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Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are sold at different prices by the same provider in different market segments. Price discrimination is distinguished from product differentiation by the more substantial difference in production cost for the differently priced products involved in the latter strategy. Price differentiation essentially relies on the variation in the customers' willingness to pay and in the elasticity of their demand. For price discrimination to succeed, a firm must have market power, such as a dominant market share, product uniqueness, sole pricing power, etc. All prices under price discrimination are higher than the equilibrium price in a perfectly competitive market. However, some prices under price discrimination may be lower than the price charged by a single-price monopolist. Price discrimination is utilized by the monopolist to recapture some deadweight loss. This Pricing strategy enables firms to capture additional consumer surplus and maximize their profits while benefiting some consumers at lower prices. Price discrimination can take many forms and is prevalent in many industries, from education and telecommunications to healthcare.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Price discrimination
Chapter 2: Monopoly
Chapter 3: Monopolistic competition
Chapter 4: Oligopoly
Chapter 5: Perfect competition
Chapter 6: Imperfect competition
Chapter 7: Deadweight loss
Chapter 8: Two-part tariff
Chapter 9: Pricing
Chapter 10: Barriers to entry
Chapter 11: Yield management
Chapter 12: Market power
Chapter 13: Non-price competition
Chapter 14: Market structure
Chapter 15: Pricing strategies
Chapter 16: Dynamic pricing
Chapter 17: Revenue management
Chapter 18: Value-based pricing
Chapter 19: Rental value
Chapter 20: Profit (economics)
Chapter 21: Monopoly price
(II) Answering the public top questions about price discrimination.
(III) Real world examples for the usage of price discrimination in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Price Discrimination.
