Heterodox
price discrimination: n. the action of selling the same product at different prices to different buyers in order to maximize profits. This is, of course, the definition of price discrimination that I give to my classes. In practice, however, this notion of “same product” isn’t quite as simple as us instructors would have you believe. (Is anything ever, really?) We know that early-bird discounts at restaurants are generally considered price discrimination, as are higher prices for airline...
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