The Microeconomics of Artificial Intelligence - by Joshua Gans (Hardcover)

About the Book

"This book focuses on AI's impact on microeconomics. The author examines AI as prediction that may enable decision making and focus on the impacts that arise within firms or industries rather than broad economy-wide impacts on employment and productivity. He focuses on the supply and production characteristics of AI and what will be the key policy trade-offs for antitrust, privacy and other regulations"-- Provided by publisher.

Book Synopsis

A comprehensive treatment of the microeconomics associated with the adoption and use of artificial intelligence.

It is well-recognized that recent advances in AI are exclusively advances in statistical techniques for prediction. While this may facilitate automation, this result is secondary to AI's impact on decision-making. From an economics perspective, predictions have their first-order impacts on the efficiency of decision-making.

In The Microeconomics of Artificial Intelligence, Joshua Gans examines AI as prediction that enhances and perhaps enables decision-making, focusing on the impacts that arise within firms or industries rather than broad economy-wide impacts on employment and productivity. He analyzes what the supply and production characteristics of AI are and what the drivers of the demand for AI prediction are. Putting these together, he explores how supply and demand conditions lead to a price for predictions and how this price is shaped by market structure. Finally, from a microeconomics perspective, he explores the key policy trade-offs for antitrust, privacy, and other regulations.

About the Author

Joshua Gans is Professor of Strategic Management and holds the Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship at the University of Toronto's Rotman School of Management. He is the author of The Disruption Dilemma (MIT Press) and other books, and coauthor of Prediction Machines and Innovation + Equality (MIT Press).