Artificial Intelligence
A few days ago, I was having lunch with a colleague, and we started discussing AI (artificial intelligence), especially the recent popularity of large language models like ChatGPT over the past two or three years. He shared a story: once, while at the train station trying to get to the airport, the train service was suddenly disrupted. So, he checked the Uber fare to the airport on his phone, and it was about £80. Coincidentally, a woman nearby was also heading to the airport, so he asked if they could share the ride to split the fare. Interestingly, when she checked her Uber app, it showed a price of £50.
My colleague didn’t understand why the fare could vary so much within just a few minutes. I suggested it could be because Uber might know he works at Microsoft (and assumes he can afford it).
In fact, many companies already have algorithms (even without using AI) to implement dynamic pricing. For instance, if they see that you’re a loyal customer, they may believe you’re more likely to purchase, so they’ll raise the price. Companies might also show different prices based on a user’s location, which is why sometimes you can use a VPN to switch regions and get a cheaper rate.
With the addition of AI, combined with AI’s growing understanding of you (your gender, age, interests, etc.), these models can guess the highest price you’d be willing to pay, helping companies maximize profits. Of course, the simplest way to avoid these “pricing traps” is to compare prices across platforms.
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