Showing 1 - 10 of 295
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/10012918102
In complex environments, it is challenging to learn enough about the underlying characteristics of transactions so as to design the best institutions to efficiently generate gains from trade. In recent years, Artificial Intelligence has emerged as an important tool that allows market designers...
Persistent link: https://www.econbiz.de/10012928311
providing a particular set of tasks – prediction tasks. Prediction about uncertain states of the world is an input into decision … could also increase the variance of outcomes as well. We consider the role of human judgment in decision-making as … decisions to machines even when the decision would be superior with human input …
Persistent link: https://www.econbiz.de/10012918625
. In this paper, we explore the consequences of improved prediction in decision-making. To do so, we adapt existing models … of decision-making under uncertainty to account for the process of determining payoffs. We label this process of … on whether the improvements in prediction enable automated decision-making. We discuss the implications of improved …
Persistent link: https://www.econbiz.de/10012929013
We study the perfect Bayesian equilibrium of a model of learning over a general social network. Each individual receives a signal about the underlying state of the world, observes the past actions of a stochastically-generated neighborhood of individuals, and chooses one of two possible actions....
Persistent link: https://www.econbiz.de/10012771797
Patenting in software, cloud computing, and artificial intelligence has grown rapidly in recent years. Such patents are … patents per inventor has declined near-monotonically, except for large increases in inventor productivity in software and …
Persistent link: https://www.econbiz.de/10012914742
Using a high-stakes field experiment conducted with a financial brokerage, we implement a novel design to separately identify two channels of social influence in financial decisions, both widely studied theoretically. When someone purchases an asset, his peers may also want to purchase it, both...
Persistent link: https://www.econbiz.de/10013103518
We show that personal experiences of inflation strongly influence the hawkish or dovish leanings of central bankers. For all members of the Federal Open Market Committee (FOMC) since 1951, we estimate an adaptive learning rule based on their lifetime inflation data. The resulting...
Persistent link: https://www.econbiz.de/10012960788
We examine how machine learning can be used to improve and understand human decision-making. In particular, we focus on … a decision that has important policy consequences. Millions of times each year, judges must decide where defendants will … await trial—at home or in jail. By law, this decision hinges on the judge's prediction of what the defendant would do if …
Persistent link: https://www.econbiz.de/10012962719
What are the prospects for long-run economic growth? The present study looks at a recently launched hypothesis, which I label Singularity. The idea here is that rapid growth in computation and artificial intelligence will cross some boundary or Singularity after which economic growth will...
Persistent link: https://www.econbiz.de/10013015557