The Economics Of Artificial Intelligence

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The Economics Of Artificial Intelligence


The Economics Of Artificial Intelligence
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The Economics Of Artificial Intelligence


The Economics Of Artificial Intelligence
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Author : Ajay Agrawal
language : en
Publisher: University of Chicago Press
Release Date : 2019-05-22

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 2019-05-22 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

Prediction Machines


Prediction Machines
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Author : Ajay Agrawal
language : en
Publisher: Harvard Business Press
Release Date : 2018-04-17

Prediction Machines written by Ajay Agrawal and has been published by Harvard Business Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-17 with Computers categories.


"What does AI mean for your business? Read this book to find out." -- Hal Varian, Chief Economist, Google Artificial intelligence does the seemingly impossible, magically bringing machines to life--driving cars, trading stocks, and teaching children. But facing the sea change that AI will bring can be paralyzing. How should companies set strategies, governments design policies, and people plan their lives for a world so different from what we know? In the face of such uncertainty, many analysts either cower in fear or predict an impossibly sunny future. But in Prediction Machines, three eminent economists recast the rise of AI as a drop in the cost of prediction. With this single, masterful stroke, they lift the curtain on the AI-is-magic hype and show how basic tools from economics provide clarity about the AI revolution and a basis for action by CEOs, managers, policy makers, investors, and entrepreneurs. When AI is framed as cheap prediction, its extraordinary potential becomes clear: Prediction is at the heart of making decisions under uncertainty. Our businesses and personal lives are riddled with such decisions. Prediction tools increase productivity--operating machines, handling documents, communicating with customers. Uncertainty constrains strategy. Better prediction creates opportunities for new business structures and strategies to compete. Penetrating, fun, and always insightful and practical, Prediction Machines follows its inescapable logic to explain how to navigate the changes on the horizon. The impact of AI will be profound, but the economic framework for understanding it is surprisingly simple.

The Economics Of Artificial Intelligence


The Economics Of Artificial Intelligence
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Author : Brendan Markey-Towler
language : en
Publisher:
Release Date : 2018

The Economics Of Artificial Intelligence written by Brendan Markey-Towler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.


We apply the perspectives of social ontology and the “Brisbane Club” of evolutionary economists to characterise the economics of artificial intelligence technology. We consider the nature of artificial intelligence and defend the notion that it is a technology which seeks to replicate the workings and evolution of the human mind in the mechanical structure of a computer. We discuss how this creates, in principle, a state of substitutability between human labour and artificial intelligence which invites concerns about mass unemployment alongside hopes of significant production possibilities. We also, however, identify caveats to this principle which mean that there is a range of human labour which cannot yet be feasibly substituted for by artificial intelligence technology, and for which there is still yet a future. We identify a range of specific distinctions between human labour and artificial intelligence as a result of our approach which defines this range of human labour for which there is a future. This advantage of our approach also allows us to consider some specific practical measures which might be adopted to seize the opportunities offered by artificial intelligence technology while minimising its downside risks.

Prediction Machines Updated And Expanded


Prediction Machines Updated And Expanded
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Author : Ajay Agrawal
language : en
Publisher:
Release Date : 2022-11-15

Prediction Machines Updated And Expanded written by Ajay Agrawal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-15 with Business & Economics categories.


"What does AI mean for your business? Read this book to find out." -- Hal Varian, Chief Economist, Google Artificial intelligence seems to do the impossible, magically bringing machines to life--driving cars, trading stocks, and teaching children. But facing the sea change that AI brings can be paralyzing. How should companies set strategies, governments design policies, and people plan their lives for a world so different from what we know? In the face of such uncertainty, many either cower in fear or predict an impossibly sunny future. But in Prediction Machines, three eminent economists recast the rise of AI as a drop in the cost of prediction. With this single, masterful stroke, they lift the curtain on the AI-is-magic hype and show how basic tools from economics provide clarity about the AI revolution and a basis for action by executives, policy makers, investors, and entrepreneurs. In this newly revised and expanded edition, the authors illustrate how, when AI is framed as cheap prediction, its extraordinary potential becomes clear: Prediction is at the heart of making decisions amid uncertainty. Our businesses and personal lives are riddled with such decisions. Prediction tools increase productivity--operating machines, handling documents, communicating with customers. Uncertainty constrains strategy. Better prediction creates opportunities for new business strategies to compete. Reflecting on the book's reception, the authors reset the context, describing the striking impact the book has had and how its argument and its implications are playing out in the real world. And in new material, they explain how prediction fits into decision-making processes and how foundational technologies such as quantum computing will impact business choices. Penetrating, insightful, and practical, Prediction Machines will help you navigate the changes on the horizon. The impact of AI will be profound, but the economic framework for understanding it is surprisingly simple.

Power And Prediction


Power And Prediction
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Author : Ajay Agrawal
language : en
Publisher: Harvard Business Press
Release Date : 2022-11-15

Power And Prediction written by Ajay Agrawal and has been published by Harvard Business Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-15 with Business & Economics categories.


Disruption resulting from the proliferation of AI is coming. The authors of the bestselling Prediction Machines describe what you can do to prepare. Banking and finance, pharmaceuticals, automotive, medical technology, retail. Artificial intelligence (AI) has made its way into many industries around the world. But the truth is, it has just begun its odyssey toward cheaper, better, and faster predictions to drive strategic business decisions—powering and accelerating business. When prediction is taken to the max, industries transform. The disruption that comes with such transformation is yet to be felt—but it is coming. How do businesses prepare? In their bestselling first book, Prediction Machines, eminent economists Ajay Agrawal, Joshua Gans, and Avi Goldfarb explained the simple yet game-changing economics of AI. Now, in Power and Prediction, they go further to reveal AI as a prediction technology directly impacting decision-making and to teach businesses how to identify disruptive opportunities and threats resulting from AI. Their exhaustive study of new developments in artificial intelligence and the past history of how technologies have disrupted industries highlights the striking phase we are now in: after witnessing the power of this new technology and before its widespread adoption—what they call "the Between Times." While there continue to be important opportunities for businesses, there are also threats of disruption. As prediction machines improve, old ways of doing things will be upended. Also, the process by which AI filters into the many systems involved in application is very uneven. That process will have winners and losers. How can businesses leverage, or protect, their positions? Filled with illuminating insights, rich examples, and practical advice, Power and Prediction is the must-read guide for any business leader or policy maker on how to make the coming AI disruptions work for you rather than against you.

The Complex Economics Of Artificial Intelligence


The Complex Economics Of Artificial Intelligence
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Author : Juan C. Mateos-Garcia
language : en
Publisher:
Release Date : 2018

The Complex Economics Of Artificial Intelligence written by Juan C. Mateos-Garcia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.


Artificial Intelligence (AI) systems help organisations manage complexity: they reduce the cost of predictions and hold the promise of more, better and faster decisions that enhance productivity and innovation. However, their deployment increases complexity at all levels of the economy, and with it, the risk of undesirable outcomes. Organisationally, uncertainty about how to adopt fallible AI systems could create AI divides between sectors and organisations. Transactionally, pervasive information asymmetries in AI markets could lead to unsafe, abusive and mediocre applications. Societally, individuals might opt for extreme levels of AI deployment in other sectors in exchange for lower prices and more convenience, creating disruption and inequality. Temporally, scientific, technological and market inertias could lock society into AI trajectories that are found to be inferior to alternative paths. New Sciences (and Policies) of the Artificial are needed to understand and manage the new economic complexities that AI brings, acknowledging that AI technologies are not neutral and can be steered in societally beneficial directions guided by the principles of experimentation and evidence to discover where and how to apply AI, transparency and compliance to remove information asymmetries and increase safety in AI markets, social solidarity to share the benefits and costs of AI deployment, and diversity in the AI trajectories that are explored and pursued and the perspectives that guide this process. This will involve an explicit elucidation of human and social goals and values, a mirror of the Turing test where different societies learn about themselves through their responses to the opportunities and challenges that powerful AI technologies pose.

The Nexus Between Artificial Intelligence And Economics


The Nexus Between Artificial Intelligence And Economics
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Author : Ad J. W. van de Gevel
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-15

The Nexus Between Artificial Intelligence And Economics written by Ad J. W. van de Gevel and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-15 with Business & Economics categories.


The manuscript reviews some key ideas about artificial intelligence, and relates them to economics. These include its relation to robotics, and the concepts of synthetic emotions, consciousness, and life. The economic implications of the advent of artificial intelligence, such as its effect on prices and wages, appropriate patent policy, and the possibility of accelerating productivity, are discussed. The growing field of artificial economics and the use of artificial agents in experimental economics is considered.​