Power and Prediction

Download or Read eBook Power and Prediction PDF written by Ajay Agrawal and published by Harvard Business Press. This book was released on 2022-11-15 with total page 171 pages. Available in PDF, EPUB and Kindle.
Power and Prediction

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Publisher: Harvard Business Press

Total Pages: 171

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ISBN-10: 9781647824204

ISBN-13: 1647824206

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Book Synopsis Power and Prediction by : Ajay Agrawal

Disruption resulting from the proliferation of AI is coming. The authors of the bestselling Prediction Machines can help you prepare. Artificial intelligence (AI) has impacted many industries around the world—banking and finance, pharmaceuticals, automotive, medical technology, manufacturing, and retail. But it has only just begun its odyssey toward cheaper, better, and faster predictions that drive strategic business decisions. When prediction is taken to the max, industries transform, and with such transformation comes disruption. What is at the root of this? 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 deeper, examining the most basic unit of analysis: the decision. The authors explain that the two key decision-making ingredients are prediction and judgment, and we perform both together in our minds, often without realizing it. The rise of AI is shifting prediction from humans to machines, relieving people from this cognitive load while increasing the speed and accuracy of decisions. This sets the stage for a flourishing of new decisions and has profound implications for system-level innovation. Redesigning systems of interdependent decisions takes time—many industries are in the quiet before the storm—but when these new systems emerge, they can be disruptive on a global scale. Decision-making confers power. In industry, power confers profits; in society, power confers control. This process will have winners and losers, and the authors show how businesses can leverage opportunities, as well as 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 policymaker on how to make the coming AI disruptions work for you rather than against you.

Prediction Machines

Download or Read eBook Prediction Machines PDF written by Ajay Agrawal and published by Harvard Business Press. This book was released on 2018-04-17 with total page 272 pages. Available in PDF, EPUB and Kindle.
Prediction Machines

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Publisher: Harvard Business Press

Total Pages: 272

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ISBN-10: 9781633695689

ISBN-13: 1633695689

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Book Synopsis Prediction Machines by : Ajay Agrawal

"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.

Prediction Machines, Updated and Expanded

Download or Read eBook Prediction Machines, Updated and Expanded PDF written by Ajay Agrawal and published by Harvard Business Press. This book was released on 2022-11-15 with total page 347 pages. Available in PDF, EPUB and Kindle.
Prediction Machines, Updated and Expanded

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Publisher: Harvard Business Press

Total Pages: 347

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ISBN-10: 9781647824686

ISBN-13: 1647824680

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Book Synopsis Prediction Machines, Updated and Expanded by : Ajay Agrawal

Named one of "The five best books to understand AI" by The Economist The impact AI will have is profound, but the economic framework for understanding it is surprisingly simple. 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 masterful stroke, they lift the curtain on the AI-is-magic hype and provide economic clarity about the AI revolution as well as a basis for action by executives, policy makers, investors, and entrepreneurs. In this new, updated 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. 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 Economics of Artificial Intelligence

Download or Read eBook The Economics of Artificial Intelligence PDF written by Ajay Agrawal and published by University of Chicago Press. This book was released on 2019-05-22 with total page 643 pages. Available in PDF, EPUB and Kindle.
The Economics of Artificial Intelligence

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Publisher: University of Chicago Press

Total Pages: 643

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ISBN-10: 9780226613338

ISBN-13: 022661333X

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Book Synopsis The Economics of Artificial Intelligence by : Ajay Agrawal

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

Summary of Ajay Agrawal's Power and Prediction

Download or Read eBook Summary of Ajay Agrawal's Power and Prediction PDF written by Milkyway Media and published by Milkyway Media. This book was released on 2024-01-22 with total page 23 pages. Available in PDF, EPUB and Kindle.
Summary of Ajay Agrawal's Power and Prediction

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Publisher: Milkyway Media

Total Pages: 23

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Book Synopsis Summary of Ajay Agrawal's Power and Prediction by : Milkyway Media

Get the Summary of Ajay Agrawal's Power and Prediction in 20 minutes. Please note: This is a summary & not the original book. Ajay Agrawal's "Power and Prediction" draws parallels between the gradual adoption of electricity and the emerging integration of artificial intelligence (AI) into society. The book outlines the transition from steam to electricity, highlighting the transformative power of "system solutions" like Henry Ford's assembly line. Similarly, AI's potential extends beyond "point solutions" that improve prediction tasks to "system solutions" that reimagine organizational structures, separating prediction from decision-making...

Artificial Intelligence and Economic Analysis

Download or Read eBook Artificial Intelligence and Economic Analysis PDF written by Scott J. Moss and published by Edward Elgar Publishing. This book was released on 1992-01-01 with total page 216 pages. Available in PDF, EPUB and Kindle.
Artificial Intelligence and Economic Analysis

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Publisher: Edward Elgar Publishing

Total Pages: 216

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ISBN-10: 1782541764

ISBN-13: 9781782541769

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Book Synopsis Artificial Intelligence and Economic Analysis by : Scott J. Moss

This important book presents new and original work at the frontiers of economics, namely the interface between artificial intelligence (AI) and neoclassical economics. Artificial Intelligence and Economic Analysis focuses on three quite distinct lines of AI orientated research in economics: applications intended to extend neoclassical theory, applications intended to undermine neoclassical theory and applications which ignore neoclassical theory in the quest for new modelling techniques and fields of analysis. The contributors - all of whom are well established in the field - do not simply report established results but seek to identify those areas where the science of artificial intelligence could enrich standard economic analysis. It includes material from mainstream economists who are willing to express their own views about the limits of mainstream economic modelling and AI based economic modelling. The book makes an important contribution to a new and exciting area of economics which holds much hope for the future.

Political, Economic and Legal Effects of Artificial Intelligence

Download or Read eBook Political, Economic and Legal Effects of Artificial Intelligence PDF written by Georgios I. Zekos and published by Springer Nature. This book was released on 2022-03-07 with total page 528 pages. Available in PDF, EPUB and Kindle.
Political, Economic and Legal Effects of Artificial Intelligence

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Publisher: Springer Nature

Total Pages: 528

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ISBN-10: 9783030947361

ISBN-13: 303094736X

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Book Synopsis Political, Economic and Legal Effects of Artificial Intelligence by : Georgios I. Zekos

This book presents a comprehensive analysis of the alterations and problems caused by new technologies in all fields of politics. It further examines the impact of artificial intelligence (AI) on the nexus between politics, economics, and law. The book raises and answers several important questions: What is the role of AI in politics? Are people prepared for the challenges presented by technical developments? How will Al affect future politics and human society? How can politics and law deal with Al's disruptive technologies? What impact will AI and technology have on law? How can efficient cooperation between human beings and AI be shaped? Can artificial intelligence automate public decision-making? Topics discussed in the book include, but are not limited to digital governance, public administration, digital economy, corruption, democracy and voting, legal singularity, separation of power, constitutional rights, GDPR in politics, AI personhood, digital politics, cyberspace sovereignty, cyberspace transactions, and human rights. This book is a must-read for scholars and students of political science, law, and economics, as well as policy-makers and practitioners, interested in a better understanding of political, legal, and economic aspects and issues of AI.

In AI We Trust

Download or Read eBook In AI We Trust PDF written by Helga Nowotny and published by John Wiley & Sons. This book was released on 2021-08-19 with total page 125 pages. Available in PDF, EPUB and Kindle.
In AI We Trust

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Publisher: John Wiley & Sons

Total Pages: 125

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ISBN-10: 9781509548828

ISBN-13: 1509548823

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Book Synopsis In AI We Trust by : Helga Nowotny

One of the most persistent concerns about the future is whether it will be dominated by the predictive algorithms of AI – and, if so, what this will mean for our behaviour, for our institutions and for what it means to be human. AI changes our experience of time and the future and challenges our identities, yet we are blinded by its efficiency and fail to understand how it affects us. At the heart of our trust in AI lies a paradox: we leverage AI to increase our control over the future and uncertainty, while at the same time the performativity of AI, the power it has to make us act in the ways it predicts, reduces our agency over the future. This happens when we forget that that we humans have created the digital technologies to which we attribute agency. These developments also challenge the narrative of progress, which played such a central role in modernity and is based on the hubris of total control. We are now moving into an era where this control is limited as AI monitors our actions, posing the threat of surveillance, but also offering the opportunity to reappropriate control and transform it into care. As we try to adjust to a world in which algorithms, robots and avatars play an ever-increasing role, we need to understand better the limitations of AI and how their predictions affect our agency, while at the same time having the courage to embrace the uncertainty of the future.

Artificial Intelligence in Economics and Managment

Download or Read eBook Artificial Intelligence in Economics and Managment PDF written by Phillip Ein-Dor and published by Springer Science & Business Media. This book was released on 1996-08-31 with total page 296 pages. Available in PDF, EPUB and Kindle.
Artificial Intelligence in Economics and Managment

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Publisher: Springer Science & Business Media

Total Pages: 296

Release:

ISBN-10: 0792397614

ISBN-13: 9780792397618

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Book Synopsis Artificial Intelligence in Economics and Managment by : Phillip Ein-Dor

In the past decades several researchers have developed statistical models for the prediction of corporate bankruptcy, e. g. Altman (1968) and Bilderbeek (1983). A model for predicting corporate bankruptcy aims to describe the relation between bankruptcy and a number of explanatory financial ratios. These ratios can be calculated from the information contained in a company's annual report. The is to obtain a method for timely prediction of bankruptcy, a so ultimate purpose called "early warning" system. More recently, this subject has attracted the attention of researchers in the area of machine learning, e. g. Shaw and Gentry (1990), Fletcher and Goss (1993), and Tam and Kiang (1992). This research is usually directed at the comparison of machine learning methods, such as induction of classification trees and neural networks, with the "standard" statistical methods of linear discriminant analysis and logistic regression. In earlier research, Feelders et al. (1994) performed a similar comparative analysis. The methods used were linear discriminant analysis, decision trees and neural networks. We used a data set which contained 139 annual reports of Dutch industrial and trading companies. The experiments showed that the estimated prediction error of both the decision tree and neural network were below the estimated error of the linear discriminant. Thus it seems that we can gain by replacing the "traditionally" used linear discriminant by a more flexible classification method to predict corporate bankruptcy. The data set used in these experiments was very small however.

Research Handbook on Artificial Intelligence and Decision Making in Organizations

Download or Read eBook Research Handbook on Artificial Intelligence and Decision Making in Organizations PDF written by Ioanna Constantiou and published by Edward Elgar Publishing. This book was released on 2024-03-14 with total page 393 pages. Available in PDF, EPUB and Kindle.
Research Handbook on Artificial Intelligence and Decision Making in Organizations

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Publisher: Edward Elgar Publishing

Total Pages: 393

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ISBN-10: 9781803926216

ISBN-13: 180392621X

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Book Synopsis Research Handbook on Artificial Intelligence and Decision Making in Organizations by : Ioanna Constantiou

Featuring state-of-the-art research from leading academics in technology and organization studies, this timely Research Handbook provides a comprehensive overview of how AI becomes embedded in decision making in organizations, from the initial considerations when implementing AI to the use of such solutions in strategic decision making.