Corporate Data Collection: What are we willing to give

Economically and ethically speaking, is it fair to charge different people different costs?
Price discrimination, according to economists, should be shunned despite the economic and ethical issues at hand. It is both illegal and unethical to charge different people a different cost for a similar product. When consumers are offered fixed prices, the demand is bound to increase, thereby, creating room for the development of a given business. Research has delineated and reiterated the unethicality involved with price discrimination and its tenets. Most times, sellers discriminate their customers based on race, religion and gender, among others. It is important to treat every consumer equally so as to attract a greater number. Ethically speaking, price discrimination should only be allowed through the customer’s consent. Selling similar products differently may attract poor demand due to the powerful nature associated with word of mouth in the business. When other customers are aware of such prejudice, they search for other sellers. There is a greater concern regarding online businesses due to the inability of customers to witness price discrimination. When the transactions are carried out offline, it is possible for individuals to know the fixed prices of various commodities. It is quite unfortunate that online transactions increase the prevalence of price discrimination both economically and ethically.
Economically speaking, there is room for consumers to acquire goods and services for different prices.

It is important to maintain firm competition through supplying commodities to distinct consumers. Due to differences in requirements, it is fair for these suppliers to set separate prices for each customer. It is quite sensible to sell a product at a lower price when the consumer cannot afford to purchase it at a higher one. Similarly, there are consumers that dispense large amounts of money for satisfactory results. It is, therefore, fair for the sellers to set different prices as long as both parties benefit from the exchange. When commodities are sold at standard prices, some consumers may fail to purchase them. Catering to all groups of customers requires sellers to create fluctuated prices so as to develop the business by satisfying their buyers.
Understanding businesses both economic and ethical perspectives augurs different results. While the former deals with facts, the latter is more concerned with executing the accepted activities in society. It is important for business folk to understand both worlds before offering their services to clients. Creating a balance between economics and ethics leads to progression rather than deterioration of the business. As there are advantages of charging different costs, there are also drawbacks affiliated with the same.
What is predictive analytics? Is it ethical to use predictive analytics to make decisions that impact individuals?
Predictive analytics utilizes data, statistics and technological advancements to acquire information about the future. It is through analysis of existing data, facts and details that such predictions are made. Predictive analytics is present in different economic sectors such as marketing, healthcare, actuarial science and insurance, among others. There are numerous issues revolving around the ethical authenticities of predictive analytics (“Corporate Data Collection: What are we willing to give?”). Despite the prevalence of reduced costs and improved outcomes in health care, for instance, it is unethical for health practitioners to employ predictive analytics in acquiring solutions for their patients. Incorporation of this method in healthcare often deprives patients of useful and requisite information. While employing predictive analysis, physicians may suppress certain details from patients, assuming irrelevance of this information. Other patients supposedly affiliated with the information, according to predictive analytics, are then equipped to the letter. Ethically, it is uncouth to utilize predictive analysis for individuals’ decisions as a result of the disadvantaged accrued in the process. People battling certain challenges experience worse results in the wake of such predictions.
Moreover, predictive analytics may interfere with one’s privacy and confidentiality. Using data and information to augur certain predictions may expose individuals’ personal details. From an ethical perspective, predictive analytics impacts people’s decisions negatively due to its inability to consult and receive consent from them. Ethics does not concur with the acquisition of information through a breach of contract. These individuals are part of their decisions thus ethical issues arise when there is an attempt to separate the former from the latter. In conjunction with infringement of privacy, predictive analytics also interfere with the anonymity of various individuals. While they make the decision of living anonymously, these prediction methods affect them in an inconveniencing manner. No person would manage to hide their details with the existence of predictive analytics and data. Unfortunately, ethics addresses the issue of discrimination apropos of predictive analytics. Such processes often collect information that leads to segregation based on race, sexual orientation and ethnicity, among others. While topics such as sexuality may not be discussed openly, predictive analytics utilizes advanced modes of technology to acquire the minute details of an individual (“Corporate Data Collection: What are we willing to give?”). As a result, there are ethical issues arising from negative impacts on these affected people. The exposure to discrimination affects their ability to interact and socialize comfortably with other individuals hence; eliciting unethicality in predictive analysis and similar data collection methods. Evidently, these methods of collecting data are considered unethical due to their blatant interference of an individual’s personal space and confidentiality.
References
Corporate Data Collection: What are we willing to give? Arizona Public Media. Retrieved from: https://livestream.com/azpm/events/6556756/videos/140831473