Online consumers are at threat from ‘intelligent’ price manipulation.
One must ask how someone or a corporation can manipulate prices. In this discussion, we are only talking about price manipulation in the online market. This is done through a very intricate set of algorithms that may use cookies. What are cookies? Let’s begin with it.
They are diminutive files that websites use to track actions online. Yes, these are the forces that benefit target advertisements and give you ads when you search for something in comprehensive terms.
There are two varieties of cookies. First-party cookies are utilized for general data that is harmless to the user.
But third-party cookies, or tracking cookies, as the name suggests, are for chasing and are usually employed by advertisers to chase online demeanor across all the websites and show you targeted ads to make a profit.Cookies can track huge levels of data from your online activities, your IP address, Your location even your device such as whether it is OS, Android, and what kind of browser you are utilizing.
You have the option to remove cookies from the privacy and security tab.
How does that affect us? It does this by making the prices of objects dynamically diverse, which can direct the hazard of collusion among sellers and make it problematic for consumers to buy things at a reasonable price.
Research done by Luc, Arnaud J., and Yves demonstrates that algorithms are now the future of multiple enterprises, incorporating but not limited to digital manufacturing. These algorithms can dynamically transform the price. It’s an oxymoron to think that it is profitable to anyone other than the seller, not to mention that the usage of automated price algorithms has been heavily criticized by economists and other entities as these algorithms can provoke adversarial collisions where one seller can manipulate another with a weaker pricing algorithm, in some cases bringing in the market monopoly. Facilitated by digital technologies, sellers can use highly advanced algorithms to set costs and respond to changing markets and competitors, which is why today’s online commerce is heavily dominated by digital marketplaces. In the research mentioned above, machine learning algorithms could find weaknesses in the competitor’s systems, and more complex algorithms could manipulate weaker algorithms. As algorithms in the online market are such a new thing, there’s no law to enforce good practices or punish people, but researchers are trying to get policymakers and regulatory agencies to make some policies and regulations over these practices.
We are living in a digitalized world where our every action is tracked. We should find a middle ground and learn about safety online. Learning about blocking cookies and such things which can be harmful to privacy. Policymakers should take steps to change the law and create proper regulations for online cookies and privacy related concern.
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