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Uber
Surge pricing happens when there's a high demand for Uber vehicles in a particular area. During times of high
demand - on weekend nights, on holidays, or during bad weather - Uber enacts surge pricing
(https://support.uber.com/hc/en-us/articles/201836656-What-is-surge-pricing-and-how-does-it-work-),
which charges a multiplier on every fare during busy times. Uber says that by raising its prices, it encourages
its supply - drivers - to get out on the road to keep up with increased demand.
Uber will never spring surge pricing on you without you consciously acknowledging what you're paying for.
When surge pricing is happening, you'll be notified before you can even hail the car. Uber's app puts it in big,
bold print so you can't miss it. And when surge pricing rates are more than 2x, customers have to type in the
multiplier to make sure they know what to expect.
This doesn't stop people from complaining about surge pricing.
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Reuters/Jim Young
A visitor to a house covered in Halloween decorations looks over the scene in the front yard in the Chicago
suburb of Naperville, Illinois.
Uber is a relatively new and quickly growing business. It does not have any sort of responsibility to its
customers to keep prices low. It is trying to make money, as companies often want to do, and on nights like
New Year's Eve, Uber stands to generate more than $100 million in revenue
(http://www.businessinsider.com/uber-new-years-eve-revenue-charts-2014-12).
Uber is by no means unique in its dynamic pricing strategy, either. Airlines have similar tactics to sell tickets
and hotels use dynamic pricing to book rooms, especially during busy holiday seasons. As Matt Yglesias
pointed out in Slate
(http://www.slate.com/blogs/moneybox/2014/01/08/uber_surge_pricing_more_transparency_than_people_want.html)
what makes Uber different is that the company is at least up front and transparent about how much you're
going to pay when the price spikes.
If you don't want to pay a crazy-high fare tonight, you're in luck because Uber is not the only method of
transportation available and nobody is making you use Uber (or Lyft, or any other ride-hailing service).
You can walk. You can try to call or hail a cab. You can take a subway or a bus if you live in a city. You can just
stay home and have a party with your friends. Or you can wait a few hours, since Uber expects the worst surges
(http://www.businessinsider.com/these-are-the-best-times-to-hail-an-uber-and-beat-surge-pricing-on-newyears-eve-2014-12) to be between 12:30 and 2:30 a.m.
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startup-that-just-joined-the-Unicorn-club-We-
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