Are you being overcharged by clever AI? Watchdog looks at whether algorithms hurt competition

ZDNet 

To stop algorithms from charging unfair prices when we shop online, the UK's competition watchdog is launching a new investigation into the ways that AI systems might harm consumers – an issue that has so far lacked in-depth research and analysis, says the organization, and yet affects most of us in our everyday lives. While a lot of attention has focused on algorithmic harms in general, the Competition and Markets Authority (CMA) suggested that little work has been done in the specific area of consumer and competition harms, and reported that almost no research on the topic exists in the UK. There is particularly little insight into the ways that automated systems tailor costs, shopping options or rankings to each individual's online behavior, often leading to consumers paying higher prices than they should. For this reason, the CMA has asked academics and industry to submit evidence about the potential misdeeds caused by the misuse of algorithms, and is launching a program called "Analyzing Algorithms", which could even help identify specific firms that are violating consumers' rights, so that cases can be taken forward if needed. Kate Brand, director of data science at CMA, said: "We want to receive as much information as possible from stakeholders in academia, the competition community, firms, civil society and third sector organizations in order to understand where the harm is occurring and what the most effective regulatory approach is to protect consumers in the future."

  Country: Europe > United Kingdom (0.34)
  Industry: Law (0.70)

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