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Overview – Perfect Price Discrimination
Price Discrimination definition is something which every student must be aware of in order to gain effective knowledge in the study of economics. It is a microeconomic pricing strategy in which similar or largely identical commodities are transacted at different prices by the same vendor in different markets. It relies on the customer’s willingness to pay and the elasticity of demand. Other factors of Price Discrimination include market share, monopolistic market, uniqueness of the product, sole pricing power, etc. The prices are higher than the equilibrium price under Price Discrimination. Other terms used in place of Price Discrimination include equity pricing, dual pricing, tiered pricing and preferential pricing.
Perfect Price Discrimination
The highest level of Price Discrimination is termed as perfect Price Discrimination. It is also called first-degree Price Discrimination. In this case, the firm tries to gain as much market surplus it can achieve. First-degree Price Discrimination observes Pareto efficient level of output where marginal cost is equal to the marginal willingness to pay. As seen in the above figure, the producer surplus is equal to the total surplus which is (A+B). Therefore, you can observe that there is no deadweight loss even though there is no consumer surplus either. In the end, the quantity and price become equal and it turns into perfect competition. So, in practical scenarios, it is agreed that perfect Price Discrimination cannot exist. In real life, the closest one can get to perfect Price Discrimination through second-degree Price Discrimination or two-part tariff.
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