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来源类型Working Paper
规范类型报告
DOI10.3386/w28535
来源IDWorking Paper 28535
Artificial Intelligence and Pricing: The Impact of Algorithm Design
John Asker; Chaim Fershtman; Ariel Pakes
发表日期2021-03-08
出版年2021
语种英语
摘要The behavior of artificial intelligences algorithms (AIAs) is shaped by how they learn about their environment. We compare the prices generated by AIAs that use different learning protocols when there is market interaction. Asynchronous learning occurs when the AIA only learns about the return from the action it took. Synchronous learning occurs when the AIA conducts counterfactuals to learn about the returns it would have earned had it taken an alternative action. The two lead to markedly different market prices. When future profits are not given positive weight by the AIA, synchronous updating leads to competitive pricing, while asynchronous can lead to pricing close to monopoly levels. We investigate how this result varies when either counterfactuals can only be calculated imperfectly and/or when the AIA places a weight on future profits.
主题Microeconomics ; Game Theory ; Market Structure and Distribution ; Economics of Information ; Other ; Law and Economics ; Industrial Organization ; Market Structure and Firm Performance ; Antitrust ; Regulatory Economics ; Development and Growth ; Innovation and R& ; D
URLhttps://www.nber.org/papers/w28535
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586208
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John Asker,Chaim Fershtman,Ariel Pakes. Artificial Intelligence and Pricing: The Impact of Algorithm Design. 2021.
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