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Prediction, Judgment and Complexity : A Theory of Decision Making and Artificial Intelligence

Agrawal, Ajay K. - 2018

We interpret recent developments in the field of artificial intelligence (AI) as improvements in prediction technology. 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...

Persistent link: https://www.econbiz.de/10012453471

Managing Intelligence : Skilled Experts and AI in Markets for Complex Products

Gruber, Jonathan - 2020

In numerous high stakes markets skilled experts play a key role in facilitating consumer choice of complex products. New artificial intelligence (AI) technologies are increasingly being used to augment expert decisions. We study the role of technology and expertise in the market for health...

Persistent link: https://www.econbiz.de/10012481995

AI and Jobs : Evidence from Online Vacancies

Acemoglu, Daron; Autor, David H.; Hazell, Jonathon; … - National Bureau of Economic Research - 2022 - Revised February 2022

We study the impact of AI on labor markets, using establishment level data on vacancies with detailed occupational information comprising the near-universe of online vacancies in the US from 2010 onwards. We classify establishments as "AI exposed" when their workers engage in tasks that are...

Persistent link: https://www.econbiz.de/10012482476

How do Humans Interact with Algorithms? Experimental Evidence from Health Insurance

Bundorf, Kate - 2019

Algorithms increasingly assist consumers in making their purchase decisions across a variety of markets; yet little is known about how humans interact with algorithmic advice. We examine how algorithmic, personalized information affects consumer choice among complex financial products using data...

Persistent link: https://www.econbiz.de/10012479925

The Role of Technological Change in Green Growth

Popp, David - 2012

By reducing the costs of environmental protection, technological change is important for promoting green growth. This entails both the creation of new technologies and more widespread deployment of existing green technologies. This paper reviews the literature on environmentally friendly...

Persistent link: https://www.econbiz.de/10012460155

The Effect of Offer-of-Settlement Rules on the Terms of Settlement

Bebchuk, Lucian Arye - 2000

Under an offer of settlement' rule, a party to a lawsuit may make a special offer to settle with the other party, such that if the other party rejects this offer, then this offer (unlike an ordinary offer) becomes part of the record in the case and may affect the allocation of litigation costs....

Persistent link: https://www.econbiz.de/10012471084

The Self-Enforcing Provisions of Oil and Gas Unit Operating Agreements : Theory and Evidence

Libecap, Gary D. - 1999

This paper extends the existing theory and empirical investigation of unitization contracts. It highlights the importance of incentive-compatibility and self-enforcement and the bargaining problems faced in achieving viable, long-term contracts. We argue that only if the parties to a unitization...

Persistent link: https://www.econbiz.de/10012471652

Intermediaries in Bargaining : Evidence from Business-to-Business Used-Car Inventory Negotiations

Larsen, Bradley J.; Lu, Hengheng; Zhang, Anthony Lee - National Bureau of Economic Research - 2021

We analyze data on tens of thousands of alternating-offer, business-to-business negotiations in the wholesale used … mediating the negotiations. We find that who intermediates the negotiation matters: high-performing mediators are 22.03% more … negotiations, overcoming some of the inefficiency inherent in incomplete-information settings …

Persistent link: https://www.econbiz.de/10012616607

Negotiator Behavior Under Arbitration

Bloom, David E. - 1987

The emerging empirical literature on the economics of arbitration has focused primarily on the behavior of arbitrators under alternative forms of arbitration. This article suggests that it is natural for empirical economists to now expand their focus to include issues related to the behavior of...

Persistent link: https://www.econbiz.de/10012476858

A Constant Recontracting Model of Sovereign Debt

Bulow, Jeremy I. - 1986

Few sovereign debtors have repudiated their obligations entirely. But despite the significant sanctions at the disposal of lenders, many borrowers have been able to consistently negotiate for reduced repayments. This paper presents a model of the on-going bargaining process that determines...

Persistent link: https://www.econbiz.de/10012476981

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