A chatbot is a computer program that uses natural language processing (NLP) and artificial intelligence to simulate human conversation and derive a response. Essentially, it’s a machine that can chat with you or respond to your chatter. Chatbots can save time and money when used to handle simple, automated tasks.
In the recent article, “Price-bots can collude against consumers,” the Economist discusses the consumer effects of prices set by price-bots. The article starts with an example of gasoline pricing strategies on Martha’s Vineyard. With a small number of gas stations on the island, the price-bots can cover all competitor prices frequently