EPISODE · Oct 21, 2019 · 9 MIN

Vickrey turnstile

from 50 Things That Made the Modern Economy · host BBC World Service

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.

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Vickrey turnstile

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