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UID:e56a17367a3d395caf1215abc78e7534
CATEGORIES:Seminars
CREATED:20181114T191818
SUMMARY:Lunch Seminar: Emilio Calvano- Università degli Studi di Bologna
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nArtificial Intelligence and Collusion (joint with G. Calzolari, S. Past
 orello and V. Denicolo)\n\n\nAbstract: \nAI algorithms are increasingly rep
 lacing human decision making in real marketplaces. To inform the debate on 
 potential consequences, we run experiments with AI agents powered by reinfo
 rcement learning in controlled environments (computer simulations). In part
 icular, we study interaction in the context of a workhorse oligopoly model:
  price competition with Logit demand and constant marginal costs. We show t
 hat independent Q-learners interacting repeatedly with no previous knowledg
 e consistently learn to charge supra-competitive prices. They do so by succ
 essfully coordinating on classic collusive strategies. That is schemes prov
 iding incentives to cooperate through off-path, incentive compatible and th
 us credible punishments. We show that this finding is robust to asymmetries
  in cost or demand structure and to changes in the number of players, produ
 ct differentiation and demand level. \n
DTSTAMP:20260405T203646Z
DTSTART:20181119T130000Z
DTEND:20181119T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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