In The News: Department of Economics

Economists say the rising price of oil due to military conflict in Iran has impacts beyond driving up the cost of fuel.

As concerns grow over the United States involvement in Iran, so have the concerns of how the turmoil may impact local economies.

It helps that Nevada is already active in all seven stages of that supply chain—from exploration and mining to manufacturing and recycling. According to a 2022 report by UNLV researchers, the state employs more than 9,000 across the entire process, including over 60% of the nation’s lithium-ion battery jobs. That number could soon surge, as the report estimates that the global battery industry will grow to $115 billion by 2030—a 422% increase from 2020.
The latest annual economic benefit projection is larger than the $1 billion figure that Gov. Wes Moore and other officials shared shortly after Sphere announced its plans to expand. But economists say economic impact estimates are often inflated.

Overall, UNLV’s Lied Center for Real Estate reported in September that Las Vegas’ housing market was “largely unaffordable for much of the local population.”

The study, conducted by UNLV’s Lied Center for Real Estate, used artificial intelligence to help collect the data in the county, which is home to Reno and Sparks, and broke down investors into five separate groups.
Las Vegas could face a downturn in international tourism from Europe over rising tensions between the United States and European countries, experts say—just weeks after Sin City's housing market showed strong signs of a comeback.
The Sphere — that luminous, ginormous orb of entertainment ostensibly suited only for Las Vegas — might soon send a smaller sibling rolling into Maryland.
If your grocery bill feels unpredictable lately, it may not be just inflation at work. A new investigation suggests that some shoppers are paying more than others for the exact same groceries — even when buying from the same store at the same time.
If timing matters for your budget, there are certain gift categories that show more reliable chances for last-minute price drops, according to ChatGPT. Retailers use dynamic pricing during the holidays, meaning prices can move up or down based on demand and inventory levels. It’s a pricing strategy that can make waiting until the final week before Christmas worthwhile for some purchases. Here are a few ways to take advantage if you still have some last-minute shopping to do.

The holiday season is upon us, and shoppers are in the homestretch of their search for gifts. But what role will the economy, dynamic pricing, and shrinkflation play in consumers’ ability — or even interest — to cross items off their wish lists?

As the holiday season unfolds, consumers are navigating the complexities of dynamic pricing, a strategy where prices fluctuate based on demand and other factors. Economist Mark Tremblay from UNLV explains that dynamic pricing, while not new, has become more prevalent with the rise of online shopping, where prices can change by the second. This approach is now extending to brick-and-mortar stores through digital price tags, allowing for frequent price updates without the need for physical changes.