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It is told that the modern price tag was developed in 1861 by one John Wanamaker, a merchant from Philiadephia, USA. Before this point, every transaction with every merchant one encountered was a negotiation. Someone who was wealthy would end up paying more because the merchant could size them up and charge them more. Somebody who was a skilled negotiator and had the time would pay less, because they would negotiate the price down to one they are willing to pay.

Continue reading “Of Price Tags, Gig Apps, and Dynamic Pricing”