1 What are the two big approaches to thinking about fairness? Price gouging is the practice of offering an essential item for sale following a natural disaster at a price much higher than its normal price. When the Icelandic volcano erupted in April 2010, airlines were grounded and passengers looked for rooms. The prices of rooms near European airports increased from €460 to €800 in one afternoon. Hotels, B&Bs and local people offered to rent rooms not usually used. Many stranded travellers who could not afford the prices slept in the airports. Should there be a law against this type of price gouging?