On Sun, Dec 28, 2025 at 12:58 PM, Tom Walker wrote: > > Time to diagram M-C-M' with all the transaction costs and social cost > shifting indicated in the circuit.
I was thinking that a huge part of the purpose of large languish model is for reducing or shifting transaction and social costs -- more so than playing a direct role in production. A currently operative example of this would be dynamic pricing. The search term "autonomous algorithmic collusion" returns 400 articles on Google Scholar, 90% of them since 2020 and 3/4 of them citing this article by Timo Klein in the RAND Journal of Economics: " Autonomous algorithmic collusion: Q-learning under sequential pricing ( https://onlinelibrary.wiley.com/doi/pdf/10.1111/1756-2171.12383 )." > > More and more, prices are set by algorithms rather than humans. One > prominent concern is that intelligent, self-learning pricing algorithms > may work out by themselves how to ensure high prices (Mehra, 2016; Ezrachi > and Stucke, 2016, 2017). Such an outcome would be the same as in a price > cartel, but without any overt act of communication or agreement required > to establish a competition law infringement (Harrington, 2018). The debate > has received extensive press coverage and increasing interest from > authorities.1 Beyond hypothetical concerns, recent empirical research > already suggests that the adoption of self-learning pricing algorithms can > indeed have negative effects on competition (Assad et al., 2020). However, > exactly how algorithms may lead to autonomous collusion is an open > research question. > Only around 8% of the articles contain the word "wages" and none contain "hours of work" (including several variations). -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#39912): https://groups.io/g/marxmail/message/39912 Mute This Topic: https://groups.io/mt/116961607/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/13617172/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
