Amazon Used Secret ‘Project Nessie’ Algorithm to Raise Prices
The strategy, as described in redacted parts of FTC lawsuit, is part of agency's case that Amazon has outsize influence on consumer prices
Amazon.com used an algorithm code-named "Project Nessie" to test how much it could raise prices in a way that competitors would follow, according to redacted portions of the Federal Trade Commission's monopoly lawsuit against the company.
The algorithm helped Amazon improve its profit on items across shopping categories, and because of the power the company has in e-commerce, led competitors to raise their prices and charge...
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