereby time-of-use prices are in effect except for certain peak days, when prices may reflect the costs of generating and/or purchasing electricity at the wholesale level.
213:, whereby electricity prices may change as often as hourly (exceptionally more often). Prices may be signaled to a user on an advanced or forward basis, reflecting the
680:
421:
Retailers, and online retailers, in particular, adjust the price of their products according to competitors, time, traffic, conversion rates, and sales goals.
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223:, for consumers with large loads who enter into pre-established peak-load-reduction agreements that reduce a utility's planned capacity obligations.
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based on current market demands. It usually entails raising prices during periods of peak demand and lowering prices during periods of low demand.
1039:
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for some customers in the year 2000, showing different prices at the same time for the same item to different customers, potentially violating the
30:
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implemented a pilot of 2,000 seats in the View
Reserved and Bleachers and moved on to dynamically pricing the entire venue for the 2010 season.
167:, for example, offers a standalone price if an electronic mode of delivery is purchased, and a discount when it is bundled with print delivery.
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501:. When this incident was criticised, Amazon issued a public apology with refunds to almost 7000 customers but did not cease the practice.
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have also seen teams implement dynamic pricing. Outside of the U.S., it has since been adopted on a trial basis by some clubs in the
111:. Each industry takes a slightly different approach to dynamic pricing based on its individual needs and the demand for the product.
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vary automatically according to the actual number of cars on the roadway, and at times of severe congestion can reach almost $ 50.
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471:) to adopt dynamic pricing strategies, where collection and analysis of real-time private data occur almost instantaneously.
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franchises, not all of which have implemented a full dynamic pricing structure, and for the 2012 postseason, the
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customers it is offered to. This strategy is adopted by print-media houses and other subscription-based services.
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became the first teams to dynamically price postseason tickets. While behind baseball in terms of adoption, the
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87:, and other external factors in the market. Dynamic pricing is a common practice in several industries such as
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in 2012, but supporters complained that they were being charged significantly more than the advertised price.
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1577:"A special price just for you: effects of personalized dynamic pricing on consumer fairness perceptions"
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311:
1433:"The wheel of dynamic pricing: Towards open pricing and one to one pricing in hotel revenue management"
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83:
Businesses are able to change prices based on algorithms that take into account competitor pricing,
1850:
1382:
Guizzardi, Andrea; Pons, Flavio Maria
Emanuele; Angelini, Giovanni; Ranieri, Ercolino (July 2021).
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151:
69:
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Dynamic pricing was first introduced to sports by a start-up software company from Austin, Texas,
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1369:"Cinema group under fire for trialling 'dynamic pricing' and charging more during peak periods"
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1627:
Taylor, Curtis R. (Winter 2004). "Consumer
Privacy and the Market for Customer Information".
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1738:
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1677:"Are airline passengers ready for personalized dynamic pricing? A study of German consumers"
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859:
850:
Sudhir, K (2001). "Competitive
Pricing Behavior in the Auto Market: A Structural Analysis".
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that the intended implementation was limited to reducing prices during low traffic periods.
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599:
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994:
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198:
2012:"A fluctuating Frosty? Wendy's will test dynamic pricing at some U.S. locations in 2025"
1727:"Effects of price framing on consumers' perceptions of online dynamic pricing practices"
1043:
639:"Moral Suasion and Economic Incentives: Field Experimental Evidence from Energy Demand"
557:
518:
183:
1576:
451:, the parks charge higher prices, whereas ticket prices in winter are less expensive.
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1881:"Amazon sold items at inflated prices during pandemic according to consumer watchdog"
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1417:
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1802:"Trust, fairness and justice in revenue management: Creating value for the consumer"
1431:
TalĂłn-Ballestero, Pilar; Nieto-GarcĂa, Marta; González-Serrano, Lydia (April 2022).
797:"Dynamic Pricing on the Internet: Importance and Implications for Consumer Behavior"
742:
812:
299:
244:), and convey a possible lack of investment. Extreme events include the default by
1513:
Sheng, Shuran; Chen, Ruitao; Chen, Peng; Wang, Xianbin; Wu, Lenan (January 2020).
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17:
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88:
1801:
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1384:"Big data from dynamic pricing: A smart approach to tourism demand forecasting"
863:
217:'s cost of generating and/or purchasing electricity at the wholesale level; and
34:
A changable prices menu at a fast food stand on Emek Refaim Street in
Jerusalem
2038:"Wendy's 'surge pricing' mess looks like a case study in stakeholder conflict"
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Many industries, especially online retailers, change prices depending on the
1986:"Uber is upset that its underpaid drivers are gaming the app for better pay"
1676:
987:
1725:
Weisstein, Fei L.; Monroe, Kent B.; Kukar-Kinney, Monika (September 2013).
1515:"Futures-Based Resource Trading and Fair Pricing in Real-Time IoT Networks"
615:
141:
will tend to cooperate on a price basis rather than undercut each other.
976:"The Perils of Dynamic Pricing Lessons Learned from the Airline Industry"
654:
464:
306:
discourages automobile travel to
Central London during peak periods. The
1818:
1408:
1216:"Digital price tags can change the cost of groceries 6 times per minute"
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796:
714:"'Dynamic Pricing' for Burgers and Shakes? Wendy's Will Give It a Whirl"
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1459:
681:"The Welfare Effects of Dynamic Pricing: Evidence from Airline Markets"
214:
92:
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100:
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1484:"Price-based data delivery framework for dynamic and pervasive IoT"
743:"An empirical investigation of the importance of cost-plus pricing"
29:
1774:"Personalized Pricing - Increasing Transparency to Improve Trust"
394:
366:
350:
326:
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2011:
1963:"Uber, learning from Sandy, caps surge pricing during blizzard"
1299:"Surge Pricing for Migrants Ends in a Penalty for a Taxi Owner"
1040:"Uber Seeks to Patent Pricing Surges That Critics Call Gouging"
1185:"Dynamic Pricing Strategies for Perishable Products in Retail"
1354:"Uber is trying to make you forget that surge pricing exists"
1241:"Surge Pricing at Disneyland Could Boost Ticket Costs by 20%"
1575:
Priester, Anna; Robbert, Thomas; Roth, Stefan (April 2020).
1675:
Krämer, Andreas; Friesen, Mark; Shelton, Tom (2018-04-01).
878:"Three dynamic pricing methods & how to implement them"
780:"This is how product prices change in the market every day"
438:
Theme parks have also recently adopted this pricing model.
292:
higher under dynamic pricing than under uniform pricing."
1068:"Dynamic Pricing: The Future of Ticket Pricing in Sports"
1318:"Amazon faces complaints of price gouging ahead of Irma"
1009:"Uber vs Sprig: 2 Different Flavors of Dynamic Pricing"
978:. Retail Customer Experience. Retrieved April 1, 2014.
891:"Why Monday Is E-Retailers' Favorite Day of the Week"
637:
Ito, Koichiro; Ida, Takanori; Tanaka, Makoto (2018).
1851:"Web sites change prices based on customers' habits"
1095:"Price of Football: What is dynamic ticket pricing?"
489:
Amazon.com controversies § Differential pricing
314:
charge higher fares at peak times. The tolls on the
182:
Time-based pricing of services such as provision of
997:. Bay Area Toll Authority. Retrieved April 1, 2014.
950:"Everything You Need to Know About Dynamic Pricing"
767:"Do profits matter? The curious case of Amazon.com"
1121:"Hearts fans cry foul over ticket deal 'own goal'"
1081:"Dynamic pricing is the new trend in ticket sales"
409:introduced dynamic pricing for the sale of their
1437:International Journal of Hospitality Management
598:Joskow, Paul L.; Wolfram, Catherine D. (2012).
521:amongst others publicly criticizing this move.
1160:. Retail TouchPoints. Retrieved April 1, 2014.
2064:"Uber-style pricing is coming for everything"
1965:. Christian Science Monitor. January 26, 2015
8:
1038:Decker, Susan; Saitto, Serena (2014-12-19).
988:"Toll Schedule for State-Owned Toll Bridges"
801:International Journal of Electronic Commerce
266:high season (this is the basic principle of
64:in which businesses set flexible prices for
1731:Journal of the Academy of Marketing Science
1151:"5 Trends To Anticipate In Dynamic Pricing"
952:. Hospitality Net. Retrieved April 1, 2014.
795:Kannan, P. K.; Kopalle, Praveen K. (2001).
298:is often used in public transportation and
643:American Economic Journal: Economic Policy
1817:
1806:Journal of Revenue and Pricing Management
1681:Journal of Revenue and Pricing Management
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1581:Journal of Revenue and Pricing Management
1530:
1458:
1448:
1407:
696:
425:Additionally, the widespread adoption of
769:. Venturebeat. Retrieved April 18, 2014.
1171:"The Ultimate Guide to Dynamic Pricing"
926:"Dynamic pricing in electricity supply"
569:
459:Dynamic pricing is often criticized as
965:. WhatIs.com. Retrieved April 1, 2014.
907:Partially reworded from United States
581:"In Praise of Efficient Price Gouging"
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1800:McMahon-Beattie, Una (January 2011).
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963:"Revenue Management: Dynamic Pricing"
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1857:from the original on August 19, 2010
1519:IEEE Wireless Communications Letters
1388:International Journal of Forecasting
790:
788:
737:
735:
575:
573:
145:Pricing based on value or elasticity
1849:Ramasastry, Anita (June 24, 2005).
1352:Andrew J. Hawkins (June 23, 2016).
782:. GlassIt. Retrieved June 26, 2023.
369:currently works with two-thirds of
1904:Joann Weiner (December 22, 2014).
1482:Al-Turjman, Fadi (December 2017).
1316:Aimee Picchi (September 6, 2017).
1070:. Forbes. Retrieved April 1, 2014.
1007:Valentine, Angelica (2015-02-05).
25:
1093:Rostance, Tom (20 October 2012).
430:purchase ice in warmer weather).
1400:10.1016/j.ijforecast.2020.11.006
1367:Alexis Carey (January 2, 2018).
1083:. ESPN. Retrieved April 1, 2014.
600:"Dynamic Pricing of Electricity"
321:Dynamic pricing is also used by
1984:Nicole Karlis (June 13, 2019).
1772:Office of Fair Trading (2013).
1266:"Disney discovers peak pricing"
1127:. 24 March 2012. Archived from
889:Tuttle, Brad (9 January 2012).
387:National Basketball Association
1906:"Is Uber's surgepricing fair?"
1488:Pervasive and Mobile Computing
1341:. The Economist. May 14, 2016.
813:10.1080/10864415.2001.11044211
1:
1629:The RAND Journal of Economics
242:California electricity crisis
1297:Liz Robbins (May 10, 2017).
132:Pricing based on competitors
1201:10.1007/978-3-030-61367-6_3
911:, sec. 1252. Smart metering
876:Hidde Roeloffs Valk (2017)
712:Fadulu, Lola (2024-02-27).
679:Williams, Kevin R. (2022).
221:Peak-load reduction credits
2121:
1879:Porter, Jon (2020-09-11).
1594:10.1057/s41272-019-00224-3
1500:10.1016/j.pmcj.2017.05.001
1450:10.1016/j.ijhm.2022.103184
1183:Johnson, Emily R. (2021).
864:10.1287/mksc.20.1.42.10196
486:
1781:UK Government Web Archive
1743:10.1007/s11747-013-0330-0
1693:10.1057/s41272-017-0122-0
961:Dr. Gabor Forgacs (2010)
909:Energy Policy Act of 2005
1541:10.1109/LWC.2019.2945025
1173:. Retrieved May 3, 2019.
974:Dale Furtwengler (2011)
604:American Economic Review
304:London congestion charge
2100:Economics of regulation
948:Tucker Cummings (2013)
427:electronic shelf labels
403:Scottish Premier League
316:Custis Memorial Parkway
250:2021 Texas power crisis
165:The Wall Street Journal
1125:Edinburgh Evening News
391:National Hockey League
272:long run and short run
268:long-run marginal cost
41:, also referred to as
35:
1079:Doug Williams (2012)
1066:Patrick Rishe (2012)
616:10.1257/aer.102.3.381
585:MIT Technology Review
487:Further information:
371:Major League Baseball
355:Major League Baseball
312:Long Island Rail Road
205:Critical peak pricing
33:
1169:Omnia Retail (2019)
1149:Arie Shpanya (2013)
765:Arie Shpanya (2013)
655:10.1257/pol.20160093
495:price discrimination
375:San Francisco Giants
363:San Francisco Giants
359:San Francisco Giants
2010:Benchetrit, Jenna.
1819:10.1057/rpm.2010.42
499:Robinson–Patman Act
407:Heart of Midlothian
383:St. Louis Cardinals
339:professional sports
333:Professional sports
238:market manipulation
191:Time-of-use pricing
152:profit maximization
51:time-based pricing,
2105:Economics and time
1931:"Flexible figures"
1156:2014-02-20 at the
993:2014-04-02 at the
866:– via JSTOR.
778:Amor Avhad (2021)
718:The New York Times
548:Hedonic regression
493:Amazon engaged in
296:Congestion pricing
270:pricing: see also
234:competitive market
59:revenue management
36:
2036:Astvansh, Vivek.
924:(February 2017).
852:Marketing Science
698:10.3982/ecta16180
553:Pay what you want
506:COVID-19 pandemic
447:demand is rather
379:Oakland Athletics
211:Real-time pricing
125:Cost-plus pricing
120:Cost-plus pricing
85:supply and demand
18:Real-time pricing
16:(Redirected from
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922:EURELECTRIC
504:During the
434:Theme parks
261:Hospitality
256:By industry
195:TOU pricing
177:time of day
105:electricity
89:hospitality
2089:Categories
1969:August 30,
1948:2020-11-03
1915:August 30,
1890:2020-11-03
1861:August 29,
1786:2023-04-19
1650:10161/2627
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1251:2020-11-02
1135:20 October
1105:20 October
1049:2015-12-19
1047:Retrieved
1020:2015-12-19
752:2020-11-02
564:References
440:Disneyland
248:after the
186:includes:
171:Time-based
1995:April 18,
1943:0013-0613
1885:The Verge
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449:inelastic
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1855:Archived
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1154:Archived
991:Archived
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542:See also
465:Big data
70:services
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2095:Pricing
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1853:. CNN.
1659:1593765
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535:Wendy's
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