NY State wants consumers to be aware of algorithmic price setting for online purchases through a new law.
The new law requires businesses to clearly disclose to consumers when their prices are set by algorithms using their personal data. Today's technology allows companies to collect personal data, feed it into algorithms, and generate a price that's individual to a consumer. This practice, which the FTC has dubbed surveillance pricing, strips consumers of their ability to comparison shop and plan for the price of goods.
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