Book
Prediction machines : the simple economics of artificial intelligence / Ajay Agrawal, Joshua Gans, and Avi Goldfarb.
Record details
- ISBN: 9781633695672
- Physical Description: x, 250 pages ; 25 cm
- Publisher: Boston, Massachusetts : Harvard Business Review Press, [2018]
Content descriptions
| Formatted Contents Note: | Cheap changes everything -- The magic of prediction -- Why it's called intelligence -- Data is the new oil -- The new division of labor -- Unpacking decisions -- The value of judgment -- Taming complexity -- What machines can learn -- Fully automated decision-making -- Deconstructing workflows -- Decomposing decisions -- Job redesign -- AI in the C-suite -- When AI transforms your business -- Managing AI risk -- Beyond business. |
Search for related items by subject
| Subject: | Artificial intelligence > Economic aspects. Decision making > Statistical methods. Forecasting > Statistical methods. |
Available copies
- 1 of 1 copy available at Legislative Library.
Holds
- 0 current holds with 1 total copy.
| Location | Call Number / Copy Notes | Barcode | Shelving Location | Holdable? | Status | Due Date |
|---|---|---|---|---|---|---|
| Legislative Library, Vaughan Street | TA 347 .A78 Agr (Text) | 36970100190794 | General Collection | Volume hold | Available | - |
- Baker & Taylor
Three noted economists recast the rise of artificial intelligence (AI) as a drop in the cost of prediction, showing how basic tools from economics provide clarity about the AI revolution and a basis for action by CEOs, managers, policy makers, investors, and entrepreneurs. - Baker & Taylor
The idea of artificial intelligence--job-killing robots, self-driving cars, and self-managing organizations--captures the imagination, evoking a combination of wonder and dread for those of us who will have to deal with the consequences. But what if it'snot quite so complicated? The real job of artificial intelligence, argue these three eminent economists, is to lower the cost of prediction. And once you start talking about costs, you can use some well-established economics to cut through the hype. The constant challenge for all managers is to make decisions under uncertainty. And AI contributes by making knowing what's coming in the future cheaper and more certain. But decision making has another component: judgment, which is firmly in the realm of humans, not machines. Making prediction cheaper means that we can make more predictions more accurately and assess them with our better (human) judgment. Once managers can separate tasks into components of prediction and judgment, we can begin to understand how to optimize the interface between humans and machines. More than just an account of AI's powerful capabilities, Prediction Machines shows managers how they can most effectively leverage AI, disrupting business as usual only where required, and provides businesses with a toolkit to navigate the coming wave of challenges and opportunities.-- - Perseus Publishing
"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.
