price
Let an agent explain prices, how they are set and displayed, consumer rules on price indication and discounts, and price statistics, without investment advice.
Research draft, second pass
A second pass drafted this model: the structure a model of this thing needs, and what is known about it in the world. The line under this one says how the second half was obtained - researched against sources, or recalled without web access, in which case nothing here was read anywhere and every claim is a lead to verify. Unreviewed either way.
written by Claude from model knowledge without web access - no source was read, every claim is a lead to verify
Researched by: Claude
Purpose and description
Let an agent explain prices, how they are set and displayed, consumer rules on price indication and discounts, and price statistics, without investment advice.
The amount of money asked, paid or expected in exchange for a good, service or asset, formed by supply, demand, costs and market power, and expressed in forms such as list, sale, unit, fixed and benchmark prices; price levels are tracked by indices such as consumer price indices.
What it is for: Trade, economics and consumer decisions.
It can be compare prices using unit pricing; check whether a discount claim is fair; understand price indices and inflation; report misleading pricing.
Distinguishing features
Amount of money for exchange
Set by markets and sellers
Regulated in display
Changes over time
What it looks like
Figures on labels, menus, invoices, websites and exchange boards.
How it is recognised
Price tags and unit prices
Was and now discount labels
Cost is what the seller pays
Related models
is a kind of - category
is related to - concept
is measured by - statistic
includes - addition
In practice
Families and kinds
retail and list prices
unit prices
wholesale and export prices
benchmark and reference prices
dynamic and surge prices
Standards and regulation
EU Price Indication Directive
Rules on prior price for announced discounts
Price gouging and unfair commercial practices law
Failure modes and hazards
Misleading discounts
Hidden fees and drip pricing
Agents giving investment advice
Also called
+23
Where this came from
wikidata · CC0 1.0
Also registered as vr.tr.price-possession
Drafted structure
Bundle to layer to finding to question, as the second pass will find it: 4 bundles · 8 layers · 8 findings · 16 questions.
Compare Comparing prices.
Unit prices help.
Unit
Unit pricing.
Unit
Unit prices.
- What is the price per kilogram, litre or item? measurement
- Which option is cheaper per unit? measurement
Total
Total price.
Total
Total price.
- Does the displayed price include all mandatory fees and taxes? boundary
- Must it be shown up front here? provenance
Rules Price display.
Rules protect consumers.
Discount
Discount claims.
Discount
Discount claims.
- Is the claimed previous price the lowest in the required reference period? provenance
- Is the discount genuine? boundary
Report
Misleading pricing.
Report
Reporting.
- How can misleading pricing be reported to consumer authorities? action
- What evidence helps? action
Economics Price formation.
Markets set prices.
Formation
Supply and demand.
Formation
Price formation.
- How do supply, demand and costs affect this price? definition
- What role does competition play? definition
Inflation
Price indices.
Inflation
Price indices.
- What does the latest consumer price index show, according to the statistics office? provenance
- For which period? provenance
Limits Agent conduct.
No investment advice.
Advice
Asset prices.
Advice
Advice limits.
- Is the user asking whether an asset price will rise or whether to buy? boundary
- How should the agent decline investment advice? action
Gouging
Emergency pricing.
Gouging
Price gouging.
- Are prices for essentials being raised sharply during an emergency? boundary
- Which authority handles complaints? provenance
What the second pass must settle
- Should price types be separate entries?
- How should price indices be linked?
- How should consumer rules be localised?