This week, McKinsey made the case for why open-data ecosystems for finance is the next frontier and examined the technology rethink required in retail, insurance coverage, banking, automotive, photonics, and biotech. Seth Moore, former chief technique and analytics officer of on-line retailer Overstock.com, who is now a senior adviser to McKinsey, clears up several misconceptions about dynamic pricing in a retail context. It’s not about changing costs incessantly, neither is it a blend of artwork and science. It’s plain old science, whereby an algorithm can increase the speed at which a retailer makes good pricing decisions. Personalizing prices for customers is a fragile matter; the best technique is to offer…