In today's digital economy, the price people see for a product might not be the price their neighbor sees — even if you're buying at the same time.

Experts call it "personalized pricing," a growing practice where companies use massive amounts of consumer data to determine the exact amount you might be willing to pay.

Economist and associate professor at Brandeis University Ben Shiller explains it simply: "Personalized pricing is when companies use a lot more data to basically charge just about everyone their own price."

This approach uses advanced algorithms and data analytics to assess factors like demographics, browsing history, past purchases, and even how you move your mouse on a website. The goal is to predict the highest price you'll pay without abandoning your purchase.

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