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Multiple product qualities in monopoly: Sailing the RMS Titanic into the economics classroom
Authors:Carlos J. Asarta  Franklin G. Mixon Jr.  Kamal P. Upadhyaya
Affiliation:1. Department of Economics, University of Delaware, Newark, DE, USA;2. Department of Economics, Columbus State University, Columbus, GA, USA;3. Department of Economics, University of New Haven, West Haven, CT, USA
Abstract:In this pedagogical contribution the authors extend the traditional three-class tariff employed in the French passenger railway system with the more resonant story of the service quality variations associated with the three passenger classes of the ill-fated RMS Titanic. In doing so, they provide economics instructors with an opportunity to integrate the well-known motion picture Titanic (Cameron and Landau 1997 Cameron, J., and J. Landau. 1997. Titanic. Los Angeles: 20th Century Fox, Paramount Pictures, and Lightstorm Entertainment. [Google Scholar]) into the teaching of economics. This article provides instructors with resources that can be used to link historical and modern travel examples of price discrimination in order for students to reach a “deeper understanding of course concepts” (Salemi 2002 Salemi, M. K. 2002. An illustrated case for active learning. Southern Economic Journal 68 (3): 72131.[Crossref], [Web of Science ®] [Google Scholar], 725).
Keywords:economic education  economics in the movies  monopoly theory  product differentiation
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