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The Allocation of Decision Authority to Human and Artificial Intelligence

Athey, Susan C. - 2020

The allocation of decision authority by a principal to either a human agent or an artificial intelligence (AI) is examined. The principal trades off an AI's more aligned choice with the need to motivate the human agent to expend effort in learning choice payoffs. When agent effort is desired, it...

Persistent link: https://www.econbiz.de/10012479197

Machine Labor

Angrist, Joshua - 2019

Machine learning (ML) is mostly a predictive enterprise, while the questions of interest to labor economists are mostly causal. In pursuit of causal effects, however, ML may be useful for automated selection of ordinary least squares (OLS) control variables. We illustrate the utility of ML for...

Persistent link: https://www.econbiz.de/10012480528

Occupational Classifications : A Machine Learning Approach

Ikudo, Akina - 2018

Characterizing the work that people do on their jobs is a longstanding and core issue in labor economics. Traditionally, classification has been done manually. If it were possible to combine new computational tools and administrative wage records to generate an automated crosswalk between job...

Persistent link: https://www.econbiz.de/10012480604

Machine Learning for Regularized Survey Forecast Combination : Partially-Egalitarian Lasso and its Derivatives

Diebold, Francis X. - 2018

Despite the clear success of forecast combination in many economic environments, several important issues remain incompletely resolved. The issues relate to selection of the set of forecasts to combine, and whether some form of additional regularization (e.g., shrinkage) is desirable. Against...

Persistent link: https://www.econbiz.de/10012480620

Artificial States

Alesina, Alberto - 2006

Artificial states are those in which political borders do not coincide with a division of nationalities desired by the people on the ground. We propose and compute for all countries in the world two new measures how artificial states are. One is based on measuring how borders split ethnic groups...

Persistent link: https://www.econbiz.de/10012466337

The Technological Elements of Artificial Intelligence

Taddy, Matt - 2018

We have seen in the past decade a sharp increase in the extent that companies use data to optimize their businesses. Variously called the `Big Data' or `Data Science' revolution, this has been characterized by massive amounts of data, including unstructured and nontraditional data like text and...

Persistent link: https://www.econbiz.de/10012453413

Robots Are Us : Some Economics of Human Replacement

Benzell, Seth G. - 2015

Will smart machines replace humans like the internal combustion engine replaced horses? If so, can putting people out of work, or at least out of good work, also put the economy out of business? Our model says yes. Under the right conditions, more supply produces, over time, less demand as the...

Persistent link: https://www.econbiz.de/10012457725

Agrawal, Ajay; Gans, Joshua; Goldfarb, Avi - National Bureau of Economic Research - 2023

Economic models provide little insight into when the next big idea and its associated productivity dividend will come along. Once a general purpose technology (GPT) is identified, the economist's toolkit does provide an understanding when firms will adopt a new technology and for what purpose....

Persistent link: https://www.econbiz.de/10014226173

Spooky Boundaries at a Distance : Inductive Bias, Dynamic Models, and Behavioral Macro

Kahou, Mahdi Ebrahimi; Fernández-Villaverde, Jesús; … - National Bureau of Economic Research - 2024

In the long run, we are all dead. Nonetheless, when studying the short-run dynamics of economic models, it is crucial to consider boundary conditions that govern long-run, forward-looking behavior, such as transversality conditions. We demonstrate that machine learning (ML) can automatically...

Persistent link: https://www.econbiz.de/10015056176

Theorizing with Large Language Models

Tranchero, Matteo; Brenninkmeijer, Cecil-Francis; … - National Bureau of Economic Research - 2024

potential of LLMs for theory building is yet to be recognized. We argue that LLMs can accelerate the pace at which researchers … can develop, validate, and extend strategic management theory. We propose a novel framework called Generative AI … them to reveal the explanations behind decisions. We apply this framework to a novel theory studying strategic exploration …

Persistent link: https://www.econbiz.de/10015094875

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