Power and Prediction

Power and Prediction
Title Power and Prediction PDF eBook
Author Ajay Agrawal
Publisher Harvard Business Press
Total Pages 171
Release 2022-11-15
Genre Business & Economics
ISBN 1647824206

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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.

The Economics of Artificial Intelligence

The Economics of Artificial Intelligence
Title The Economics of Artificial Intelligence PDF eBook
Author Ajay Agrawal
Publisher University of Chicago Press
Total Pages 172
Release 2024-03-05
Genre Business & Economics
ISBN 0226833127

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A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.

The Promise of Artificial Intelligence

The Promise of Artificial Intelligence
Title The Promise of Artificial Intelligence PDF eBook
Author Brian Cantwell Smith
Publisher MIT Press
Total Pages 179
Release 2019-10-08
Genre Computers
ISBN 0262355213

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An argument that—despite dramatic advances in the field—artificial intelligence is nowhere near developing systems that are genuinely intelligent. In this provocative book, Brian Cantwell Smith argues that artificial intelligence is nowhere near developing systems that are genuinely intelligent. Second wave AI, machine learning, even visions of third-wave AI: none will lead to human-level intelligence and judgment, which have been honed over millennia. Recent advances in AI may be of epochal significance, but human intelligence is of a different order than even the most powerful calculative ability enabled by new computational capacities. Smith calls this AI ability “reckoning,” and argues that it does not lead to full human judgment—dispassionate, deliberative thought grounded in ethical commitment and responsible action. Taking judgment as the ultimate goal of intelligence, Smith examines the history of AI from its first-wave origins (“good old-fashioned AI,” or GOFAI) to such celebrated second-wave approaches as machine learning, paying particular attention to recent advances that have led to excitement, anxiety, and debate. He considers each AI technology's underlying assumptions, the conceptions of intelligence targeted at each stage, and the successes achieved so far. Smith unpacks the notion of intelligence itself—what sort humans have, and what sort AI aims at. Smith worries that, impressed by AI's reckoning prowess, we will shift our expectations of human intelligence. What we should do, he argues, is learn to use AI for the reckoning tasks at which it excels while we strengthen our commitment to judgment, ethics, and the world.

Prediction Machines

Prediction Machines
Title Prediction Machines PDF eBook
Author Ajay Agrawal
Publisher Harvard Business Press
Total Pages 272
Release 2018-04-17
Genre Computers
ISBN 1633695689

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"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.

Precision Medicine and Artificial Intelligence

Precision Medicine and Artificial Intelligence
Title Precision Medicine and Artificial Intelligence PDF eBook
Author Michael Mahler
Publisher Academic Press
Total Pages 300
Release 2021-03-12
Genre Science
ISBN 032385432X

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Precision Medicine and Artificial Intelligence: The Perfect Fit for Autoimmunity covers background on artificial intelligence (AI), its link to precision medicine (PM), and examples of AI in healthcare, especially autoimmunity. The book highlights future perspectives and potential directions as AI has gained significant attention during the past decade. Autoimmune diseases are complex and heterogeneous conditions, but exciting new developments and implementation tactics surrounding automated systems have enabled the generation of large datasets, making autoimmunity an ideal target for AI and precision medicine. More and more diagnostic products utilize AI, which is also starting to be supported by regulatory agencies such as the Food and Drug Administration (FDA). Knowledge generation by leveraging large datasets including demographic, environmental, clinical and biomarker data has the potential to not only impact the diagnosis of patients, but also disease prediction, prognosis and treatment options. Allows the readers to gain an overview on precision medicine for autoimmune diseases leveraging AI solutions Provides background, milestone and examples of precision medicine Outlines the paradigm shift towards precision medicine driven by value-based systems Discusses future applications of precision medicine research using AI Other aspects covered in the book include regulatory insights, data analytics and visualization, types of biomarkers as well as the role of the patient in precision medicine

Human + Machine

Human + Machine
Title Human + Machine PDF eBook
Author Paul R. Daugherty
Publisher Harvard Business Press
Total Pages 264
Release 2018-03-20
Genre Computers
ISBN 1633693872

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AI is radically transforming business. Are you ready? Look around you. Artificial intelligence is no longer just a futuristic notion. It's here right now--in software that senses what we need, supply chains that "think" in real time, and robots that respond to changes in their environment. Twenty-first-century pioneer companies are already using AI to innovate and grow fast. The bottom line is this: Businesses that understand how to harness AI can surge ahead. Those that neglect it will fall behind. Which side are you on? In Human + Machine, Accenture leaders Paul R. Daugherty and H. James (Jim) Wilson show that the essence of the AI paradigm shift is the transformation of all business processes within an organization--whether related to breakthrough innovation, everyday customer service, or personal productivity habits. As humans and smart machines collaborate ever more closely, work processes become more fluid and adaptive, enabling companies to change them on the fly--or to completely reimagine them. AI is changing all the rules of how companies operate. Based on the authors' experience and research with 1,500 organizations, the book reveals how companies are using the new rules of AI to leap ahead on innovation and profitability, as well as what you can do to achieve similar results. It describes six entirely new types of hybrid human + machine roles that every company must develop, and it includes a "leader’s guide" with the five crucial principles required to become an AI-fueled business. Human + Machine provides the missing and much-needed management playbook for success in our new age of AI. BOOK PROCEEDS FOR THE AI GENERATION The authors' goal in publishing Human + Machine is to help executives, workers, students and others navigate the changes that AI is making to business and the economy. They believe AI will bring innovations that truly improve the way the world works and lives. However, AI will cause disruption, and many people will need education, training and support to prepare for the newly created jobs. To support this need, the authors are donating the royalties received from the sale of this book to fund education and retraining programs focused on developing fusion skills for the age of artificial intelligence.

Competing in the Age of AI

Competing in the Age of AI
Title Competing in the Age of AI PDF eBook
Author Marco Iansiti
Publisher Harvard Business Press
Total Pages 175
Release 2020-01-07
Genre Business & Economics
ISBN 1633697630

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"a provocative new book" — The New York Times AI-centric organizations exhibit a new operating architecture, redefining how they create, capture, share, and deliver value. Now with a new preface that explores how the coronavirus crisis compelled organizations such as Massachusetts General Hospital, Verizon, and IKEA to transform themselves with remarkable speed, Marco Iansiti and Karim R. Lakhani show how reinventing the firm around data, analytics, and AI removes traditional constraints on scale, scope, and learning that have restricted business growth for hundreds of years. From Airbnb to Ant Financial, Microsoft to Amazon, research shows how AI-driven processes are vastly more scalable than traditional processes, allow massive scope increase, enabling companies to straddle industry boundaries, and create powerful opportunities for learning—to drive ever more accurate, complex, and sophisticated predictions. When traditional operating constraints are removed, strategy becomes a whole new game, one whose rules and likely outcomes this book will make clear. Iansiti and Lakhani: Present a framework for rethinking business and operating models Explain how "collisions" between AI-driven/digital and traditional/analog firms are reshaping competition, altering the structure of our economy, and forcing traditional companies to rearchitect their operating models Explain the opportunities and risks created by digital firms Describe the new challenges and responsibilities for the leaders of both digital and traditional firms Packed with examples—including many from the most powerful and innovative global, AI-driven competitors—and based on research in hundreds of firms across many sectors, this is your essential guide for rethinking how your firm competes and operates in the era of AI.