The use cases that Nikki referenced to describe personalized pricing vs. dynamic pricing are fantastic examples. One thing we should keep in mind is that there are various levels of dynamic pricing and personalized pricing.
I believe that becoming MORE dynamic in your pricing CAN generate returns if executed in a thoughtful manner. I also have seen data that clearly shows how becoming more personalized in your pricing can drive significant ROI as well.
My only comment is that this shouldn't be a binary decision. It would be prescient for us to all take a look at where we are on our pricing journey as it relates to being dynamic (responsive to the market, responsive to customers on a whole) and where we are on our personalized journey (determining who and what to discount and who not to) and explore what it would mean to move a step or two in each direction.
It doesn't always have to be a binary decision.