US House committee wants travel companies to answer questions on AI use for pricing [Yahoo! Finance Canada]
Lyft, Inc. - Class A (LYFT)
Last lyft, inc. - class a earnings: 2/11 04:05 pm
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Source: Yahoo! Finance Canada
House Oversight Committee on Thursday asked the CEOs of five major travel companies including Uber, Lyft and Expedia to disclose whether ?they were using surveillance pricing of consumers to hike costs. Representative James Comer, the Republican chair of ?the committee, raised concern in letters to the companies that the rise of surveillance pricing algorithms and use of highly personalized consumer data ?may create opportunities "for companies to weaponize personal data and pad their profit margins at the expense of providing transparency to consumers." Surveillance pricing is a strategy where companies use a consumer's personal data — such as browsing history, location and shopping habits — to set individualized, algorithmic prices for products, as opposed to using standard, market-wide pricing. Comer said in letters first reported ?by Reuters that travel companies utilize surveillance ?pricing to deploy algorithms that determine a consumer's emotional state, purchase intent a
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