Virtual Competition: The Promise and Perils of the Algorithm-Driven Economy

Virtual Competition: The Promise and Perils of the Algorithm-Driven Economy
Ariel Ezrachi
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NZ$ 53.99
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NZ$ 45.89
Trade Paperback
h235 x 156mm - 368pg
5 Nov 2019 US
International import eta 10-30 days
9780674241589
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This is a book about the implications of artificial intelligence and pricing algorithms for market competition. The authors argue that advanced computerization enables companies to pursue new methods of collusion, coordination, and price discrimination that pose huge challenges for regulators. ' Ezrachi and Stucke raise challenging questions about the true competitiveness of present and future online markets, and the limitations of competition, consumer protection, and privacy law in an advanced 'computerised trade environment'. ' Chief among the authors' concerns is the use of algorithms for collusion. If CEOs in a given industry met and agreed to coordinate their prices to extract the maximum from consumers, they would be guilty of traditional collusion. Now, companies can coordinate tacitly, simply by programming their computers to check competitors' prices and to adjust their own automatically.
Ezrachi and Stucke s insights into data-driven opportunities, collusion scenarios, discrimination, and frenemies will help authorities distinguish between true efficiencies and anti-competitive problems, and ensure that most enforcement at least keeps up with technological developments. Forward-thinking competition authorities can use these insights proactively to help craft government policies that ensure that innovation and competition are real, while problems are addressed quickly and thus hopefully remain virtual.--Philip Marsden, Inquiry Chair, Competition and Markets Authority"
Ariel Ezrachi is Slaughter and May Professor of Competition Law at the University of Oxford. Maurice E. Stucke is Professor of Law at the University of Tennessee and co-founder of The Konkurrenz Group.
Status: Active
ISBN-13: 9780674241589
Published: 5 Nov 2019
Published In: United States
Imprint: Harvard University Press
Publisher: Harvard University Press
Format: Trade Paperback
Height: 235mm
Width: 156mm
Pages: 368

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