00:00Dynamic pricing has become an unfortunate reality for consumers buying plane tickets,
00:04all sorts of things on Amazon, and even concert tickets. But New York City is hoping that Big
00:10Apple becomes the first city to block what it calls, quote, predatory pricing. Two bills have
00:16been introduced to the city council, one to limit dynamic pricing of groceries that uses
00:20algorithms to change prices up to several times a day, and a second to ban, quote, surveillance
00:26pricing, where businesses use personal data to set different prices for different customers.
00:32The bill blocking the use of personal data, for instance, would ban businesses from looking at
00:37a shopper's location, browsing history, or past purchases to secretly give them a different price
00:43than another shopper. The proposal still allows discounts for certain groups like seniors,
00:48students, or low-income customers, as long as the rules are made clear to everyone.
00:53The second bill focused on groceries would bar stores from raising the price of an item
00:57more than once in a 24-hour period. This is a response to those electronic shelf labels
01:03you may have seen that are powered by algorithms and can change prices multiple times in a single day.
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