When AI is used to set prices, can inadvertent collusion be a result?
Machine learning can be an effective tool to set competitive prices. Artificial intelligence has its limits on how to set the most effective prices due to variables beyond the seller's control. Over the long term, supracompetitive pricing can result. CATONSVILLE, MD, January 12, 2021 - Machine learning and artificial intelligence (AI) are perfectly suited to help companies and marketers monitor and set prices based on real-time dynamic pricing. But new research has identified some possible unintended consequences of AI in this area. Machine learning algorithms don't always account for factors...
Source: eurekalert.org