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Efficient markets – Great for Customers, Tough on Business

Chip Conley, Modern Elder Academy

During the economic downturn that followed the dot-com bust, there were many travel bargains to be found through new websites such as Expedia and Priceline. In what is called an efficient market, customers had a flood of bargains at their fingertips. Joie de Vivre Hotels was forced to lower room prices and pay commissions to these third-party websites.