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Graeme McClean Quotes

Total quotes: 1

Graeme McClean

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Total quotes: 1
“These algorithms are not necessarily programmed to monitor other algorithms in this way. But they learn that it’s the best thing to do to reach their goal of maximizing profit. This results in an unintended collusion of pricing, where prices are set within a very close boundary of each other. If one firm raises prices, competitor systems will immediately respond by raising theirs, creating a colluded non-competitive market.”
— Graeme McClean, Yes, retailers are colluding to inflate prices online
Tagged: Consumerism, Shopping, Online Shopping
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