Artificial Intelligence:Implications for Consumers

Overview

The advance of Artificial Intelligence (AI) technologies has brought with it many benefits for consumers, in the form of new or improved products and services, ëmore intelligentí and faster delivery, reduced search and transaction costs, and increased safety. This Dicussion Paper seeks to analyse the benefits and costs of AI as a socio-technological practice, having implications in political, social and economic activities around the world affecting consumers and consumer protection. For this, the paper provides a brief overview of the concepts associated with AI and then dives into the benefits derived by the consumers from AI by increasing their efficiency and making day to day tasks easier. The paper further highlights the risks and challenges of the use of AI such as bias, privacy, manipulation and price differentiation. Based on the analysis of the benefits and risks, the recommendations can be arrived at that can maximise the benefits of AI in a fair and just manner.