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"Imagine if Wal-Mart tried to offer one-half of its customers one price and the other half a different price. Or even if they tried to change the price for a we
by selven 17y ago
"Imagine if Wal-Mart tried to offer one-half of its customers one price and the other half a different price. Or even if they tried to change the price for a week to see what would happen."
Someone from the first group would set up a retail store and outcompete Walmart for the second group. Just like what would happen (but much more efficiently since there's no cost inherent in moving stuff around) in a virtual world that allows trade.
- eru 17y agoThe transaction costs in the real world are quite high.