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MET Seminar - Ran Shorrer

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Dates:5 March 2025
Times:17:00 - 18:00
What is it:Seminar
Organiser:School of Social Sciences
Who is it for:University staff, Current University students
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  • In category "Seminar"
  • In group "(SoSS) Economics"
  • In group "(SoSS) Economics - theory"
  • By School of Social Sciences

Title: Algorithmic Collusion by Large Language Models

Authors: Sara Fish, Yannai A. Gonczarowski, Ran I. Shorrer

Abstract: The rise of algorithmic pricing raises concerns of algorithmic collusion. We conduct experiments with algorithmic pricing agents based on Large Language Models (LLMs). We find that (1) LLM-based agents are adept at pricing tasks, (2) LLM-based pricing agents autonomously collude in oligopoly settings to the detriment of consumers, and (3) variation in seemingly innocuous phrases in LLM instructions ("prompts") may increase collusion. Novel off-path analysis techniques uncover price-war concerns as contributing to these phenomena. Our results extend to auction settings. Our findings uncover unique challenges to any future regulation of LLM-based pricing agents, and black-box pricing agents more broadly.

Speaker website: https://rshorrer.weebly.com/

Contact: david.delacretaz@manchester.ac.uk

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Boardroom 2.016
Arthur Lewis Building
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David Delacretaz

david.delacretaz@manchester.ac.uk

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