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Price Elasticity 2.0: From Theory to The Real World

by Orinola Gbadebo-Smith

Price elasticity theory was once the haunt of classical economists, with loose applications in the real world. Today, companies such as Uber, with its sheer volume of data and surge algorithms, are able to continuously triangulate price elasticities in real time to manipulate demand, moment-to-moment. This article introduces the fundamentals of price elasticity of demand theory before taking us back into the real world, where theory will meet both big data and consumer psychology to create new possibilities.

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