Why Is First Class So Expensive? the Real Pricing Story

Exploring why is first class so expensive often starts with a list of perks: a wider seat, better food, priority service, and perhaps a lie-flat bed. Those benefits matter to travelers, but they don't explain the price by themselves. Airlines don't price the front cabin like a restaurant adding up ingredients. They price it like a scarce financial product, using a small number of seats to capture what high-value...