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Readers response: What seems too expensive but is really worth the price?

We asked our readers what items or experience seem, too expensive but are really worth the price, and the response was overwhelming. Here's what our audience will always justify the price of. Robbie Kirkwood - Travel insurance. Elizabeth Foster - Business class on long haul flights. Jeanette Wallis - Coffee beans. Mandy O'Connor - A good pair of Levi jeans, and a good pair of boots. Pamela McDonald - I would say electricity! Seems lots complain about the cost until you lose power, then you realise how hard life would be without it. Tess Witchell - Real butter! Three ply toilet rolls, frappe iced coffee from McDonald’s, and proper bakery bread. Sue Yunker - Wine! Michael Schulze - A decent cup of coffee. Suzanne Jones - A holiday. Rose Niemack - Fruits and vegetables. Image credits: Shutterstock

Money & Banking

Deborra-Lee Furness' friend makes bombshell claim

A friend of Hugh Jackman’s ex-wife, Deborra-Lee Furness, has claimed that rumours of the actor's affair with co-star Sutton Foster are true. British actress and photographer Amanda de Cadenet hinted that the rumours were true in the comments section of an Instagram video that alleged Hugh Jackman left his wife for Foster, after the two fell in love while starring together in The Music Man on Broadway. “You are on point with this one,” de Cadenet claimed in response. “My beloved friend Deb is about to have her glow up any moment FYI !” Page Six reportedly reached out to reps for Jackman, Foster and Furness for comment. Jackman and Furness announced their separation after 27 years of marriage in September 2023. They share two adopted children together. At the time, a source told the publication that the Wolverine actor was "devastated" by the split. In October, another source told Page Six that Foster and Jackman are "in love" but keeping their romance under wraps. Another source previously told news.co,.au they are “100 percent together and are in love and want to spend the rest of their lives together.” Image: Instagram

Relationships

How to revive your curls without paying salon prices

Maintaining curly hair takes a lot of time and effort and sometimes no matter what you do, the frizz just cannot be tamed. While getting your hair done at the salon can be a treat, having to pay salon prices to get softness, shine and definition for your curls is just not sustainable in the long run. Enter <a href="https://www.johnfrieda.com/en-au/home/" target="_blank" rel="noopener">John Frieda</a>'s newest Frizz Ease Miraculous Recovery range, which is now infused with repairing ceramides designed to transform frizzy and damaged hair. The Miraculous Recovery Repairing shampoo and conditioner are two of my personal faves, as I could feel the difference in how soft my hair felt after the first use. Not only are the products safe for colour-treated hair, they also made my curls more manageable and easy to style, with the effects lasting for two days, which is amazing considering how quickly my curls can go limp. I also loved how subtle the scent was, and found the most effective way of applying the conditioner was to comb it through my hair with a detangling brush in the shower, as it helps distribute the product evenly. While different curls all need slightly different care, I found the shampoo provided the perfect balance of cleaning build-up on my hair without leaving it dry or flaky. The star of the range was definitely the All-in-1 extra strength serum, which provided extra protection for my colour-treated and chemically treated hair. I love that you can apply this product through wet or dry hair, and it was the perfect way to revive my curls. The Finishing Creme was a bit too thick for my fine, curly hair, but for those with tighter curls or those looking for some extra moisture during more humid days, a light layer of the product would surely tame any flyaways or frizz. With most of their products retailing for around $20 it is an affordable solution to bringing life back into colour-treated and damaged curls. The product can be found in all major supermarkets and pharmacies across <a href="https://www.chemistwarehouse.com.au/shop-online/5571/john-frieda-haircare" target="_blank" rel="noopener">AU</a> and <a href="https://www.chemistwarehouse.co.nz/shop-online/5571/john-frieda-haircare" target="_blank" rel="noopener">NZ</a>. Images: Supplied

Beauty & Style

So when should you book that flight? The truth on airline prices

<a href="https://theconversation.com/profiles/yuriy-gorodnichenko-144556">Yuriy Gorodnichenko</a>, <a href="https://theconversation.com/institutions/university-of-california-berkeley-754">University of California, Berkeley</a> and <a href="https://theconversation.com/profiles/volodymyr-bilotkach-145437">Volodymyr Bilotkach</a>, <a href="https://theconversation.com/institutions/newcastle-university-906">Newcastle University</a> How airlines price tickets is a source of many <a href="http://airtravel.about.com/od/travelindustrynews/a/mythticket.htm">myths</a> and urban legends. These include tips about the best day of the week to buy a ticket, last-minute discounts offered by the airlines, and the conspiracy theories suggesting that the carriers use cookies to increase prices for their passengers. None of these three statements is entirely true. Studies have suggested that prices can be higher or lower on a given day of the week – yet, there is no clear consensus on which day that is. Offered prices can in fact drop at any time before the flight, yet they are much more likely to increase than decrease over the last several weeks before the flight’s departure. Further, the airlines prefer to wait for the last-minute business traveler who’s likely to pay full fare rather than sell the seat prematurely to a price conscious traveler. And no, the airlines do not use cookies to manipulate fare quotes – adjusting their inventory for specific customers appears to be beyond their technical capabilities. What is true about pricing in the airline industry is that carriers use complex and sophisticated pricing systems. The airline’s per passenger cost is the lowest when the flight is full, so carriers have incentive to sell as many seats as possible. This is a race against time for an airline and, of course, no company wants to discount its product more than it has to. Hence, the airlines face two somewhat contradictory goals: to maximize revenue by flying full planes and to sell as many full-fare seats as possible. This a process known in the industry as yield or revenue management. <h2>Airlines and their bucket lists</h2> Here is how <a href="http://commons.erau.edu/cgi/viewcontent.cgi?article=1522&context=jaaer">yield management</a> works. For each flight or route (if we are talking about multi-segment itineraries), the airline has a set of available price levels – from the most expensive fully refundable fare to the cheapest deeply discounted non-refundable price. The industry jargon for these prices is “buckets.” Then, seats can be interpreted as balls that are allocated among these buckets. Initial allocation of seats between the price buckets is determined by historical data indicating how well a certain flight sells. For example, fewer deeply discounted seats will be offered on a flight on Thanksgiving week than on the same flight during the third week of February. As the seats on a flight sell, yield managers monitor and adjust the seat allocation. If, for instance, the sales are slower than expected, some of the seats might be moved to lower-priced buckets – this shows up as a price drop. As noted above, such price drops can occur at any time before the flight. However, the general trend of price quotes is upward starting from about two to three weeks before the flight departure date. Of course, an average traveler wants to know when he or she should buy the tickets for the next trip. Another important question is where to buy this ticket. Airlines distribute their inventory on their own websites and on several computer distribution systems, meaning that prices can sometimes differ depending on where one looks. We are not entirely sure what precipitates this phenomenon – likely explanations include differences in contracts between the airlines and the distribution systems/travel agents, implying that different travel agents may not have access to the airline’s entire inventory of available prices. <h2>When to book</h2> The airlines’ yield managers start looking at flight bookings about two months before the departure date. This implies that it generally does not pay to book more than two months in advance: studies show that initially the airlines leave the cheapest price buckets empty, and yield managers may move some seats into those buckets if a couple of months before the departure date the flight is emptier than expected. Between two months and about two to three weeks before the flight date, the fare quotes remain mostly flat, with a slight upward trend. However, and perhaps paradoxically, there is a good chance of a price drop during this period. We tend to monitor prices for several days – sometimes up to a week – hoping for a potentially lower quote. It does not always pay off, but sometimes we do manage to save a considerable amount of money. Two to three weeks before the flight date, the price quotes start increasing. This is the time when business travelers start booking. While price drops are still possible, a chance of a price increase is much higher if you wait to book within this time period. This is also the time when one can find significant differences between price quotes, depending on where one looks and what contract they have with the airlines. Thus, if we book a trip earlier than three weeks before the flight date, we tend not to delay the purchase. At the same time, we check quotes from multiple travel agents, or go directly to a site that allows for a quick comparison of prices (such as <a href="https://www.kayak.com">kayak.com</a> or <a href="http://www.skyscanner.net">skyscanner.net</a>). Or check the airline itself. As for answering the original question we posed, here are some simple tips. First, if you have to travel during a peak period, such as Thanksgiving week, it is generally best not to delay buying that ticket. Otherwise, it might pay to monitor the offered prices for some time before committing. The best strategy for booking within the last couple of weeks before the flight, however, is not to delay the purchase, but to try getting quotes from several agents, which is easy to do in the internet age.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/34033/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/yuriy-gorodnichenko-144556">Yuriy Gorodnichenko</a>, Associate Professor of Economics, <a href="https://theconversation.com/institutions/university-of-california-berkeley-754">University of California, Berkeley</a> and <a href="https://theconversation.com/profiles/volodymyr-bilotkach-145437">Volodymyr Bilotkach</a>, Senior Lecturer in Economics, <a href="https://theconversation.com/institutions/newcastle-university-906">Newcastle University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/so-when-should-you-book-that-flight-the-truth-on-airline-prices-34033">original article</a>.

Travel Tips

5 ways to fake a clean bathroom

Got a friend popping around for a catch up, and, your bathroom is less than sparkling? Don’t stress. Follow our foolproof tips to fake it so no one knows you didn’t have time to do a proper clean. 1. Scrub the loo The toilet is often a telltale sign that your bathroom is in need of a clean. If you haven’t already invested in a leave-in cleaner for your bowl, simply get in there with some toilet cleaner and give a good squirt under the rim. Leave it to do its job while you get on with the rest of the bathroom. Then when it’s had a few minutes to soak, give it a once over with the toilet brush. Grab some toilet paper (or an antibacterial wipe) and give the rim and the top of the toilet a once over to remove any dust. 2. Eliminate any obvious mould and grime Find yourself some good-quality mould spray that you can apply and then leave to work its magic while you move on to other areas of the bathroom. After 10 minutes (check your packet for the optimal time) you should be able to spray it with warm water from the shower and then wipe it clean. 3. Do a quick dust bust Grab yourself a clean cloth or antibacterial wipe and go over the shelves and basin to get rid of any dust or dirt you can see. 4.Change your bathmat and hand towel There’s nothing like a fresh and clean bathmat to trick your guests into thinking that you’ve just finished scrubbing the bathroom. Add a clean hand towel to complete the look. 5.Add a sweet scent Give your bathroom a look of freshness by popping a small vase of flowers in there. You can also try a scented candle on top of the toilet to give off a nice scent and hide any odours. Image credits: Shutterstock

Home & Garden

How to avoid 6 common tourist scams

Often when people are on holidays their focus is on relaxing or seeing the sights of the area. But if you don’t keep your wits about you, it’s possible you might end up losing everything to scammers who will do anything to get their hands on your belongings. Here we have six common scams to look out for while you are travelling abroad. Scam 1: You are in a busy bar in a tourist friendly area when some locals ask where you’re from and offer to buy you a drink. Without thinking, you accept the drink and then find yourself waking up hours later without any of your belongings as you’ve had your drink spiked. Solution: If people seem too friendly, be aware that they may be scammers. Don’t accept drinks from people you don’t know, and don’t leave your drink unattended to use the bathroom. Scam 2: You are about to put your handbag and computer on the conveyer belt to go through the scanner. The people in front of you walk through the metal detector and while one goes through, the other sets off the alarms. They step back into where you are standing and take their time removing wallets and coins from their pockets. While you are waiting for your turn to walk through the metal detector, the other person has taken your belongings and is long gone. Solution: Don’t place your items on the conveyer belt until there is no one else waiting in front of you to go through the metal detector. Scam 3: In a busy area such as after a concert or a busy night like New Year’s Eve it can be impossible to get public transport or a taxi back to your hotel. A friendly looking guy comes by and offers you a lift for a reasonable fee using his private car. The scam itself can then range from being charged an exorbitant amount when you arrive at your hotel – or you could even find yourself robbed and dropped by the side of the road with no way home. Solution: However tempting it is, never get in the car with an unlicensed taxi driver. This is even more important to note if you are travelling alone. Scam 4: While you are waiting with your luggage for a train or bus, a passer-by appears to drop their wallet and walk off without noticing. You might try to do the right thing by grabbing the wallet and running after the person to return it. By the time you get back, your luggage is missing. Solution: When travelling alone, never leave your items unattended even if it means you don’t help someone when you normally would. This is especially true in airports where baggage will quickly be confiscated if left alone. Scam 5: You’re taking in the sights when a couple of men dressed as policemen approach you. They demand to see your wallet and let you know that counterfeit money has been given to tourists in the area. When your wallet is returned it has had much of the contents removed. Solution: Police would never demand to see your wallet. If something doesn’t feel right, suggest that you continue the discussion at the nearest police station as you don’t feel comfortable. Most likely they will not push their luck. Scam 6: You receive a phone call in your hotel room late at night from someone claiming to be from the front desk. They apologise for the late call but request that you just confirm your credit card details as their system is playing up. You read out the numbers and hang up. Before too long your credit card has rung up a huge bill as this was a scammer calling you, not a staff member. Solution: Organise payment in person by letting the caller know that you will come down to the front desk to discuss it. Image credits: Getty Images

Travel Tips

Loyalty programs may limit competition, and they could be pushing prices up for everyone

<a href="https://theconversation.com/profiles/alexandru-nichifor-1342216">Alexandru Nichifor</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/scott-duke-kominers-1494057">Scott Duke Kominers</a>, <a href="https://theconversation.com/institutions/harvard-university-1306">Harvard University</a> Loyalty programs enable firms to offer significantly lower prices to some of their customers. You’d think this would encourage strong competition. But that isn’t always what actually happens. <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4377561">New research</a> shows that paradoxically, by changing the way companies target customers, loyalty programs can sometimes reduce price competition. The research also points to solutions. <h2>A win-win proposition?</h2> Joining a loyalty program is supposed to be a win-win. You – the customer – get to enjoy perks and discounts, while the company gains useful commercial insights and builds brand allegiance. For example, a hotel chain loyalty program might reward travellers for frequent stays, with points redeemable for future bookings, upgrades or other benefits. The hotel chain, in turn, records and analyses how you spend money and encourages you to stay with them again. Such programs are commonplace across many industries – appearing everywhere from travel and accommodation to supermarket or petrol retailing. But they are increasingly coming under scrutiny. In 2019, the Australian Competition and Consumer Commission (ACCC) <a href="https://www.accc.gov.au/about-us/publications/customer-loyalty-schemes-final-report">cautioned</a> consumers about the sheer volume of personal data collected when participating in a loyalty program, and what companies can do with it. Hidden costs – such as having to pay a redemption fee on rewards or losing benefits when points expire – are another way these schemes can harm consumers. But a larger question – how loyalty programs impact consumers overall – remains difficult to settle, because their effect on competitiveness is unclear. As the ACCC’s <a href="https://www.accc.gov.au/about-us/publications/customer-loyalty-schemes-final-report">final report</a> notes, on the one hand: "Loyalty schemes can have pro-competitive effects and intensify competition between rivals leading to competing loyalty discounts and lower prices for consumers." But on the other hand: "Loyalty schemes can also reduce the flexibility of consumers’ buying patterns and responsiveness to competing offers, which may reduce competition." <h2>How a two-speed price system can hurt everyone</h2> A new economic theory research <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4377561">working paper</a>, coauthored by one of us (Kominers), suggests that on competitive grounds alone, loyalty programs can sometimes harm all consumers – both ordinary shoppers and the program’s own members. It’s easy to see how the ordinary shopper can be worse off. Since a firm’s loyalty program enables it to offer discounted prices to its members, the firm can raise the base prices it offers to everyone else. Those not participating in the program pay more than they otherwise would have, and the firm can respond by saying “join our program!” instead of having to lower its price. But sometimes, even the program’s own members can end up worse off. When a given customer’s loyalty status is not visible to a firm’s competitors – as is the case in many loyalty programs today – it’s hard for those competitors to identify them and entice them to switch. The main way to compete for those customers becomes to lower the base price for everyone, but this means missing out on the high base margins achieved through the existence of your own loyalty program – remember, having a loyalty program means you can charge non-members more. It’s often more profitable for firms to just maintain high base prices. This, in turn, reduces overall price competition for loyal customers, so firms can raise prices for them, too. <h2>What’s the solution?</h2> Despite these effects on competition, loyalty programs still offer benefits for consumers and an opportunity for brands to form closer relationships with them. So, how do we preserve these benefits while enabling price competition? The research suggests an answer: making a customer’s loyalty status verifiable, transparent and portable across firms. This would make it possible for firms to tailor offers for their competitors’ loyal customers. This is already happening in the market for retail electricity. While there aren’t loyalty programs there per se, a consumer’s energy consumption profile, which could be used by a competitor to calibrate a personalised offer, is known only to their current electricity supplier. To address this, in 2015, the Victorian government launched a <a href="https://compare.energy.vic.gov.au">program</a> encouraging households to compare energy offers. This process involved first revealing a customer’s energy consumption profile to the market, and then asking retailers to compete via personalised offers. By opening information that might have otherwise been hidden to the broader market, this approach enabled firms to compete for each other’s top customers, in a way that could be emulated for loyalty programs. Such systems in the private sector could build upon “<a href="https://thepointsguy.com/guide/airline-status-matches-challenges/">status match</a>” policies at airlines. These allow direct transfer of loyalty status, but currently rely on a lengthy, individual-level verification process. For example, a design paradigm known as “<a href="https://hbr.org/2022/05/what-is-web3">Web3</a>” – where customer transactions and loyalty statuses are recorded on public, shared blockchain ledgers – offers a way to make loyalty transparent across the market. This would enable an enhanced, decentralised version of status match: a firm could use blockchain records to verifiably identify who its competitors’ loyal customers are, and directly incentivise them to switch. Both startups and established firms have experimented with building such systems. <h2>What next?</h2> New academic research helps us model and better understand when loyalty programs could be weakening supply side competition and undermining consumer welfare. A neat universal solution may prove elusive. But targeted government or industry interventions – centred on increasing the transparency of a customer’s loyalty status and letting them move it between firms – could help level the playing field between firms and consumers.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/220669/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/alexandru-nichifor-1342216">Alexandru Nichifor</a>, Associate Professor, Faculty of Business and Economics, University of Melbourne, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/scott-duke-kominers-1494057">Scott Duke Kominers</a>, Sarofim-Rock Professor of Business Administration, <a href="https://theconversation.com/institutions/harvard-university-1306">Harvard University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/loyalty-programs-may-limit-competition-and-they-could-be-pushing-prices-up-for-everyone-220669">original article</a>.

Money & Banking

Why prices are so high – 8 ways retail pricing algorithms gouge consumers

<a href="https://theconversation.com/profiles/david-tuffley-13731">David Tuffley</a>, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith University</a> The just-released report of the inquiry into <a href="https://pricegouginginquiry.actu.org.au/">price gouging and unfair pricing</a> conducted by Allan Fels for the Australian Council of Trades Unions does more than identify the likely offenders. It finds the biggest are supermarkets, banks, airlines and electricity companies. It’s not enough to know their tricks. Fels wants to give the Australian Competition and Consumer Commission more power to investigate and more power to prohibit mergers. But it helps to know how they try to trick us, and how technology has enabled them to get better at it. After reading the report, I’ve identified eight key maneuvers. <h2>1. Asymmetric price movements</h2> Otherwise known as <a href="https://www.jstor.org/stable/25593733">Rocket and Feather</a>, this is where businesses push up prices quickly when costs rise, but cut them slowly or late after costs fall. It seems to happen for <a href="https://www.sciencedirect.com/science/article/abs/pii/S0140988323002074">petrol</a> and <a href="https://www.sciencedirect.com/science/article/abs/pii/S105905601730240X">mortgage rates</a>, and the Fels inquiry was presented with evidence suggesting it happens in supermarkets. Brendan O’Keeffe from NSW Farmers told the inquiry wholesale lamb prices had been falling for six months before six Woolworths announced a cut in the prices of lamb it was selling as a “<a href="https://pricegouginginquiry.actu.org.au/wp-content/uploads/2024/02/InquiryIntoPriceGouging_Report_web.pdf">Christmas gift</a>”. <h2>2. Punishment for loyal customers</h2> A <a href="https://theconversation.com/simple-fixes-could-help-save-australian-consumers-from-up-to-3-6-billion-in-loyalty-taxes-119978">loyalty tax</a> is what happens when a business imposes higher charges on customers who have been with it for a long time, on the assumption that they won’t move. The Australian Securities and Investments Commission has alleged a big <a href="https://theconversation.com/how-qantas-might-have-done-all-australians-a-favour-by-making-refunds-so-hard-to-get-213346">insurer</a> does it, setting premiums not only on the basis of risk, but also on the basis of what a computer model tells them about the likelihood of each customer tolerating a price hike. The insurer disputes the claim. It’s often done by offering discounts or new products to new customers and leaving existing customers on old or discontinued products. It happens a lot in the <a href="https://www.finder.com.au/utilities-loyalty-costing-australians-billions-2024">electricity industry</a>. The plans look good at first, and then less good as providers bank on customers not making the effort to shop around. Loyalty taxes appear to be less common among mobile phone providers. Australian laws make it easy to switch <a href="https://www.reviews.org/au/mobile/how-to-switch-mobile-carriers-and-keep-your-number/">and keep your number</a>. <h2>3. Loyalty schemes that provide little value</h2> Fels says loyalty schemes can be a “low-cost means of retaining and exploiting consumers by providing them with low-value rewards of dubious benefit”. Their purpose is to lock in (or at least bias) customers to choices already made. Examples include airline frequent flyer points, cafe cards that give you your tenth coffee free, and supermarket points programs. The purpose is to lock in (or at least bias) consumers to products already chosen. The <a href="https://www.accc.gov.au/consumers/advertising-and-promotions/customer-loyalty-schemes">Australian Competition and Consumer Commission</a> has found many require users to spend a lot of money or time to earn enough points for a reward. Others allow points to expire or rules to change without notice or offer rewards that are not worth the effort to redeem. They also enable businesses to collect data on spending habits, preferences, locations, and personal information that can be used to construct customer profiles that allow them to target advertising and offers and high prices to some customers and not others. <h2>4. Drip pricing that hides true costs</h2> The Competition and Consumer Commission describes <a href="https://pricegouginginquiry.actu.org.au/wp-content/uploads/2024/02/InquiryIntoPriceGouging_Report_web.pdf">drip pricing</a> as “when a price is advertised at the beginning of an online purchase, but then extra fees and charges (such as booking and service fees) are gradually added during the purchase process”. The extras can add up quickly and make final bills much higher than expected. Airlines are among the best-known users of the strategy. They often offer initially attractive base fares, but then add charges for baggage, seat selection, in-flight meals and other extras. <h2>5. Confusion pricing</h2> Related to drip pricing is <a href="https://www.x-mol.net/paper/article/1402386414932836352">confusion pricing</a> where a provider offers a range of plans, discounts and fees so complex they are overwhelming. Financial products like insurance have convoluted fee structures, as do electricity providers. Supermarkets do it by bombarding shoppers with “specials” and “sales”. When prices change frequently and without notice, it adds to the confusion. <h2>6. Algorithmic pricing</h2> <a href="https://pricegouginginquiry.actu.org.au/wp-content/uploads/2024/02/InquiryIntoPriceGouging_Report_web.pdf">Algorithmic pricing</a> is the practice of using algorithms to set prices automatically taking into account competitor responses, which is something akin to computers talking to each other. When computers get together in this way they can <a href="https://www.x-mol.net/paper/article/1402386414932836352">act as it they are colluding</a> even if the humans involved in running the businesses never talk to each other. It can act even more this way when multiple competitors use the same third-party pricing algorithm, effectively allowing a single company to influence prices. <h2>7. Price discrimination</h2> Price discrimination involves charging different customers different prices for the same product, setting each price in accordance with how much each customer is prepared to pay. Banks do it when they offer better rates to customers likely to leave them, electricity companies do it when they offer better prices for business customers than households, and medical specialists do it when they offer vastly different prices for the same service to consumers with different incomes. It is made easier by digital technology and data collection. While it can make prices lower for some customers, it can make prices much more expensive to customers in a hurry or in urgent need of something. <h2>8. Excuse-flation</h2> <a href="https://www.bloomberg.com/news/articles/2023-03-09/how-excuseflation-is-keeping-prices-and-corporate-profits-high">Excuse-flation</a> is where general inflation provides “cover” for businesses to raise prices without justification, blaming nothing other than general inflation. It means that in times of general high inflation businesses can increase their prices even if their costs haven’t increased by as much. On Thursday Reserve Bank Governor <a href="https://www.afr.com/policy/economy/inflation-is-cover-for-pricing-gouging-rba-boss-says-20240215-p5f58d">Michele Bullock</a> seemed to confirm that she though some firms were doing this saying that when inflation had been brought back to the Bank’s target, it would be "much more difficult, I think, for firms to use high inflation as cover for this sort of putting up their prices." <h2>A political solution is needed</h2> Ultimately, our own vigilance won’t be enough. We will need political help. The government’s recently announced <a href="https://treasury.gov.au/review/competition-review-2023">competition review</a> might be a step in this direction. The legislative changes should police business practices and prioritise fairness. Only then can we create a marketplace where ethics and competition align, ensuring both business prosperity and consumer wellbeing. This isn’t just about economics, it’s about building a fairer, more sustainable Australia.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/223310/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/david-tuffley-13731">David Tuffley</a>, Senior Lecturer in Applied Ethics & CyberSecurity, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-prices-are-so-high-8-ways-retail-pricing-algorithms-gouge-consumers-223310">original article</a>.

Money & Banking

Deborra-Lee Furness breaks silence on life post-divorce

Deborra-Lee Furness has broken her silence on what life has looked like since her high profile split from Hugh Jackman. The Aussie actress has hit the press circuit promoting Force of Nature: The Dry 2, the sequel to the hit 2020 film, in which she’ll star alongside Eric Bana. Facing questions about her divorce, the 68-year-old finally broke her silence on how she has been dealing with life as a single woman. “It is kind of exciting,” she told <a href="https://www.adelaidenow.com.au/entertainment/celebrity-life/hook-ups-break-ups/deborralee-furness-on-life-without-hugh-jackman-frightening/news-story/dc4fa3f9e19c80ea9dada89a852e67c0">The Advertiser.</a> “You know what, change, transition, evolution is a little frightening, and we are all a bit scared of it, but I think it is probably our greatest gift.” Deborra-Lee Furness and Hugh Jackman shocked the world in September last year when they announced they would be separating after 27 years of marriage. The couple released a joint statement at the time announcing they were going their separate ways and had decided to split to pursue “individual growth”. “We have been blessed to share almost three decades together as husband and wife in a wonderful, loving marriage,” they said. “Our journey now is shifting, and we have decided to separate to pursue our individual growth.” They added that their family is their highest priority and that they will undertake “this next chapter with gratitude, love and kindness”. The couple met in 1995 on the set of an Australian television show they both starred in, and married just one year later. Together they share two children, Oscar and Ava. Image credits: Getty Images

Relationships

Eye-watering price tag for "remarkable" first class Titanic menu

A first class dinner menu from the Titanic has been found and sold at an auction in England for £84,000 (around $162,000 AUD) on November 11. The water-stained menu was dated April 11, 1912 just three days before the ship hit an iceberg, ultimately meeting it's ill-fated end causing over 1500 deaths. Wealthy passengers at the time were spoiled with choice, with oysters, salmon, beef, squab (baby pigeon), spring lamb among other dishes on the menu, and that's not including dessert. Auctioneers Henry Aldridge & Son said it was unclear how the menu made it off the ship intact, but the slight water damage suggests that it was recovered from the body of a victim. The rare artefact, which is over 111 years old belonged to amateur historian Len Stephenson, from Nova Scotia, Canada, who passed away in 2017. No one knew he had it, including his family, who only discovered it after going through his belongings following his death. “About six months ago his daughter and his son-in-law, Allen, felt the time was right to go through his belongings,” auctioneer Andrew Aldridge said. “As they did they found this menu in an old photo album. “Len was a very well thought-of historian in Nova Scotia which has strong connections with the Titanic. The body recovery ships were from Nova Scotia and so all the victims were taken back there. “Sadly, Len has taken the secret of how he acquired this menu to the grave with him.” Stephenson worked at a post office and would talk to people, collect old pictures and write letters for them, which might be how he got the rare artefact. According to the auctioneer, no other first class dinner menus dated April 11, 1912 have been recovered from the titanic making this “a remarkable survivor from the most famous Ocean liner of all time”. “There are a handful of April 14 menus in existence but you just don’t see menus from April 11. Most of them would have gone down with the ship,” Aldridge said. “Whereas with April 14 menus, passengers would have still had them in their coat and jacket pockets from earlier on that fateful night and still had them when they were taken off the ship," he added. A few other items recovered from the Titanic were also sold, including a Swiss-made pocket watch recovered from passenger Sinai Kantor which fetched £97,000 (around $187,000 AUD). A tartan-patterned deck blanket, which was likely used during the rescue operation also sold for £96,000 (around $185,000). Images: Henry Aldridge & Son of Devizes, Wiltshire

Cruising

Post break-up Hugh Jackman reveals brand new look

In an inspiring turn of events, Hugh Jackman, the ruggedly handsome Wolverine of our dreams, has ditched his trademark beard, just a month after amicably splitting from his wife, Deborra-Lee Furness. We're not entirely sure if the divorce court stipulated a "no facial hair" clause, but the man's commitment to cleanliness is truly inspiring. Jackman took to social media to reveal his fresh, beardless face to the world, leaving fans flabbergasted. The Aussie actor, who previously resembled a distinguished mountain man, now flaunts a look that screams "I might be going through a breakup, but my grooming game is still on point." The transformation was nothing short of astonishing. Instead of the wild and untamed beard we've come to know and love, Jackman shared pictures of himself sporting neatly trimmed facial hair, captured during a visit to a New York barbershop. He even took two street selfies to commemorate this momentous occasion, radiating a vibe that said, "I am ready to tackle life with a jawline as sharp as my wit." On his Instagram stories, Jackman posted a photo of himself grinning like a Cheshire cat in the barber's chair, with the caption, "Thank you Gabriel!!!" Clearly, he was thankful not just for the fine work of his barber but also for the chance to lighten his facial load. Fans couldn't contain their excitement over the "fresh" new look. One fan enthusiastically wrote, "Post break-up Hugh is here! Bring it on." Another chimed in, "You look great Hugh, much cleaner and fresher." It seems the internet was united in their appreciation for the change, as one person couldn't help but comment, "OK, that beard was a bit too long. Now it is 👌. Good decision 😁." Others couldn't resist a good-natured ribbing, with one cheeky commentator joking, "I bet that feels SO much better! We were going to start calling you Grizzly Adams soon 😂." Indeed, Jackman's transformation from a forest-dwelling hermit to a dapper gentleman is a sight to behold. And, of course, there were those who declared Jackman "handsome as ever". It seems that even without his facial fur, the man can still make hearts flutter. Jackman and Furness, who were married for 27 years, <a href="https://www.oversixty.co.nz/lifestyle/relationships/hugh-jackman-devastated-after-marriage-split" target="_blank" rel="noopener">announced their separation</a> in September. They revealed their intention to part ways for the sake of "individual growth". And it seems that Jackman's journey of personal development begins with a well-trimmed beard. But what's next for this newly clean-shaven Jackman? Reports suggest that he's on a quest to find love again, with his inner circle placing bets on him "remarrying fairly quickly". Although some reports say he's still "mourning" his past relationship and isn't quite "back in the dating game" just yet, we have no doubt that his fresh face and renewed sense of self will lead to exciting prospects. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CydYhgjOenY/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/CydYhgjOenY/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Hugh Jackman (@thehughjackman)</a> </div> </blockquote> In a surprising twist, US Weekly has reported that the actor is "in the early stages" of writing his memoir, promising "big bombshells." Perhaps this newfound style transformation is just the tip of the iceberg in a series of revelations that will leave us all reeling. We can only imagine the epic tales of his time as Wolverine, his love story with Deborra-Lee Furness, and of course, the "No Beard, No Baggage" chapter. October 12 marked Jackman's 55th birthday, with the actor reuniting briefly with Furness to celebrate at a New York restaurant. The couple enjoyed a "very happy" meal together with friends, and a source reported that it was a "good birthday". A representative for Jackman confirmed, "Yes, it's true. It was a lovely evening," proving that even in the wake of a separation, these two can still dine amicably. Jackman and Furness are said to be speaking fairly regularly following their separation, and the bond between them remains strong. So, as we look forward to the next chapters in the life of Hugh Jackman, we can only hope they come with more shocking style changes, captivating memoirs, and a dash of his infectious charisma. After all, when it comes to Jackman, it's clear that even without his beard, he'll always be a cut above the rest. Images: Instagram

Beauty & Style

Inside Hugh Jackman and Deborra-Lee Furness' $290 million divorce

While Hugh Jackman and Deborra-Lee Furness announced their split on Saturday after 27 years of marriage, official paperwork has not yet been filed to cement their divorce. However, a new report suggests the couple are "amicably" trying to figure out how to divide their lucrative assets and abundant finances before they file the necessary paperwork. The Aussie actor, 54, and his wife, 67, are rumoured to be worth around $290 million, with the couple owning multiple homes in both Australia and the US, which they’re reportedly planning to split equally. “Their lives were so interwoven, so it’s an extremely tricky and gut-wrenching process dividing everything up and figuring out who gets what in terms of assets and finances,” a source told <a href="https://www.usmagazine.com/celebrity-news/news/inside-hugh-jackman-and-deborra-lee-furness-gut-wrenching-divorce/" target="_blank" rel="noopener">US Weekly</a>. “The [divorce] filing will be formalised in due course, but before that happens, their aim is to come to an agreement. They’re determined to [do this] as amicably as possible.” In 2019, <a href="https://www.menshealth.com/entertainment/a29110657/hugh-jackman-net-worth/" target="_blank" rel="noopener">Men's Health</a> magazine estimated that Jackman's net worth was sitting at around $257 million [adjusted for inflation], with a massive portion of his income stemming from his portrayal of Wolverine in the Marvel Cinematic Universe films over several years. On top of his on-screen achievements, Jackman has a hefty property portfolio, which includes a North Bondi penthouse the couple bought for $5.925m in 2015, which is estimated to have doubled in value since. In August last year, the couple dropped $30m on a New York penthouse, which came after they listed their triplex in Manhattan’s West Village for $56m, having lived in the property for a decade. They also own a sprawling getaway home in East Hamptons, which they purchased in 2015 for $5.440m. The Hollywood couple shocked the world on Saturday when they released a statement confirming their separation after being married for 27 years. “We have been blessed to share almost three decades together as husband and wife in a wonderful, loving marriage,” Jackman and Furness told <a href="https://people.com/hugh-jackman-and-deborra-lee-jackman-separate-exclusive-7970286" target="_blank" rel="noopener" data-link-type="article-inline">People</a>. “Our journey now is shifting and we have decided to separate to pursue our individual growth." Image credits: Getty Images

Legal

Body language expert analyses Hugh Jackman's last public outings with his wife

A body language expert has analysed the last public outings of Hugh Jackman and Deborra-Lee Furness before they <a href="https://www.oversixty.com.au/lifestyle/relationships/hugh-jackman-devastated-after-marriage-split" target="_blank" rel="noopener">announced their split</a> after 27 years of marriage. The couple were spotted at both the Met Gala in New York and Wimbledon in the UK earlier this year, seemingly looking like a perfect loved-up couple. However, Aussie body language expert Louise Mahler said there could be more than meets the eye at their public outings. “These are two people so well rehearsed at being with each other. They lean in together, they move in unison,” Mahler told <a href="https://7news.com.au/entertainment" target="_blank" rel="noopener" data-link-type="article-inline">7Life.</a> Assessing footage from their joint appearance at the Met Gala in May 2023, Mahler noticed that “at one point in the video Hugh goes to walk away and she briefly pulls him back and he stops with no hesitation”. “There is no giveaway whatsoever... and remember, they are both actors." “They are working as a team and showing total harmony.” However, Mahler went on to assess a specific moment from the Met Gala where the couple were gazing at one another head-on. “I’m going to speculate that he has left her because he’s looking at her quickly,” she said. “He still loves her but he’s moving on." “And what I see from her is, ‘I get that you’re moving on, you b******, but I will allow this’,” Mahler speculated about Furness’ body language. Two months after their Met Gala appearance, the couple attended Wimbledon to sit side by side and watch the game. Mahler acknowledged that they looked “a little cranky” but said that they were concentrated on the game and likely had cameras on them “for a long time”. “I don’t see that they’re pulling away from each other in any way,” she said. “In fact, their arms are touching the full length. This is a couple who have been together for 30 years, they know each other. I would say they still love each other, but they’re deciding to go their separate ways.” The Hollywood couple shocked the world on Saturday when they released a statement confirming their separation after being married for 27 years. “We have been blessed to share almost three decades together as husband and wife in a wonderful, loving marriage,” Jackman and Furness told <a href="https://people.com/hugh-jackman-and-deborra-lee-jackman-separate-exclusive-7970286" target="_blank" rel="noopener" data-link-type="article-inline">People</a>. “Our journey now is shifting and we have decided to separate to pursue our individual growth." Image credits: Getty Images

Relationships

New theory in Hugh Jackman and Deborra-Lee Furness split

News of <a href="https://www.oversixty.co.nz/lifestyle/relationships/hugh-jackman-devastated-after-marriage-split" target="_blank" rel="noopener">Hugh Jackman and Deborah-Lee Furness’ split</a> after 27 years of marriage shocked the world, and now celebrity experts are sharing their theories. US broadcaster Cooper Lawrence shared her theory in an interview with Sunrise hosts Natalie Barr and Matt Shirvington on Monday morning. Lawrence claimed that the couple were waiting for their two adopted children Oscar, 23, and Ava, 18, to grow old enough before they had an amicable split. “I think [Jackman and Furness] were waiting until the kids were old enough that they could have an amicable split and not worry about child custody or how much everybody is going to pay each other,” she told the Sunrise hosts. She added that child custody battles are what make high-profile divorces “messy”, which could explain the timing of the divorce. “They don’t have to worry about that because the kids are older, so now they can just split their multi-millions and all their properties, which is a lot.” The couple have properties in New York, Sydney and The Hamptons. Lawrence added that the rumour mill began spinning on “the Broadway scene” sometime last year after the couple sold their <a href="https://www.oversixty.com.au/property/real-estate/hugh-jackman-s-nyc-triplex-attracts-big-looks-and-bigger-bucks" target="_blank" rel="noopener">three-storey New York apartment</a>. “For a while on the Broadway scene there was a rumour there might be something going on in that marriage and people were like, ‘This is kind of odd,’ but as soon as they sold their three-floor apartment... and downsized and then shipped a bunch of furniture home to Sydney, it was like ‘What’s really going on here?’” she said. She added that while celebrity splits are nothing new, some fans have taken it harder than others because some celebrities make them believe in true love. “Every time there was a think piece about Hollywood couples that made us believe in love, (Jackman and Furness) were always at the top of the list,” Lawrence explained. “They are always talking about each other and they were the ‘it couple’ for anybody that’s a little older than their younger spouse. “They were role models for everything in relationships.” Fans aren't the only ones devastated by the divorce. The Wolverine actor <a href="https://www.oversixty.co.nz/lifestyle/relationships/hugh-jackman-devastated-after-marriage-split" target="_blank" rel="noopener">broke his silence</a> the day after their separation statement went public, and shared that it was "a difficult time.' Image: Getty/Kevin Mazur/WireImage

Family & Pets

Hugh Jackman "devastated" after marriage split

Hugh Jackman has publicly addressed his recent separation for the first time since the news surfaced on Friday September 15. Photographed while running errands in the streets of New York, Jackman's ring finger conspicuously lacked a wedding ring. When approached by a photographer about the breakup, he declined to delve into details, simply stating, "It doesn't feel quite right talking about it on the street." The 54-year-old actor did, however, acknowledge the challenging situation with a brief remark, saying, "It's a difficult time," before courteously smiling at the photographer and resuming his errands. His appearance comes in the wake of reports indicating that he was profoundly affected by his split from his wife of 27 years, Deborra-lee Furness. However, some sources suggest that the separation had been a long time coming. The <a href="https://pagesix.com/2023/09/16/hugh-jackman-devastated-over-deborra-lee-furness-marriage-ending/" target="_blank" rel="noopener">New York Post's Page Six</a> section cited a source close to Jackman who said that he is “devastated” by the split and that he is “very sad". An insider from Broadway, where Jackman returned for "The Music Man" in February 2022, revealed that the breakup wasn't a recent development, sharing, "It happened a while ago. Friends and family knew about it." They added that there was no involvement of a third party and that the couple had gradually evolved into more like "roommates" The announcement of their separation came as a shock to their worldwide fanbase. The couple shared their decision to part ways through a statement released via People magazine, expressing their gratitude for nearly three decades of marriage and explaining their choice to separate in pursuit of individual growth. The statement concluded by requesting privacy during this transitional phase in their lives. “We have been blessed to share almost three decades together as husband and wife in a wonderful, loving marriage,” the statement read. “Our journey now is shifting, and we have decided to separate to pursue our individual growth.” Jackman and Furness then added that “our family has been and always will be our highest priority” as “we undertake this next chapter with gratitude, love and kindness”. “We greatly appreciate your understanding in respecting our privacy as our family navigates this transition in all of our lives,” the statement continued before they signed off as “Deb and Hugh Jackman”. “This is the sole statement either of us will make,” the pair concluded. Jackman and Furness first crossed paths while working together on the Australian miniseries Correlli in 1995. Jackman, who had previously described their connection as love at first sight, knew he wanted to marry Furness just weeks after meeting her. They tied the knot on April 11, 1996. Their journey together included overcoming miscarriages and embarking on an IVF journey before deciding to adopt. In 2000, they welcomed their son, Oscar, into their family, followed by the adoption of their daughter, Ava, five years later. Jackman had often openly expressed his deep affection for Furness throughout their marriage. Shortly before the news of their separation emerged, he shared a heartfelt message on Instagram celebrating their 27th wedding anniversary, professing his enduring love and admiration for his wife. In a recent development, Furness was spotted without her wedding ring just days before the news of their separation became public. Images: Instagram

Relationships

Princess Di's black sheep jumper sells for 14 times over asking price

Princess Diana's famous "black sheep" jumper has sold at auction for more than $1.1million. The iconic red and white (and one tiny bit of black, of course!) jumper fetched precisely $1,143,000 at Sotheby's in New York - making it the most expensive piece of clothing owned by the former Princess of Wales to sell at auction, as well as the most expensive jumper to ever be sold at auction. There were a total of 44 bids within the final 15 minutes of a two-week online bidding process for the famous item of clothing - during which the bidding leapt from $190,000 to $1,143,000, which ultimately pushed the sale to a staggering 14 times over the initial asking price of $80,000. The woollen jumper was worn by Lady Di to a polo match in Windsor in June 1981, just one month before she married the then-Prince Charles. Soon after Diana wore the garment, it was returned to Sally Muir and Joanna Osborne, founders of the label Warm & Wonderful because of a tear at the cuff. It was sent back to the designers along with a note from Buckingham Palace, requesting that the jumper be either repaired or replaced. A new jumper was knitted for Diana, with Osborne believing the original garment had been lost after the replacement was sent to the Princess of Wales, which she wore to another polo match in 1983. However, Osborne later discovered the jumper, which had been preserved underneath an old cotton bedspread, while searching her attic looking for an old pattern. She got in touch with Sotheby's auction house which gave the garment an auction estimate of around $80,000 - $120,000. Speaking to The Telegraph UK, Osborne said, "We didn't think we had any of the original sheep jumpers, because at the time, we were so desperate to complete orders that we never owned one ourselves, so I couldn't believe I'd found the original Diana sheep jumper." "It took a while to sink in. And we're so lucky it's not fallen to pieces." Sotheby's said of the now-iconic design, "The Black Sheep sweater is one of the most iconic pieces worn by Princess Diana to ever come to market." "The cultural impact of this moment from the 1980s is exemplified by the head of Rowing Blazers, Jack Carlson, who in 2020, requested to partner with the original designers and license the sheep design to be reproduced for his own fashion line." "Since stumbling upon the sweater ... we have been reliving the fond memories of Princess Diana appearing on the front pages of every newspaper in 1981, wearing our very own sweater. "While we are forever indebted to her for the impact this had on our business, our deepest appreciation lies in the knowledge that she shared a unique connection to the black sheep design. We are thrilled that this cherished sweater has now found a new home, carrying with it the enduring legacy of Princess Diana." Images: Getty

Beauty & Style

Junk fees and drip pricing: the underhanded tactics we hate yet still fall for

<a href="https://theconversation.com/profiles/ralf-steinhauser-1459112">Ralf Steinhauser</a>, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a> You see a fantastic offer, like a hotel room. You decide to book. Then it turns out there is a service fee. Then a cleaning fee. Then a few other extra costs. By the time you pay the final price, it is no longer the fantastic offer you thought. Welcome to the world of drip pricing – the practice of advertising something at an attractive headline price and then, once you’ve committed to the purchase process, hitting you with unavoidable extra fees that are incrementally disclosed, or “dripped”. Drip pricing – a type of “junk fee” – is notorious in event and travel ticketing, and is creeping into other areas, such as movie tickets. My daughter, for example, was surprised to find her ticket to the Barbie movie had a “booking fee”, increasing the cost of her ticket by 13%. It seems like such an annoying trick that you may wonder why sellers do it. The reason is because it works, due to two fundamental cognitive biases: the way we value the present over the future; and the way we hate losses more than we love gains. <h2>Present bias preference: why starting over feels too costly</h2> In the case of booking that hotel room, you could abandon the transaction and look for something cheaper once the extra charges become apparent. But there’s a good chance you won’t, due to the effort and time involved. This is where the trap lies. Resistance to the idea of starting the search all over again is not simply a matter of laziness or indecision. There’s a profound psychological mechanism at play here, called a present-bias preference – that we value things immediately in front of us more than things more distant in the future. In their seminal 1999 paper, <a href="https://doi.org/10.1257/aer.89.1.103">Doing it now or later</a>, economists Mathew Rabin and Ted O'Donoghue define present-biased preference as “the human tendency to grab immediate rewards and to avoid immediate costs”. They give the example of choosing between doing seven hours of unpleasant activity on April 1 or eight hours two weeks later. If asked about this a few months beforehand, most people will choose the earlier option. “But come April 1, given the same choice, most of us are apt to put off work till April 15.” In simple terms, the inconvenience and effort of doing something “right now” often feels disproportionately large. Drip pricing exploits this cognitive bias by getting you to make a decision and commit to the transaction process. When you’re far into a complicated booking process and extra prices get added, starting all over again feels like a burden. Often enough, this means you’ll settle for the higher-priced hotel room. <h2>Loss aversion: buying more expensive tickets</h2> Beyond the challenge of starting over, there’s another subtle force at work when it comes to our spending decisions. Drip pricing doesn’t just capitalise on our desire for immediate rewards; it also plays on our innate fear of losing out. This second psychological phenomenon that drip pricing exploits is known as loss aversion – that we feel more pain from losing something than pleasure from gaining the same thing. The concept of loss aversion was first outlined by economists Daniel Kahneman and Amos Tversky in <a href="https://www.jstor.org/stable/1914185">a 1979 paper</a> that is the third most-cited article in economics. <hr /> <figure class="align-center "><img src="https://images.theconversation.com/files/543635/original/file-20230821-25-mca6ku.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/543635/original/file-20230821-25-mca6ku.png?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=497&fit=crop&dpr=1 600w, https://images.theconversation.com/files/543635/original/file-20230821-25-mca6ku.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=497&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/543635/original/file-20230821-25-mca6ku.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=497&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/543635/original/file-20230821-25-mca6ku.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=624&fit=crop&dpr=1 754w, https://images.theconversation.com/files/543635/original/file-20230821-25-mca6ku.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=624&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/543635/original/file-20230821-25-mca6ku.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=624&fit=crop&dpr=3 2262w" alt="A graphic representation of loss aversion. The pain from losing a good or service will be greater than the pleasure from gaining the same good or service." /><figcaption>How economists Daniel Kahneman and Amos Tversky graphically represented loss aversion. The pain from losing a good or service is greater than the pleasure from gaining the same good or service. Daniel Kahneman and Amos Tversky, Prospect Theory: An Analysis of Decision under Risk, Econometrica, Vol. 47, No. 2</figcaption></figure> <hr /> Drip pricing exploits this tendency, by dragging us away from more “rational” choices. Imagine you’re booking tickets for a show. Initially attracted by the observed headline price, you are now presented with different seating categories. Seeing the “VIP” are within your budget, you decide to splurge. But then, during the checkout process, the drip of extra costs begins. You realise you could have opted for lower-category seats and stayed within your budget. But by this stage you’ve already changed your expectation and imagined yourself enjoying the show from those nice seats. Going back and booking cheaper seats will feel like a loss. <h2>Do consumers need protection?</h2> Empirical evidence supports the above theoretical predictions about the impact of drop pricing on consumers. <a href="https://doi.org/10.1002/mar.21426">A 2020 study</a> quantified how much consumers dislike the lack of transparency in drip pricing (based on tracking the reactions of 225 undergraduates using fictional airline and hotel-booking websites). The authors liken the practice to the “taximeter effect” – the discomfort consumers feel watching costs accumulate. But drip pricing’s effectiveness from a seller’s perspective is undeniable. A <a href="https://doi.org/10.1016/j.jebo.2020.04.007">experimental study</a> published in 2020 found drip pricing generates higher profits while lowering the “consumer surplus” (the benefit derived from buying a product or service). A <a href="https://doi.org/10.1287/mksc.2020.1261">2021 analysis</a> of data from StubHub, a US website for reselling tickets, calculated drip pricing increased revenue by 20%. Which is why the tactic remains attractive to businesses despite customers disliking it. Buyers would benefit from a ban of drip pricing. Many countries are taking steps to protect consumers from drip pricing. The UK government, for example, announced a <a href="https://www.theguardian.com/business/2023/aug/21/growth-of-airlines-add-on-fees-sparks-calls-for-price-reforms">review of drip pricing</a> in June, with Prime Minister Rishi Sunak flagging the possibility of measures to curb the practice. The US government is also considering <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/15/president-biden-recognizes-actions-by-private-sector-ticketing-and-travel-companies-to-eliminate-hidden-junk-fees-and-provide-millions-of-customers-with-transparent-pricing/">new regulations</a>, with President Joe Biden denouncing “junk fees” in his <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/02/07/remarks-of-president-joe-biden-state-of-the-union-address-as-prepared-for-delivery/">2023 State of the Union address</a>. Proposed changes include requiring airlines and online booking services to disclose the full ticket price upfront, inclusive of baggage and other fees. The effectiveness of measures, however, is <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4430453">still being debated</a>. In the meantime, your principal protection is making a more informed decision, by understanding why the tactic works. Bargains may attract you, but you can learn to not fall for hidden costs and align your choices with your budget and values.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/211117/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/ralf-steinhauser-1459112">Ralf Steinhauser</a>, Senior Research Fellow, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/junk-fees-and-drip-pricing-the-underhanded-tactics-we-hate-yet-still-fall-for-211117">original article</a>.

Money & Banking

The top 11 situations to always haggle for a lower price

Mortgage rates Buying a new home is probably the biggest purchase you will make over the course of your life, so every last penny you can save is worth it. “Borrowers should shop their business around to many banks/lenders to see what rates are available,” says mortgage broker Ade Labinjo. “Then use the rates obtained to pit the banks against each other for the purpose of either matching or driving down the rates they were quoted.” Labinjo says that by getting at least one extra quote rate, the average borrower could save up to $1,500. Never settle for the initial quote rate that the bank offers you – haggle for a better price because chances are, they’re not giving you their absolute best offer upfront. Flea markets, farmers markets, garage sales At flea markets, farmers markets, and garage sales the sellers typically set their own price. If you know how to haggle, this is a great opportunity to get a really good deal. Also, see if buying in bulk or large quantities can get you a price reduction. Hotel rooms Hotels want their rooms filled, so it never hurts to haggle with the people at the front desk for a better price or room upgrades. “Hotels have to pay a commission to booking websites, and pass on some of that as a benefit to the user,” says Saurabh Jindal, founder of Talk Travel. If you find that the price is the same on the booking website and the hotel’s website, ask the hotel for a room with a better view or more amenities. “Hotels have rooms allocated to various booking platforms and may give you a better option which has not yet been sold.” Memberships Memberships always come along with extra fees. It might be a renewal fee, startup fee, or a maintenance fee if it’s your gym membership. Ask if they can waive some of the fees or threaten to cancel and go somewhere else. They want to keep making money off of you and might just give you a discount. Lease renewal If you’re considering re-signing your lease, know that it is most likely more expensive for the landlord to prepare your apartment for a new tenant than to lease to you for another year. If you’ve had a good relationship with your landlord, try to negotiate in a deal before you re-sign. If the landlord is going to increase your rent, ask if you can increase it by less or not at all. If you consistently pay rent on time, are a respectful neighbour, and take good care of your apartment they may keep your rent from increasing. It’s important to remember who your lease is with though, says Julie Ramhold, Consumer Expert at DealNews.com. If your apartment is owned by a management company, they probably won’t offer any wiggle room. But, if you’re renting from a single landlord or owner, try negotiating for a lower price. Online selling platforms People who post items for sale online are typically moving or looking to get rid of unwanted items. Use that to your advantage and ask for a lower price – the worst they can say is no. You could also offer to come and pick it up quickly if they give you a better deal. Internet and phone bill As annoying as your internet and phone provider may be, they don’t want to lose you as a customer. “If you’re signing up or looking to renew, sometimes you can get a lower rate by telling a rep what the competitor is offering and saying it works better with your budget,” says Ramhold. A lot of cable companies give you a promotional price for your first year, make sure to call right before the price goes up for your second year. The competitors will most likely offer better prices for new customers and that can work in your advantage and possibly get you a better deal with your current provider. Insurance rates Just like internet providers, insurance companies don’t want you to switch to a different provider. “Use your customer loyalty to your advantage and try to talk to the right person on the phone,” says Kelan Kline a personal finance expert and co-founder of The Savvy Couple. “Tell them the service you are receiving is not good enough for the price.” They might offer you a discount to keep you. Home services If you’re renovating your kitchen or getting some landscaping done, make sure to shop around and get a few different quotes first. Use those quotes to negotiate with the contractor you want to work with. Also, you may be able to haggle for a better price if you offer to pay upfront in cash or schedule a contractor during the winter months when business is typically slower. Jewellery “You should know that the markup on diamond jewellery is anywhere from 50 to 200 per cent and more,” says Chhavi Agarwal, a personal finance expert. There is always room for haggling. Agarwal suggests politely making a counteroffer. You’d be surprised the changes they are willing to make to the bill. If they refuse to come down in price, try to haggle the labour charges. Returned items Never miss an opportunity to haggle for a better price on items that have been returned to stores. Stores will typically mark returned items that have been slightly used or have a ding with a price reduction, but it doesn’t hurt to ask for more off. They know that items that have already been opened aren’t as appealing to customers and they want to get them sold. Image credits: Getty Images This article originally appeared on <a href="https://www.readersdigest.co.nz/food-home-garden/money/11-times-you-should-always-haggle-for-a-better-price?pages=1" target="_blank" rel="noopener">Reader's Digest</a>.

Money & Banking

15 great kitchen hacks to extend the life of food and save on waste

If you’re sick of throwing food in the bin (and wasting money), try these simple tips to reduce your wastage in the kitchen. 1. Use food scraps to grow vegetables Save the odds and ends from veggies such as potatoes, sweet potatoes, leeks, spring onions, celery, bok choy, garlic and even onions. These can all be replanted in some soil and will grow back. Just don’t forget to water them. 2. Reheat leftover slices of pizza in a frying pan If you aren’t a fan of floppy microwaved pizza, just pop your pizza into a hot fry pan instead. Your crusts will stay crispy and it will heat through much faster than it would in the oven. 3. Bring stale potato chips back to life in the microwave If you left the bag open overnight, fear not. Pop your stale chips in the microwave on high for 10 seconds or until crisp. 4. Use leftover herbs to make herb butter If your herbs are on the turn, just chop them up and mix with some melted butter. Pop it into some ice cube trays and freeze. Then you can enjoy the perfect portion of herb butter to use on your steak or to make homemade garlic bread. 5. Keep bananas fresher by wrapping the tips If you want your bananas to last longer in the fruit bowl, just wrap their tips with some cling film. They should keep for around three to five days longer. 6. Keep greens fresher in foil Celery, broccoli, and lettuce all last much longer in the fridge if you wrap them in foil first. 7. Keep pineapples sweet by storing upside down The sugars in this fruit can all end up on the bottom after the time spent in transit. So keep your pineapple upside down when you get home and the sweetness will be redistributed evenly. 8. Use a glass to peel a mango You can use a glass to slide the skin off your mango. This will avoid wasting any fruit that you’d normally toss after peeling with a knife. 9. Make a two-ingredient Nutella milkshake When you need a sweet treat but you’re nearly out of Nutella, just add warm milk to the jar and shake well. 10. Avoid sprouting potatoes by storing them with apples The ethylene gas in the apples helps to stop your potatoes from sprouting. 11. Keep leftover avocado fresh by storing it with a sliced onion There is sulfur in the onion and this keeps the avocado from going brown. 12. Keep cake fresh by covering with sliced bread Cover the exposed cake with some bread held in place with toothpicks and it will stay soft. 13. Extend the life of your eggs with vegetable oil By rubbing the eggshells with vegetable oil it will keep them fresher in the fridge for three to four weeks. 14. Keep lettuce fresh by storing in a brown paper bag No more sad and limp leaves! Keep your lettuce wrapped in a brown paper bag in the fridge. Plus, keeping the outer layers in place even if they have gone brown will keep the inside fresher for longer. 15. Reuse coffee grounds in the garden Plants such as roses, hydrangeas, blueberries, raspberries, strawberries and tomatoes will all appreciate a liberal sprinkling of your used coffee grounds. Related links: <a href="http://www.oversixty.co.nz/lifestyle/home-garden/2015/12/stains-never-to-clean-with-water/">4 stains you shouldn’t use water to clean</a> <a href="http://www.oversixty.co.nz/lifestyle/home-garden/2015/12/household-tricks-from-the-1900s-2/">More great vintage household tricks from the 1900s</a> <a href="http://www.oversixty.co.nz/lifestyle/home-garden/2015/12/alternatives-to-wrapping-paper/">8 DIY alternatives to wrapping paper</a>

Home Hints & Tips

7 mental shifts to get yourself out of a rut

If you are stuck in a mental rut you can feel frustrated that your life seems to be harder than it should be. It can feel as though the world is against you, making things more difficult with each passing day. But did you know that you have the power within you to turn this around, simply by changing the way that you think about things? It is your mind that determines whether you feel happy or not, and with some training you can flip the switch to give yourself a more positive outlook. 1. Think about what makes you happy Think of the last five things that made you truly happy and note them down. Remember that what makes you happy can be completely different to someone else, as each of us is unique. See if you can see a pattern of behaviours that led to this happy outcome, and replicate them into other areas of your life. It might be getting outdoors more often, or catching up with friends regularly who make you laugh. 2. Determine what is really important to you If you are continually feeling down after a specific event (such as visiting an old friend, or doing a task such as house maintenance), note this down. Think about ways that you can change the situation – for instance some old friendships may have run their course and it may be time to call it a day. Or perhaps the old house that you love that’s falling apart at the seams is too much work for you and so calling in a professional to help maintain it could be an option. 3. Think about how you spend your time Being stuck in a job that you hate, or living in a town that you no longer love can be a happiness killer. By determining how you want to spend your time, you may find that your skills and time could be better used in another way. Perhaps it’s time to think about retirement or finding a new job. Maybe now is the time to think about the sea-change you’ve always dreamed about. Doing something that you’re passionate about is a sure fire way to improve your happiness levels. 4. Make connections within your relationships. Most of us have people around us who care about our health and well-being. Yet we can end up shutting them out when we feel down in a rut, as it seems as though there is no way out. Now is the time to reach out to the people in your life, and ask for help. Being too proud won’t get you out of the downward spiral, so bite the bullet and be honest about how you are feeling. 5. Think of your problems from a new angle It’s hard for our brains to tell the difference between the stress of a job and the stress of being chased by a lion. Perspective is what can give you the edge to shake off the bad feelings. So think about what is troubling you in another way to see whether you can turn things around. If a friend came to you and told you the same issues were happening to them, what advice would you give them? Often thinking about problems in this way can give you a new insight. 6. Think of depression as a symptom, not a life sentence. For many of us, the idea of having depression can feel like a label that can be hard to shake off. But in fact, depression can simply be seen as a sign from the body that something is not quite right. Think of depression as a starting point for discovering what is at the heart of your mental rut. Take the time to think about what could be causing the pain and then take the steps to set things straight. 7. Notice and address defence mechanisms Many of us have certain ways that we deal with bad feelings – turning to food, alcohol, or perhaps drugs. But when it gets to a point where we are using these vices to push feelings away that make us uncomfortable, it can become a problem. Note when you feel yourself turning to these things and think about some healthier alternatives. Could you go for a walk instead? Call an old friend for a chat? Before you let the addictions take hold, think about how you can redirect the feelings into a more positive space. Images: Getty

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