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DataFramed
#257 Can You Use AI-Driven Pricing Ethically? with Jose Mendoza, Academic Director & Clinical Associate Professor at NYU
Nov 1, 2024
44:58
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Dr. Jose Mendoza, Academic Director and Clinical Associate Professor at NYU, dives into the ethical complexities of AI-driven pricing. He discusses the tension between personalization and privacy, emphasizing consumer trust and transparency. The conversation unveils the challenges companies face in avoiding bias and ensuring fairness, especially in crisis-driven pricing. Mendoza underscores the importance of ethical guardrails in dynamic pricing models and advocates for clear communication to build lasting customer relationships.
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Quick takeaways
- AI-driven pricing can enhance profitability by adjusting prices based on demand and competition, but poses transparency challenges for consumer trust.
- Ethical considerations in pricing practices are crucial for maintaining consumer trust, requiring clear communication and awareness of potential biases in data use.
Deep dives
Understanding AI-Driven Pricing
AI-driven pricing, or algorithm-driven pricing, utilizes advanced algorithms to optimize pricing strategies for businesses. This approach differs from traditional dynamic pricing by incorporating artificial intelligence, making the process more efficient despite the inherent challenges of transparency. Retailers can leverage AI to maximize profits by adjusting prices based on various factors, such as demand fluctuations and competitor pricing. However, the complexity of these AI models presents challenges in explaining how price outcomes are determined to consumers.
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