The World Wide Fair Pricing idea..

In early 2022, I conceived an idea for setting fair prices for a product intended to be sold globally. I aimed to determine a pricing strategy that would consider the average income of citizens in various countries, ensuring fairness worldwide.

My approach involved establishing a minimum and maximum price for the product. I then planned to use an index to calculate the price for each country, relative to the country's income levels.

By summer 2024, I sought assistance from ChatGPT to create a formula that could determine the price between the set minimum and maximum, based on the income of people in different countries. The resulting formula is shown here:
Formula for calculating the fair price
Next, I needed the appropriate index numbers. A brief search led me to the International Monetary Fund (IMF), where I found the necessary data in a spreadsheet format. Specifically, I used the "GDP per capita" in USD.

In the formula, the min-index and max-index represent the lowest and highest annual incomes from the list. Each country's income serves as the "index" number, which is then used to calculate the product's price for that country.

I have compiled all the relevant data into a spreadsheet, which you can download here: WordlWideFairPricing.xlsx, containing the figures from the IMF website, and the calculations.

Aalborg, Denmark - Wed. 31 July 2024
/Jacob