How AI is transforming pricing decisions, and what opportunities, challenges, and risks these shifts bring.
Pricing in the Age of Artificial Intelligence explores the evolution of pricing decisions, with a particular focus on recent developments. In the era of big data and artificial intelligence, pricing strategies have undergone a radical transformation. For example, in e-commerce, prices can be adjusted every few seconds, customized to the needs of each specific user or category, and accurately optimizedUltimate. This shift has the potential to radically change pricing decisions on an unprecedented scale.
Author Maxime Cohen begins by tracing the history and significance of pricing decisions. He focuses on the transformational changes of the past decade, highlighting how big data and AI are upending traditional pricing strategies.The book also examines the psychological and behavioral approaches used to influence consumer behavior through pricing, and how recent advances in AI - and generative AI - are revolutionizing pricing practices, enabling managers to automate, optimize, and customize decisions at scale. Finally, it discusses the challenges and risks associated with these innovations, including ethical concerns such as monopolistic practices, consumer protection, and discrimination issues.
