Virtual Competition: The Promise and Perils of the Algorithm-Driven Economy by Ezrachi, Ariel
Virtual Competition: The Promise and Perils of the Algorithm-Driven Economy by Ezrachi, Ariel

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

Shoppers with Internet access and a bargain-hunting impulse can find a universe of products at their fingertips....
$85.63 SGD
$85.63 SGD
SKU: 9780674545472
Product Type: Books
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Author: Ariel Ezrachi
Format: Hardcover
Language: English
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Virtual Competition: The Promise and Perils of the Algorithm-Driven Economy by Ezrachi, Ariel

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

$85.63
Virtual Competition: The Promise and Perils of the Algorithm-Driven Economy by Ezrachi, Ariel

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

$85.63
Author: Ariel Ezrachi
Format: Hardcover
Language: English
Description

Shoppers with Internet access and a bargain-hunting impulse can find a universe of products at their fingertips. In this thought-provoking expos , Ariel Ezrachi and Maurice Stucke invite us to take a harder look at today's app-assisted paradise of digital shopping. While consumers reap many benefits from online purchasing, the sophisticated algorithms and data-crunching that make browsing so convenient are also changing the nature of market competition, and not always for the better.

Computers colluding is one danger. Although long-standing laws prevent companies from fixing prices, data-driven algorithms can now quickly monitor competitors' prices and adjust their own prices accordingly. So what is seemingly beneficial--increased price transparency--ironically can end up harming consumers. A second danger is behavioral discrimination. Here, companies track and profile consumers to get them to buy goods at the highest price they are willing to pay. The rise of super-platforms and their "frenemy" relationship with independent app developers raises a third danger. By controlling key platforms (such as the operating system of smartphones), data-driven monopolies dictate the flow of personal data and determine who gets to exploit potential buyers.

Virtual Competition raises timely questions. To what extent does the "invisible hand" still hold sway? In markets continually manipulated by bots and algorithms, is competitive pricing an illusion? Can our current laws protect consumers? The changing market reality is already shifting power into the hands of the few. Ezrachi and Stucke explore the resulting risks to competition, our democratic ideals, and our economic and overall well-being.

Author: Ariel Ezrachi, Maurice E. Stucke
Publisher: Harvard University Press
Published: 11/14/2016
Pages: 368
Binding Type: Hardcover
Weight: 1.40lbs
Size: 9.30h x 6.30w x 1.10d
ISBN: 9780674545472


Review Citation(s):
Choice 04/01/2017

About the Author
Ezrachi, Ariel: - Ariel Ezrachi is Slaughter and May Professor of Competition Law at the University of Oxford.Stucke, Maurice E.: - Maurice E. Stucke is Professor of Law at the University of Tennessee and co-founder of The Konkurrenz Group.

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