Conversations with Tyler Hal Varian on Taking the Academic Approach to Business
Jun 19, 2019
Hal Varian, Chief Economist at Google and emeritus professor at Berkeley, dives into the evolution of economics in the digital age. He discusses how online shopping has transformed consumer behavior and pricing strategies. Varian analyzes the challenges and opportunities of prediction markets and second-priced auctions. He also touches on the complexities of spam and internet governance. Additionally, he offers insights into the shifting landscape of antitrust laws and the unique economic contrasts between various regions and platforms.
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Internet's Impact on Sales
- Sales are driven by price discrimination and consumer segments.
- Internet empowers consumers to find lower prices, making personalized pricing less effective.
High Journal Prices
- High journal prices persist due to libraries, not individual users, bearing the cost.
- Low user protest and library's willingness to provide information contribute to this.
Auction Strategy
- To avoid overpaying at auctions, target less popular ones.
- These have fewer dealers and better chances of outbidding them.
