Mentions Zephyr Teachout

Today, the fine-graining of data and the isolation of consumers has changed the game. The old idiom is that every man has his price. But that’s literally true now, much more than you know, and it’s certainly the plan for the future.

“The idea of being able to charge every individual person based on their individual willingness to pay has for the most part been a thought experiment,” said Lina Khan, chairwoman of the Federal Trade Commission. “And now … through the enormous amount of behavioral and individualized data that these data brokers and other firms have been collecting, we’re now in an environment that technologically it actually is much more possible to be serving every individual person an individual price based on everything they know about you.”

Economists soft-pedal this emerging trend by calling it “personalized” pricing, which reflects their view that tying price to individual characteristics adds value for consumers. But Zephyr Teachout, who helped write anti-price-gouging rules in the New York attorney general’s office, has a different name for it: surveillance pricing.

“I think public pricing is foundational to economic liberty,” said Teachout, now a law professor at Fordham University. “Now we need to lock it down with rules.”