The beauty salon owner has a limited number of available appointments. Every day she encounters the same problem—zero availability and several last minute cancellations or no-shows. This situation is frustrating and it’s losing her money. She thinks she might solve the problem by implementing a cancellation fee, charging clients who cancel within 24 hours of…

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I will never see the taxi driver who picked me up from JFK again. He doesn’t have to worry that he tried to overcharge me and he doesn’t care if it’s me, or one of a hundred other visitors in the back seat tomorrow. Uber, on the other hand, knows when I last booked a…

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