Companies are using personal data to set differing prices for consumers. Should Colorado crack down?
Colorado lawmakers are considering a bill to regulate the use of algorithms that adjust prices based on individual customer data. The bill aims to prohibit companies from setting personalized prices or wages using personal data.
Colorado is considering legislation to regulate the use of algorithms that adjust prices based on individual customer data. House Bill 1210, sponsored by Democratic lawmakers, aims to prohibit companies from setting personalized prices or wages using personal data. The bill has passed the state House and is now being considered in the Senate. Companies are using data such as location, income, and desperation levels to determine how much to charge customers. Examples include a TV station finding that Target's app prices varied based on the user's location, and a study showing that Instacart prices differed for the same products at the same stores. The bill is part of a growing national focus on 'surveillance pricing' and data privacy concerns.
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