518
Unredacted FTC suit shows 'Project Nessie' price-raising algorithm made Amazon $1.4B
(techcrunch.com)
this post was submitted on 02 Nov 2023
518 points (99.4% liked)
Technology
59148 readers
2352 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Price fixing involves multiple companies working together
Which is exactly what was described in the article.
Mmm no its describing an algorithm of raising prices for their own products
Yes, which is the price-fixing I was talking about. There doesn't need to be an overt agreement to fall under price fixing.
It does need at least an implied agreement of companies intentionally working together to raise prices. A computer program to determine your own prices does not imply working with any other company.
Go ahead and tell the FTC that you know the law better than they do.
let them tell you https://www.ftc.gov/advice-guidance/competition-guidance/guide-antitrust-laws/dealings-competitors/price-fixing
And yet, they are the ones accusing Amazon of price fixing.
Like I said, go tell them that they got it wrong.