| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14372 |
| DP14372 Algorithmic Collusion: Supra-competitive Prices via Independent Algorithms | |
| Karsten Hansen; Mallesh Pai | |
| 发表日期 | 2020-01-31 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Motivated by their increasing prevalence, we study outcomes when competing sellers use machine learning algorithms to run real-time dynamic price experiments. These algorithms are often misspecified, ignoring the effect of factors outside their control, e.g. competitors' prices. We show that the long-run prices depend on the informational value (or signal to noise ratio) of price experiments: if low, the long-run prices are consistent with the static Nash equilibrium of the corresponding full information setting. However, if high, the long-run prices are supra-competitive---the full information joint-monopoly outcome is possible. We show this occurs via a novel channel: competitors' algorithms’ prices end up running correlated experiments. Therefore, sellers’ misspecified models overestimate own price sensitivity, resulting in higher prices. We discuss the implications on competition policy. |
| 主题 | Industrial Organization |
| 关键词 | Algorithmic pricing Collusion Misspecified models Bandit algorithms |
| URL | https://cepr.org/publications/dp14372 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543264 |
| 推荐引用方式 GB/T 7714 | Karsten Hansen,Mallesh Pai. DP14372 Algorithmic Collusion: Supra-competitive Prices via Independent Algorithms. 2020. |
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