In 1952, William Vickrey devised an innovative system of turnstiles for the New York subway - but it never became a reality. So how did it help make the modern world?
In 1952, economist William Vickrey devised an innovative system of turnstiles to help solve a major problem on New York’s subway network. It never became a reality, but, as Tim Harford explains, the idea behind it has had a major influence on how companies decide what to charge us for goods and services today.
William S. Vickery 'The revision of the rapid transit fare structure of the City of New York: Finance project' New York 1952
William S. Vickrey 'My Innovative Failures in Economics' Atlantic Economic Journal 1993
John Koten 'Fare Game: In Airlines' Rate War, Small Daily Skirmishes Often Decide Winner' The Wall Street Journal 24 August 1984
Dug Begley 'Almost $250 for 13 miles: Uber's 'surge pricing'' Houston Chronicle 30 December 2014
Nicholas Diakopoulos 'How Uber surge pricing really works' Washington Post 17 April 2015
Constance L. Hays 'Variable-Price Coke Machine Being Tested' The New York Times 28 October 1999
David Leonhardt 'Airline Tickets Can be More in June than in January. But Soda? Forget it' The New York Times 27 June 2005