Exploring the biggest questions of our time with the help of the world's greatest thinkers. Host Manoush Zomorodi inspires us to learn more about the world, our communities, and most importantly, ourselves.Get more brainy miscellany with TED Radio Hour+. Your subscription supports the show and unlocks a sponsor-free feed. Learn more at plus.npr.org/ted
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#516: Why Paying $192 For A 5-Mile Car Ride May Be Rational
Here's the scenario: A man and his wife are desperate to get to the hospital because she is about to deliver a baby. It's a hot summer day. It's rush hour. They flag down a private car and ask, "How much?" To their surprise the driver wants to charge them four times the normal price of a cab. So, is this a story about a cabbie taking advantage of a vulnerable couple or is it simply good economics? Today, we are talking about a company that charges people in desperate situations more for a ride, and we'll consider the argument that it might actually be better for everyone.