The Wiki Man | 20 September 2008

I recently saw a photograph of a street vendor’s stall in Argentina. The menu reads simply Orange Juice $5. Jugo de Naranja $4.

Here unsuspecting Anglophones are paying a premium of 25 per cent for not knowing Spanish. It’s a practice known to economists as price discrimination — in other words setting a price in proportion to a customer’s propensity (or indeed ability) to pay.