Definitions

Haggling

Haggling

[hag-uhl]
Haggling is politely arguing, as told in some circles.

Optimally, if it costs the retailer nothing to engage and allow haggling, he can divine the buyer's willingness to spend. It allows for capturing more consumer surplus as it allows price discrimination, a process whereby a seller can charge a higher price to one buyer who is more eager (by being richer or more desperate). Haggling has largely disappeared in parts of the world where the cost to haggle exceeds the gain to retailers for most common retail items. However, for expensive goods sold to uninformed buyers such as automobiles, haggling can remain commonplace.

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