California lawmakers have introduced several bills this year that would regulate the use of artificial intelligence and pricing algorithms in establishing rent and business prices.
A pricing algorithm is a type of computer program or formula that automatically reviews market trends as they relate to rent, airline tickets, or products. These algorithms look at things like demand, competitor prices, time of year, how many people are interested in something, and more. An algorithm keeps updating prices all the time, often faster and more frequently than a human could. Then businesses can use that information to decide the best price for their housing, products, and services.
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