On Rationality Artificial Intelligence And Economics
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On Rationality Artificial Intelligence And Economics
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Author : Daniel Muller
language : en
Publisher: World Scientific
Release Date : 2022-03-09
On Rationality Artificial Intelligence And Economics written by Daniel Muller and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-09 with Computers categories.
The world we live in presents plenty of tricky, impactful, and hard-tomake decisions to be taken. Sometimes the available options are ample, at other times they are apparently binary, either way, they often confront us with dilemmas, paradoxes, and even denial of values.In the dawn of the age of intelligence, when robots are gradually taking over most decision-making from humans, this book sheds a bit of light on decision rationale. It delves into the limits of these decision processes (for both humans and machines), and it does so by providing a new perspective that is somehow opposed to orthodox economics. All Economics reflections in this book are underlined and linked to Artificial Intelligence.The authors hope that this comprehensive and modern analysis, firmly grounded in the opinions of various groundbreaking Nobel laureate economists, may be helpful to a broad audience interested in how decisions may lead us all to flourishing societies. That is, societies in which economic blunders (caused by over simplification of problems and super estimation of tools) are reduced substantially.
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.
The Balancing Problem In The Governance Of Artificial Intelligence
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Author : Tshilidzi Marwala
language : en
Publisher: Springer Nature
Release Date : 2024-11-12
The Balancing Problem In The Governance Of Artificial Intelligence 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 2024-11-12 with Computers categories.
This book examines the balancing problems in the governance of artificial intelligence (AI). AI is transforming the world at an unprecedented pace, which is revolutionary and presents significant challenges. Nevertheless, AI's complex balance dilemma necessitates careful governance as it transforms businesses, economies, and society. Fundamental issues discussed in this book include the complexities of AI's dual nature, the challenges of aligning memorizing with thinking, and the trade-offs between opportunity seeking and risk aversion. This book explores the complex interplay between AI security and transparency, the technical decision between CPUs and GPUs, and the expanding potential of quantum computing. Nevertheless, the challenge of maintaining balance is not resolved by technological advancements. It encompasses the global arena, where the forces of globalization and localization must be reconciled, and the governance sphere, where self-regulation must coexist with government control. Comprising cutting-edge research, real-world examples, and futuristic perspectives, this book guides researchers, practitioners, politicians, entrepreneurs, and leaders in navigating AI's future. The reader will learn how to capitalize on the potential of AI while avoiding its weaknesses, ensuring that this disruptive technology benefits society.
Rational Machines And Artificial Intelligence
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Author : Tshilidzi Marwala
language : en
Publisher: Academic Press
Release Date : 2021-03-31
Rational Machines And Artificial Intelligence written by Tshilidzi Marwala and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-31 with Science categories.
Intelligent machines are populating our social, economic and political spaces. These intelligent machines are powered by Artificial Intelligence technologies such as deep learning. They are used in decision making. One element of decision making is the issue of rationality. Regulations such as the General Data Protection Regulation (GDPR) require that decisions that are made by these intelligent machines are explainable. Rational Machines and Artificial Intelligence proposes that explainable decisions are good but the explanation must be rational to prevent these decisions from being challenged. Noted author Tshilidzi Marwala studies the concept of machine rationality and compares this to the rationality bounds prescribed by Nobel Laureate Herbert Simon and rationality bounds derived from the work of Nobel Laureates Richard Thaler and Daniel Kahneman. Rational Machines and Artificial Intelligence describes why machine rationality is flexibly bounded due to advances in technology. This effectively means that optimally designed machines are more rational than human beings. Readers will also learn whether machine rationality can be quantified and identify how this can be achieved. Furthermore, the author discusses whether machine rationality is subjective. Finally, the author examines whether a population of intelligent machines collectively make more rational decisions than individual machines. Examples in biomedical engineering, social sciences and the financial sectors are used to illustrate these concepts. - Provides an introduction to the key questions and challenges surrounding Rational Machines, including, When do we rely on decisions made by intelligent machines? What do decisions made by intelligent machines mean? Are these decisions rational or fair? Can we quantify these decisions? and Is rationality subjective? - Introduces for the first time the concept of rational opportunity costs and the concept of flexibly bounded rationality as a rationality of intelligent machines and the implications of these issues on the reliability of machine decisions - Includes coverage of Rational Counterfactuals, group versus individual rationality, and rational markets - Discusses the application of Moore's Law and advancements in Artificial Intelligence, as well as developments in the area of data acquisition and analysis technologies and how they affect the boundaries of intelligent machine rationality
Rationality And Explanation In Economics
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Author : Maurice Lagueux
language : en
Publisher: Routledge
Release Date : 2010-02-28
Rationality And Explanation In Economics written by Maurice Lagueux and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-28 with Business & Economics categories.
This book analyses the role of rationality in economics focusing on which conditions the rationality assumption makes valuable explanations possible and what kinds of explanation are then involved.
Economic Rationality
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Author : Stephen G. Engelmann
language : en
Publisher: John Wiley & Sons
Release Date : 2022-09-15
Economic Rationality written by Stephen G. Engelmann and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-15 with Political Science categories.
Economics used to be called political economy, and the loss of the “political” tracks the ascendance of the idea of rational choice within the discipline. Where does this idea of economic rationality – choosing to maximize benefits and minimize costs – come from? What are the consequences of its rise? In this new book, Stephen Engelmann assesses these questions through a consideration of the often-hidden links between choice and government, ranging from the Benthamic utilitarianism that inspired modern economics to the contemporary economic psychologists trying to nudge everyone to choose more rationally. Multiple global crises are exposing how deficient economic rationality is as a political theory, since a focus on choice turns actors away from relations in the common. Political economy once targeted aristocratic rule – heralding a politics and ethics of egalitarian self-command and spurring democratic reform – but economics allows domination and forecloses alternatives to it. This accessible volume will be of interest to students and scholars of politics and economics, and to general readers concerned about the various ways that psychology and management have infiltrated our politics.
Routledge Handbook Of Bounded Rationality
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Author : Riccardo Viale
language : en
Publisher: Routledge
Release Date : 2020-12-02
Routledge Handbook Of Bounded Rationality written by Riccardo Viale and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-02 with Business & Economics categories.
Herbert Simon’s renowned theory of bounded rationality is principally interested in cognitive constraints and environmental factors and influences which prevent people from thinking or behaving according to formal rationality. Simon’s theory has been expanded in numerous directions and taken up by various disciplines with an interest in how humans think and behave. This includes philosophy, psychology, neurocognitive sciences, economics, political science, sociology, management, and organization studies. The Routledge Handbook of Bounded Rationality draws together an international team of leading experts to survey the recent literature and the latest developments in these related fields. The chapters feature entries on key behavioural phenomena, including reasoning, judgement, decision making, uncertainty, risk, heuristics and biases, and fast and frugal heuristics. The text also examines current ideas such as fast and slow thinking, nudge, ecological rationality, evolutionary psychology, embodied cognition, and neurophilosophy. Overall, the volume serves to provide the most complete state-of-the-art collection on bounded rationality available. This book is essential reading for students and scholars of economics, psychology, neurocognitive sciences, political sciences, and philosophy.
Representations Of Scientific Rationality
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Author : Andoni Ibarra
language : en
Publisher: BRILL
Release Date : 2023-03-13
Representations Of Scientific Rationality written by Andoni Ibarra and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-13 with Business & Economics categories.
Routledge Handbook Of Behavioral Economics
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Author : Roger Frantz
language : en
Publisher: Routledge
Release Date : 2016-08-05
Routledge Handbook Of Behavioral Economics written by Roger Frantz and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-05 with Business & Economics categories.
There is no doubt that behavioral economics is becoming a dominant lens through which we think about economics. Behavioral economics is not a single school of thought but representative of a range of approaches, and uniquely, this volume presents an overview of them. The wide spectrum of international contributors each provides an exploration of a central approach, aspect or topic in behavorial economics. Taken together, the whole volume provides a comprehensive overview of the subject which considers both key developments and future possibilities. Part One presents several different approaches to behavioural economics, including George Katona, Ken Boulding, Harvey Leibenstein, Vernon Smith, Herbert Simon, Gerd Gigerenzer, Daniel Kahneman, and Richard Thaler. This section looks at the origins and development of behavioral economics and compares and contrasts the work of these scholars who have been so influential in making this area so prominent. Part Two presents applications of behavioural economics including nudging; heuristics; emotions and morality; behavioural political economy, education, and economic innovation. The Routledge Handbook of Behavioral Economics is ideal for advanced economics students and faculty who are looking for a complete state-of-the-art overview of this dynamic field.
Surfing Economics
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Author : Huw David Dixon
language : en
Publisher: Bloomsbury Publishing
Release Date : 2017-03-14
Surfing Economics written by Huw David Dixon and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-14 with Business & Economics categories.
Surfing Economics is a collection of essays by one of Europe's leading young economists. These essays are written to bring to life in a non-technical manner some of the fundamental ideas and concepts in contemporary economics, including new Keynesian economics, the natural rate, bounded rationality, social learning and the meaning of economics. Whilst primarily written for the undergraduate student, these essays will entertain and enlighten economists of all ages. Above all, the essays convey the enthusiasm and excitement of Huw Dixon for economics along with his valuable insights into the subject. Just the thing to brighten up your reading lists.