Saturday, 8 April 2017

Bundeskartellamt 18th Conference on Competition, Berlin, 16 March 2017 | European Commission

Bundeskartellamt 18th Conference on Competition, Berlin, 16 March 2017 | European Commission: "The challenges that automated systems create are very real. If they help companies to fix prices, they really could make our economy work less well for everyone else.

So as competition enforcers, we need to keep an eye out for cartels that use software to work more effectively. If those tools allow companies to enforce their cartels more strictly, we may need to reflect that in the fines that we impose.

And businesses also need to know that when they decide to use an automated system, they will be held responsible for what it does. So they had better know how that system works.

 In The Hitchhiker's Guide to the Galaxy, the Guide in question was a sort of electronic book. Although it was often wildly inaccurate, it was also a huge success. That was partly because of the words printed in big, friendly letters on the cover: “Don't Panic”.

I think that's good advice. We certainly shouldn't panic about the way algorithms are affecting markets." 'via Blog this'

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