In 2008, on The Price Is Right, retired meteorologist Terry Kniess gave exactly the correct answer – right down to the dollar! – on two grand prizes. Everyone assumed he had cheated, but he said he hadn’t – instead, he memorized the show’s predictable set of prices.
That mind-blowing feat couldn’t happen today. Companies have made it almost impossible to know when the price is “right,” thanks to endless data collection that changes how much things cost across both time and place. Businesses now commonly use computational systems to track behaviour and traits to figure out what consumers might tolerate paying, to extract the maximum possible amount of money from them. This goes by many names: Algorithmic, personalized, surveillant, or even “snitch” pricing (though some economists see it as the holy grail of market efficiency, since everyone is paying what they are willing to pay). Some companies even claim, weakly, that this data collection helps them to deliver personalized and optimized discounts. But no matter what you call it, the result is discriminatory – even as this variance becomes a dominant feature of the modern economy.
