Cover: Virtual Competition: The Promise and Perils of the Algorithm-Driven Economy, from Harvard University PressCover: Virtual Competition in PAPERBACK

Virtual Competition

The Promise and Perils of the Algorithm-Driven Economy

Add to Cart

Product Details

PAPERBACK

$18.95 • £15.95 • €17.00

ISBN 9780674241589

Publication Date: 10/29/2019

Academic Trade

368 pages

5-1/2 x 8-1/4 inches

3 photos, 3 illus.

World

Shoppers with Internet access and a bargain-hunting impulse can find a universe of products at their fingertips. In this thought-provoking exposé, 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.

From Our Blog

Jacket: What We Owe to Each Other, by T. M. Scanlon, from Harvard University Press

Ethics 101—The Good Place: A Reading List

As The Good Place comes to an end this week, we at Harvard University Press wanted to take a moment to appreciate a show that took moral philosophy into the mainstream. Who’d have thought we’d ever see an NBC episode named after one of our backlist titles? Or Kantian ethics discussed alongside fro-yo? Philosophy professor Chidi, one of the main characters in the show, is to thank for this, so

‘manifold glories of classical Greek and Latin’

The digital Loeb Classical Library (loebclassics.com) extends the founding mission of James Loeb with an interconnected, fully searchable, perpetually growing virtual library of all that is important in Greek and Latin literature.