ooli3@sopuli.xyz to Science@beehaw.org · 8 days agoGame Theory Explains How Algorithms Can Drive Up Priceswww.wired.comexternal-linkmessage-square5linkfedilinkarrow-up132arrow-down10
arrow-up132arrow-down1external-linkGame Theory Explains How Algorithms Can Drive Up Priceswww.wired.comooli3@sopuli.xyz to Science@beehaw.org · 8 days agomessage-square5linkfedilink
minus-squareManjushri@piefed.sociallinkfedilinkEnglisharrow-up17·8 days ago They proved that even seemingly benign algorithms that optimize for their own profit can sometimes yield bad outcomes for buyers. Well, no shit. If it’s optimized for its own profit then of course it will yield bad outcomes for buyers. That’s two sides of the same coin.
minus-squareB0rax@feddit.orglinkfedilinkarrow-up2·7 days agoWhat? Profit does not come from thin air?
minus-squareManjushri@piefed.sociallinkfedilinkEnglisharrow-up2·7 days agoRight. Profit comes out of the pockets of the buyers. Any system that is optimized to maximize profit is by definition optimized for bad outcomes for the buyers.
Well, no shit. If it’s optimized for its own profit then of course it will yield bad outcomes for buyers. That’s two sides of the same coin.
What? Profit does not come from thin air?
Right. Profit comes out of the pockets of the buyers. Any system that is optimized to maximize profit is by definition optimized for bad outcomes for the buyers.