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The rise in tomato prices in India is a complex issue driven by climatic vulnerability, supply chain interruptions, and geographical inequities. This issue has a huge impact on households and food security, particularly given how important tomatoes are in Indian cuisine. To overcome this crisis, price-stabilization techniques are required. The weaknesses in the agriculture sector underline the significance of implementing climateresilient strategies, such as researching adaptable tomato varieties. The Tomato Grand Challenge exemplifies cooperation efforts among politicians, scholars, and communities. Furthermore, this study investigates the application of the law of demand to tomato prices, demonstrating complexity due to cultural relevance and perishability. Conducting sentiment analysis with NVivo software provides insights into public perceptions and feelings, revealing subtle subtleties in perspectives. This research uses both quantitative and qualitative dimensions to explore the complex interplay of economics, culture, and consumer behavior, providing useful insights into the problems that shape demand during price variations. [ABSTRACT FROM AUTHOR]

Left-digit bias (or 99-cent pricing) has been discussed extensively in economics, psychology, and marketing. Despite this, we show that the rideshare company, Lyft, was not using a 99-cent pricing strategy prior to our study. Based on observational data from over 600 million Lyft sessions followed by a field experiment conducted with 21 million Lyft passengers, we provide evidence of large discontinuities in demand at dollar values. Approximately half of the downward slope of the demand curve occurs discontinuously as the price of a ride drops below a dollar value (e.g. $14.00 to $13.99). If our short-run estimates persist in the longer run, we calculate that Lyft could increase its profits by roughly $160M per year by employing a left-digit bias pricing strategy. Our results showcase the robustness of an important behavioral bias for a large, modern company and its persistence in a highly competitive market. [ABSTRACT FROM AUTHOR]

When teaching macroeconomics, students intuitively know why macroeconomists stress the dangers of inflation, but question why economists will say deflation is worse. To explain macroeconomists will almost always point to Japan's "Lost decade", a spiral of declining economic activity intertwined with declining prices. Their claim is that the deflation was a principle driver for the deepening recession as declining prices could cause consumers not to purchase more (as the law of demand would normally expect) but rather less in anticipation of even lower prices to come. This paper looked at the empirical evidence from the energy sector, specifically gasoline sales during the 2013-2015 time period and verified that there is evidence that some US consumers did indeed delay purchases even if they ultimately bought more. [ABSTRACT FROM AUTHOR]

We consider random choice rules that, by satisfying a weak form of Luce's choice axiom, embody a form probabilistic rationality. We show that for this important class of stochastic choices, the law of demand for normal goods—arguably the main result of traditional consumer theory—continues to hold on average when strictly dominated alternatives are dismissed. [ABSTRACT FROM AUTHOR]