Retired FBI supervisory special agent and tech expert Scott Augenbaum told Newsmax that the use of artificial intelligence (AI) in the marketplace is widespread.
Augenbaum told “National Report” on Wednesday that we must expect product pricing to be managed by AI at most large businesses.
“I think this isn’t the first or the last conversation we’re going to have about this,” he said. “I think everybody is using artificial intelligence, but we have to figure out to what degree.”
AI-driven marketplace pricing got more attention recently as Delta Airlines disclosed it was using AI to determine pricing for some of its fares and planned to increase the use of its AI pricing model significantly.
Transportation Secretary Sean Duffy told reporters that the revelation was concerning, especially if AI is somehow being used to set individualized fare pricing. Delta said it was not going that far.
Augenbaum pointed to the uncertainties of AI use that could undermine consumer confidence in the marketplace.
“What are they doing?” he asked. “Analyzing data and they’re trying to figure out what’s the most efficient price? Or are they looking at people’s income level?”
He added that the reality is there is no way of knowing.
“There’s a lot [that’s] not really clear, and I don’t think anyone really knows what the future of this is going to look like,” he said.
Rep. Greg Casar, D-Texas, and Rep. Rashida Tlaib, D-Mich., introduced legislation in late July to impose a federal ban on businesses from using AI to set prices and wages using the personal data of Americans as a guide.
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