Commercial negotiations between manufacturers and retailers
necessarily involve a discussion of wholesale prices, but they may
also involve a discussion of potential retail prices, including
recommendations of retail prices by manufacturers (RRPs). Retail
prices not only determine how much money a retailer will make, but
also how much product the manufacturer will sell. Furthermore
large retailers may have little idea of how to price specialist
products, something on which manufacturers have often
undertaken significant amounts of research.
What happens when AI sets wages
The authors fed 60,000 freelancer profiles into eight widely used LLMs, asking each model to recommend an hourly rate. From hourly wage setting to testing for...