Topic: Fairness

Why you should leave money on the table … on purpose

In: Fairness

Charging prices that are fair and profit-optimal seems like a contradiction in terms. The pricing maxims of “extract full value” and “maximize profits” are not exactly customer friendly. A “fair price,” meanwhile, is not only a fuzzy concept that defies definition under classical economics. It is also an intensely visceral concept for primates – and…
How Americans Can Tame Their Tipping Craze

In: Fairness Consumer Services

Tipping isn’t a big deal in most of the world, but it is a seemingly intractable cultural norm in the United States. The long history of tipping in the United States – as this short animated video shows – has established an awkward equilibrium that binds restaurant owners, their service staff, and their customers together.…
Tipping at Self-Checkout

In: Uniform Game Fairness Consumer Products

Pricing often seems like a dry, quantitative human activity subject to universal forces. That’s why it’s fascinating to see what happens when cultural traditions – not mathematical rules – influence how a company chooses its pricing model, and how that choice can have significant social consequences. Witness the practice of tipping, as this article in…
White House plan to eliminate Hep C

In: Value Game Fairness Healthcare

Thanks Dave for sharing. It has been a labor of love and persistence and you have been at the center of it. Great to see a comprehensive plan proposed at the highest level and not just in specialists circles. David Matthews, PhD CBO @ Beacon Biosignals | Former BCG Partner, BrightInsight CCO | PhD Computational…
Consumers want privacy and markets can deliver

In: Fairness Consumer Products

In a response to the many questions we are getting from clients on how to navigate the data privacy changes that are reshaping the digital landscape, BCG and Google have surveyed over 1,000 consumers and more than 30 leading marketers to help companies evolve their data-driven marketing approach to be “privacy-first.” Cultivating trust with consumers…
How the US is destroying young people’s future

In: Fairness Healthcare

If you still wonder whether the shape of our society is largely driven by structural pricing decisions, watch Scott’s ted talk. Real estate, college, labor vs. capital tax rates, minimum wage and social security all the way to how we reward algorithms vs data. These pricing decisions that shape society are determined by forces of…
Restaurant pricing

In: Dynamic Game Fairness Consumer Products

I recently had the pleasure of discussing the future of restaurant pricing and tipping with Roger Beaudoin on the Restaurant Rockstars podcast. As we navigate through challenging economic times, understanding and innovating pricing strategies becomes essential in the restaurant industry. 🎧 Listen in for strategies on how restaurant owners can thrive in today’s competitive market.…
Game changing pricing strategies

In: Custom Game Fairness Consumer Products

Amidst increasing pricing challenges and uncertain times, CEOs are prioritizing strategic pricing. However, strategic decisions on offers, pricing units, mechanisms, and models must precede any pricing decisions. I am excited to speak with Stephan Liozu at an insightful webinar titled, “A Conversation on Game Changing Pricing Strategy.” This webinar explores how to navigate pricing…
Nature Human Behaviour

In: Fairness Technology

Do our perceptions of fairness change if we are transacting with a machine vs. a human? This question is an inversion of the Turing test, which discerns whether human and machine behavior are indistinguishable. A research team found that when exposed to identical offers to share a fixed amount of money (known as the ultimatum…
The Dynamic Game: Pricing that adapts to demand

In: Dynamic Game Fairness

Players of the Dynamic Game need to develop unique skills to constantly adjust prices in real-time, adapting to context, competition, and ever-shifting market conditions. Pricing expert Fabian Uhrich lays out the rules. To learn more about strategic pricing and the new book from BCG’s pricing practice. Be sure to watch Fabian Uhrich’s expert interview,…
Ogilvy’s latest partnership tests how far strategists can trust an AI focus group

In: Fairness Technology

Are we defined solely by what we look at online? Ogilvy and CivicSync are defining user archetypes based on real-time data by tracking browsing habits in a way that is agnostic to background and identity. This could mean that an AI composite of a type of user is a more reliable narrator than a human,…