Home Markets When it comes to online shopping, you might be competing with super-speedy,...

When it comes to online shopping, you might be competing with super-speedy, greedy bots.

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Bots are a special, clever kind of software. Much faster than any human sneakerhead could ever click on the correct shoe size and enter their credit card number, bots can swoop in and buy everything in the blink of an eye. Then, the people who control the bots will put those sold-out shoes on the resale market at much higher prices.

But bots don’t just buy cool sneakers. They buy up those concert tickets you wanted, so they can then scalp them to you at an outrageous markup. At the beginning of the COVID pandemic, bots were buying hand sanitizer and face masks. Later, they were booking all the vaccine reservation spots. Anything that’s very high demand with a very limited supply. That’s an opportunity for the bots to become greedy hoarders and corner the market.

On Friday’s episode of What Next: TBD, I spoke with Eric Budish, a professor of economics at the University of Chicago’s Booth School of…

Click here for full article…slate.com