Artificial Intelligence And Economic Theory Skynet In The Market
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Artificial Intelligence And Economic Theory Skynet In The Market
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Author : Tshilidzi Marwala
language : en
Publisher: Springer
Release Date : 2017-09-18
Artificial Intelligence And Economic Theory Skynet In The Market written by Tshilidzi Marwala and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-18 with Computers categories.
This book theoretically and practically updates major economic ideas such as demand and supply, rational choice and expectations, bounded rationality, behavioral economics, information asymmetry, pricing, efficient market hypothesis, game theory, mechanism design, portfolio theory, causality and financial engineering in the age of significant advances in man-machine systems. The advent of artificial intelligence has changed many disciplines such as engineering, social science and economics. Artificial intelligence is a computational technique which is inspired by natural intelligence concepts such as the swarming of birds, the working of the brain and the pathfinding of the ants. Artificial Intelligence and Economic Theory: Skynet in the Market analyses the impact of artificial intelligence on economic theories, a subject that has not been studied. It also introduces new economic theories and these are rational counterfactuals and rational opportunity costs. These ideas are applied to diverse areas such as modelling of the stock market, credit scoring, HIV and interstate conflict. Artificial intelligence ideas used in this book include neural networks, particle swarm optimization, simulated annealing, fuzzy logic and genetic algorithms. It, furthermore, explores ideas in causality including Granger as well as the Pearl causality models.
Artificial Intelligence In Economics And Finance Theories
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Author : Tankiso Moloi
language : en
Publisher: Springer Nature
Release Date : 2020-05-07
Artificial Intelligence In Economics And Finance Theories written by Tankiso Moloi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-07 with Computers categories.
As Artificial Intelligence (AI) seizes all aspects of human life, there is a fundamental shift in the way in which humans are thinking of and doing things. Ordinarily, humans have relied on economics and finance theories to make sense of, and predict concepts such as comparative advantage, long run economic growth, lack or distortion of information and failures, role of labour as a factor of production and the decision making process for the purpose of allocating resources among other theories. Of interest though is that literature has not attempted to utilize these advances in technology in order to modernize economic and finance theories that are fundamental in the decision making process for the purpose of allocating scarce resources among other things. With the simulated intelligence in machines, which allows machines to act like humans and to some extent even anticipate events better than humans, thanks to their ability to handle massive data sets, this book will use artificial intelligence to explain what these economic and finance theories mean in the context of the agent wanting to make a decision. The main feature of finance and economic theories is that they try to eliminate the effects of uncertainties by attempting to bring the future to the present. The fundamentals of this statement is deeply rooted in risk and risk management. In behavioural sciences, economics as a discipline has always provided a well-established foundation for understanding uncertainties and what this means for decision making. Finance and economics have done this through different models which attempt to predict the future. On its part, risk management attempts to hedge or mitigate these uncertainties in order for “the planner” to reach the favourable outcome. This book focuses on how AI is to redefine certain important economic and financial theories that are specifically used for the purpose of eliminating uncertainties so as to allow agents to make informed decisions. In effect, certain aspects of finance and economic theories cannot be understood in their entirety without the incorporation of AI.
Artificial Intelligence And Economic Analysis
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Author : Scott J. Moss
language : en
Publisher: Edward Elgar Publishing
Release Date : 1992-01-01
Artificial Intelligence And Economic Analysis written by Scott J. Moss and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-01-01 with Business & Economics categories.
This important book presents new and original work at the frontiers of economics, namely the interface between artificial intelligence (AI) and neoclassical economics. Artificial Intelligence and Economic Analysis focuses on three quite distinct lines of AI orientated research in economics: applications intended to extend neoclassical theory, applications intended to undermine neoclassical theory and applications which ignore neoclassical theory in the quest for new modelling techniques and fields of analysis. The contributors - all of whom are well established in the field - do not simply report established results but seek to identify those areas where the science of artificial intelligence could enrich standard economic analysis. It includes material from mainstream economists who are willing to express their own views about the limits of mainstream economic modelling and AI based economic modelling. The book makes an important contribution to a new and exciting area of economics which holds much hope for the future.
The Economics Of Artificial Intelligence
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Author : Ajay Agrawal
language : en
Publisher: University of Chicago Press
Release Date : 2019-06-07
The Economics Of Artificial Intelligence written by Ajay Agrawal and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-07 with Business & Economics categories.
Advances in artificial intelligence (AI) highlight the potential of this technology to affect productivity, growth, inequality, market power, innovation, and employment. This volume seeks to set the agenda for economic research on the impact of AI. It covers four broad themes: AI as a general purpose technology; the relationships between AI, growth, jobs, and inequality; regulatory responses to changes brought on by AI; and the effects of AI on the way economic research is conducted. It explores the economic influence of machine learning, the branch of computational statistics that has driven much of the recent excitement around AI, as well as the economic impact of robotics and automation and the potential economic consequences of a still-hypothetical artificial general intelligence. The volume provides frameworks for understanding the economic impact of AI and identifies a number of open research questions. Contributors: Daron Acemoglu, Massachusetts Institute of Technology Philippe Aghion, Collège de France Ajay Agrawal, University of Toronto Susan Athey, Stanford University James Bessen, Boston University School of Law Erik Brynjolfsson, MIT Sloan School of Management Colin F. Camerer, California Institute of Technology Judith Chevalier, Yale School of Management Iain M. Cockburn, Boston University Tyler Cowen, George Mason University Jason Furman, Harvard Kennedy School Patrick Francois, University of British Columbia Alberto Galasso, University of Toronto Joshua Gans, University of Toronto Avi Goldfarb, University of Toronto Austan Goolsbee, University of Chicago Booth School of Business Rebecca Henderson, Harvard Business School Ginger Zhe Jin, University of Maryland Benjamin F. Jones, Northwestern University Charles I. Jones, Stanford University Daniel Kahneman, Princeton University Anton Korinek, Johns Hopkins University Mara Lederman, University of Toronto Hong Luo, Harvard Business School John McHale, National University of Ireland Paul R. Milgrom, Stanford University Matthew Mitchell, University of Toronto Alexander Oettl, Georgia Institute of Technology Andrea Prat, Columbia Business School Manav Raj, New York University Pascual Restrepo, Boston University Daniel Rock, MIT Sloan School of Management Jeffrey D. Sachs, Columbia University Robert Seamans, New York University Scott Stern, MIT Sloan School of Management Betsey Stevenson, University of Michigan Joseph E. Stiglitz. Columbia University Chad Syverson, University of Chicago Booth School of Business Matt Taddy, University of Chicago Booth School of Business Steven Tadelis, University of California, Berkeley Manuel Trajtenberg, Tel Aviv University Daniel Trefler, University of Toronto Catherine Tucker, MIT Sloan School of Management Hal Varian, University of California, Berkeley
Economics Of The Fourth Industrial Revolution
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Author : Nicholas Johnson
language : en
Publisher: Routledge
Release Date : 2020-10-25
Economics Of The Fourth Industrial Revolution written by Nicholas Johnson and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-25 with Business & Economics categories.
This book applies cutting-edge economic analysis and social science to unpack the rich complexities and paradoxes of the Fourth Industrial Revolution. The book takes the reader on a bold, refreshing, and informative tour through its technological drivers, its profound impact on human ecosystems, and its potential for sustainable human development. The overarching message to the reader is that the Fourth Industrial Revolution is not merely something to be feared or survived; rather, this dramatic collision of technologies, disciplines, and ideas presents a magnificent opportunity for a generation of new pioneers to rewrite "accepted rules" and find new avenues to empower billions of people to thrive. This book will help readers to discern the difference between disruption and transformation. The reader will come away from this book with a deeply intuitive and highly contextual understanding of the core technological advances transforming the world as we know it. Beyond this, the reader will clearly appreciate the future impacts on our economies and social structures. Most importantly, the reader will receive an insightful and actionable set of guidelines to assist them in harnessing the Fourth Industrial Revolution so that both they and their communities may flourish. The authors do not primarily seek to make prescriptions for government policy, but rather to speak directly to people about what they can do for themselves, their families, and their communities to be future-proofed and ready to adapt to life in a rapidly evolving world ecosystem.
Principles Of Digital Economics
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Author : Zhiyi Liu
language : en
Publisher: Springer Nature
Release Date : 2022-02-11
Principles Of Digital Economics written by Zhiyi Liu and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-11 with Business & Economics categories.
This book aims to "digital economics" as an inter-discipline research area, by integrating economics, philosophy of technology, computer science and sociology. It takes an in-depth look at the history of technology development covering the changes and challenges to the society and thoughts, as it is, which helps readers to understand the logic and operation of the emerging integrated economy. Also a lot of innovation cases in digital transformation of China are presented in this book.
Artificial Intelligence Artificial Intelligence And Avoids Wage Inequality
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Author : Johnny Ch LOK
language : en
Publisher:
Release Date : 2018-12-30
Artificial Intelligence Artificial Intelligence And Avoids Wage Inequality written by Johnny Ch LOK and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-30 with categories.
How and why (AI) technology can be applied to service industry, instead of manufacturing industry? I shall explain how (AI) technology can encourage consumption behaviors when it is applied to service industry as below. I shall apply behavioral economic theory to (AI) technology to indiate how it can enourage consumption when it is applied to service industry. At the core of behavioral economics is used psychology of economics analysis to improve economics on its own terms generating theoretical insights, making better prediction of field consumption of behavioral phenomena, and suggesting better policy to any company or government decision makers. It rejects economic theories based on utility maximization, equilibrium and efficiency. It is useful because it provides economists with a theoretical framework that can be applied to almost any form of economic ( and even non-economic) behavior to predict behavioral consumption more easily to businessmen. So, behavioral economy is different to general economy concept, it applies psychological methods to attempt to predict consumption behavior.Simpifying much assumption that are not central to the economic theory to apply to psychological behavior. Other assumption simply acknowledge human limits on computational power and self-interest. These assumptions can be considered procedurally rational because human needs to solve problems that are often so complex that who can't be solved exactly by even modern computer technology. So, if businessmen apply psychological method to predict behavioral consumption to earn the more benefits or profit, it is more reasonable to compare to apply computer methods to predict consumption behavior.Theories in behavioral economics should be judged by reality, generality and tractability concepts to apply why we ( consumers) do our behavior ( consumption of choices) from psychological analysis. We share the positivist view that the ultimate test of a theory is the accuracy of its predictions. But we also believe that better predictions are likely to result from theories with more realistic assumptions. In psychology, such as connectionist models that capture some of the essential features of neural functioning, which are based on utility maximization, yet are reaching the point where they are able to predict many judgemental and behavioral phenomena. Contrary to the positivistic view, however, businessmen ought believe that predictions of consumers' feelings ( e.g., of subjective well-being) should be an important goal to earn more profit more easily.
Artificial Intelligence Game Theory And Mechanism Design In Politics
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Author : Tshilidzi Marwala
language : en
Publisher: Springer Nature
Release Date : 2023-08-04
Artificial Intelligence Game Theory And Mechanism Design In Politics written by Tshilidzi Marwala and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-04 with Political Science categories.
This book explores how AI and mechanism design can provide a new framework for international politics. The international political system is all manners in which countries, governments and people relate. Mechanism design in international politics relates to identifying rules that define relationships between people and countries that achieve a particular outcome, e.g., peace or more trade or democracy or economic development. Artificial intelligence is technique of making machines intelligent. This book explores mechanism design and artificial intelligence in international politics and applies these technologies to politics, economy and society. This book will be of interest to scholars of international relations, politics, sustainable development, and artificial intelligence.
Advances In Artificial Intelligence In Economics Finance And Management
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Author : John D. Johnson
language : en
Publisher:
Release Date : 1994
Advances In Artificial Intelligence In Economics Finance And Management written by John D. Johnson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Artificial intelligence categories.
Part of a series on advances in artificial intelligence in economics, finance and management, this first volume discusses such topics as: artificial neural systems; the economic theory foundation for neural computing systems; and neural network of managerial judgement; among other topics.
How Can Artificial Intelligence Raise Efficiencies To Avoid Wage Inequality
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Author : Johnny Ch Lok
language : en
Publisher: Independently Published
Release Date : 2019-03-30
How Can Artificial Intelligence Raise Efficiencies To Avoid Wage Inequality written by Johnny Ch Lok and has been published by Independently Published this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-30 with Business & Economics categories.
How and why (AI) technology can be applied to service industry, instead of manufacturing industry? I shall explain how (AI) technology can encourage consumption behaviors when it is applied to service industry as below. I shall apply behavioral economic theory to (AI) technology to indiate how it can enourage consumption when it is applied to service industry. At the core of behavioral economics is used psychology of economics analysis to improve economics on its own terms generating theoretical insights, making better prediction of field consumption of behavioral phenomena, and suggesting better policy to any company or government decision makers. It rejects economic theories based on utility maximization, equilibrium and efficiency. It is useful because it provides economists with a theoretical framework that can be applied to almost any form of economic ( and even non-economic) behavior to predict behavioral consumption more easily to businessmen. So, behavioral economy is different to general economy concept, it applies psychological methods to attempt to predict consumption behavior.Simpifying much assumption that are not central to the economic theory to apply to psychological behavior. Other assumption simply acknowledge human limits on computational power and self-interest. These assumptions can be considered procedurally rational because human needs to solve problems that are often so complex that who can't be solved exactly by even modern computer technology. So, if businessmen apply psychological method to predict behavioral consumption to earn the more benefits or profit, it is more reasonable to compare to apply computer methods to predict consumption behavior.Theories in behavioral economics should be judged by reality, generality and tractability concepts to apply why we ( consumers) do our behavior ( consumption of choices) from psychological analysis. We share the positivist view that the ultimate test of a theory is the accuracy of its predictions. But we also believe that better predictions are likely to result from theories with more realistic assumptions. In psychology, such as connectionist models that capture some of the essential features of neural functioning, which are based on utility maximization, yet are reaching the point where they are able to predict many judgemental and behavioral phenomena. Contrary to the positivistic view, however, businessmen ought believe that predictions of consumers' feelings ( e.g., of subjective well-being) should be an important goal to earn more profit more easily.Most of the ideas in behavioral economics are not new. When economics first became identified as a distinct field of study, psychology didn't exist as a discipline to apply to economy subject. For example, "invisible hand" and "the wealth of Nations" which belong to theory to moral sentiments, which laid out psychological principles of individual behavior that are arguably as profound as whose economic observations. Another example, such as a simple model of social utility means that one ( consumer) or person's utility was affected by another person's, such as whose family or friends' influence why to choose to buy this product or use this service in consumption market.