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What is algorithmic collusion? This evaluative book provides an insight into tackling this important question for competition law, with contrasting critical perspectives, including theoretical, empirical, and doctrinal – the latter frequently from a comparative perspective. Bringing together scholarly discussion on algorithmic collusion, the book questions whether competition law is adeptly equipped to deal with its various facets.
Compliance has become key to our contemporary markets, societies, and modes of governance across a variety of public and private domains. While this has stimulated a rich body of empirical and practical expertise on compliance, thus far, there has been no comprehensive understanding of what compliance is or how it influences various fields and sectors. The academic knowledge of compliance has remained siloed along different disciplinary domains, regulatory and legal spheres, and mechanisms and interventions. This handbook bridges these divides to provide the first one-stop overview of what compliance is, how we can best study it, and the core mechanisms that shape it. Written by leading experts, chapters offer perspectives from across law, regulatory studies, management science, criminology, economics, sociology, and psychology. This volume is the definitive and comprehensive account of compliance.
This book provides original, diverse, and timely insights into the nature, scope, and implications of Artificial Intelligence (AI), especially machine learning and natural language processing, in relation to contracting practices and contract law. The chapters feature unique, critical, and in-depth analysis of a range of topical issues, including how the use of AI in contracting affects key principles of contract law (from formation to remedies), the implications for autonomy, consent, and information asymmetries in contracting, and how AI is shaping contracting practices and the laws relating to specific types of contracts and sectors. The contributors represent an interdisciplinary team of lawyers, computer scientists, economists, political scientists, and linguists from academia, legal practice, policy, and the technology sector. The chapters not only engage with salient theories from different disciplines, but also examine current and potential real-world applications and implications of AI in contracting and explore feasible legal, policy, and technological responses to address the challenges presented by AI in this field. The book covers major common and civil law jurisdictions, including the EU, Italy, Germany, UK, US, and China. It should be read by anyone interested in the complex and fast-evolving relationship between AI, contract law, and related areas of law such as business, commercial, consumer, competition, and data protection laws.
Written by prominent thought leaders in the global fintech space, The AI Book aggregates diverse expertise into a single, informative volume and explains what artifical intelligence really means and how it can be used across financial services today. Key industry developments are explained in detail, and critical insights from cutting-edge practitioners offer first-hand information and lessons learned. Coverage includes: · Understanding the AI Portfolio: from machine learning to chatbots, to natural language processing (NLP); a deep dive into the Machine Intelligence Landscape; essentials on core technologies, rethinking enterprise, rethinking industries, rethinking humans; quantum computing and next-generation AI · AI experimentation and embedded usage, and the change in business model, value proposition, organisation, customer and co-worker experiences in today’s Financial Services Industry · The future state of financial services and capital markets – what’s next for the real-world implementation of AITech? · The innovating customer – users are not waiting for the financial services industry to work out how AI can re-shape their sector, profitability and competitiveness · Boardroom issues created and magnified by AI trends, including conduct, regulation & oversight in an algo-driven world, cybersecurity, diversity & inclusion, data privacy, the ‘unbundled corporation’ & the future of work, social responsibility, sustainability, and the new leadership imperatives · Ethical considerations of deploying Al solutions and why explainable Al is so important
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
"The economic expert has become a central figure in virtually every antitrust litigation or merger matter, and the importance of econometrics has increased significantly. A basic understanding of econometric principles has now become almost essential to the serious antitrust practitioner. This volume is designed to introduce lawyers to the theoretical and practical issues of econometrics, providing necessary tools for working effectively with economic experts on both sides of a matter." -- from the Foreword, p. xv.
“A fascinating book about how platform internet companies (Amazon, Facebook, and so on) are changing the norms of economic competition.” —Fast Company Shoppers with a bargain-hunting impulse and internet access can find a universe of products at their fingertips. But is there a dark side to internet commerce? This thought-provoking exposé invites us to explore how sophisticated algorithms and data-crunching are changing the nature of market competition, and not always for the better. Introducing into the policy lexicon terms such as algorithmic collusion, behavioral discrimination, and super-platforms, Ariel Ezrachi and Maurice E. Stucke explore the resulting impact on competition, our democratic ideals, our wallets, and our well-being. “We owe the authors our deep gratitude for anticipating and explaining the consequences of living in a world in which black boxes collude and leave no trails behind. They make it clear that in a world of big data and algorithmic pricing, consumers are outgunned and antitrust laws are outdated, especially in the United States.” —Science “A convincing argument that there can be a darker side to the growth of digital commerce. The replacement of the invisible hand of competition by the digitized hand of internet commerce can give rise to anticompetitive behavior that the competition authorities are ill equipped to deal with.” —Burton G. Malkiel, Wall Street Journal “A convincing case for the need to rethink competition law to cope with algorithmic capitalism’s potential for malfeasance.” —John Naughton, The Observer
‘Digital competition’, a term and concept that has risen to the forefront of competition law, may be viewed as both promising and cautionary: on the one hand, it brings the promises of increased speed, efficiency and objectivity, and, on the other, it entails potential pitfalls such as hard-to-identify pathways to unfair pricing, dominant positions and their potential abuse, restriction of choice and abuse of personal data. Accordingly, jurisdictions around the world are taking measures to deal with the phenomenon. In this concise but thoroughly researched book – both informative and practical – lawyers from two prominent firms with specialised digital competition teams take stock and examine the state of digital competition in the enforcement practices of six competition authorities in Europe, most of these forerunners in the field of digital competition policy and enforcement. The competition authorities surveyed are those of the European Union, the United Kingdom, France, Germany, the Netherlands and Belgium. For each, an overview, spanning the period from 2012 to mid-2022 but including as many landmark cases as possible up to and including December 2022, includes not only landmark cases in which digital technologies have had a significant impact on the competition law outcome but also guidance documents such as speeches, policy statements, industry surveys and research reports. Activities and enforcement practices of the various authorities include the following and more: degree of activity; focus of the activity; enforcement styles; enforcement instruments; visible effectiveness of enforcement; and important insights and outlooks. Each overview contains separate chapters on cartel prohibition, the prohibition of abuse of a dominant position and merger control. Additional chapters – partially written by guest authors (who are all without a doubt true thought leaders: Tristan Byrne, Giuseppe Colangelo, Ai Deng, Teodora Groza, Daniel Mândrescu, Wolf Sauter, Thibault Schrépel, and Gareth Shier) – evaluate the similarities and differences in the enforcement practices and the positive and negative effects of digital competition in the jurisdictions investigated, the economic context, the most important game changers, and a concluding chapter offers recommendations. An indispensable guide to quickly and accessibly acquiring in-depth knowledge of competition law in the digital sector, this matchless volume is a must-read for any practitioner or academic who encounters competition law related to digital markets. The dilemmas and challenges of the new competition law reality – which is here already, like it or not – are clearly explained here for the benefit of regulators, academics, policymakers, judges, in-house counsel and lawyers specialising in competition law and intellectual property law.
Algorithms are a fundamental building block of artificial intelligence - and, increasingly, society - but our legal institutions have largely failed to recognize or respond to this reality. The Cambridge Handbook of the Law of Algorithms, which features contributions from US, EU, and Asian legal scholars, discusses the specific challenges algorithms pose not only to current law, but also - as algorithms replace people as decision makers - to the foundations of society itself. The work includes wide coverage of the law as it relates to algorithms, with chapters analyzing how human biases have crept into algorithmic decision-making about who receives housing or credit, the length of sentences for defendants convicted of crimes, and many other decisions that impact constitutionally protected groups. Other issues covered in the work include the impact of algorithms on the law of free speech, intellectual property, and commercial and human rights law.
The availability of very large data sets and the increase in computing power to process them has led to a renewed intensity in corporate and governmental use of Artificial Intelligence (AI) technologies. This groundbreaking book, the first devoted entirely to the growing presence of AI in the legal profession, responds to the necessity of building up a discipline that due to its novelty requires the pooling of knowledge and experiences of well-respected experts in the AI field, taking into account the impact of AI on the law and legal practice. Essays by internationally known expert authors introduce the essentials of AI in a straightforward and intelligible style, offering jurists as many practical examples and business cases as possible so that they are able to understand the real application of this technology and its impact on their jobs and lives. Elements of the analysis include the following: crucial terms: natural language processing, machine learning and deep learning; regulations in force in major jurisdictions; ethical and social issues; labour and employment issues, including the impact that robots have on employment; prediction of outcome in the legal field (judicial proceedings, patent granting, etc.); massive analysis of documents and identification of patterns from which to derive conclusions; AI and taxation; issues of competition and intellectual property; liability and responsibility of intelligent systems; AI and cybersecurity; AI and data protection; impact on state tax revenues; use of autonomous killer robots in the military; challenges related to privacy; the need to embrace transparency and sustainability; pressure brought by clients on prices; minority languages and AI; danger that the existing gap between large and small businesses will further increase; how to avoid algorithmic biases when AI decides; AI application to due diligence; AI and non-disclosure agreements; and the role of chatbots. Interviews with pioneers in the field are included, so readers get insights into the issues that people are dealing with in day-to-day actualities. Whether conceiving AI as a transformative technology of the labour market and training or an economic and business sector in need of legal advice, this introduction to AI will help practitioners in tax law, labour law, competition law and intellectual property law understand what AI is, what it serves, what is the state of the art and the potential of this technology, how they can benefit from its advantages and what are the risks it presents. As the global economy continues to suffer the repercussions of a framework that was previously fundamentally self-regulatory, policymakers will recognize the urgent need to formulate rules to properly manage the future of AI.