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Prediction Machines, Updated and Expanded

Prediction Machines, Updated and Expanded

The Simple Economics of Artificial Intelligence

by Ajay AgrawalJoshua Gans and Avi Goldfarb
Hardback
Publication Date: 01/03/2023

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"What does AI mean for your business? Read this book to find out." -- Hal Varian, Chief Economist, Google

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 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 executives, policy makers, investors, and entrepreneurs.

In this newly revised and expanded 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.

Reflecting on the book's reception, 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 impact of AI will be profound, but the economic framework for understanding it is surprisingly simple.

ISBN:
9781647824679
9781647824679
Category:
Information technology industries
Format:
Hardback
Publication Date:
01-03-2023
Language:
English
Publisher:
Harvard Business Review Press
Country of origin:
United States
Dimensions (mm):
234x155mm
Weight:
0kg
Ajay Agrawal

Ajay Agrawal is Professor of Strategic Management and Peter Munk Professor of Entrepreneurship at the University of Toronto's Rotman School of Management. He is also cofounder of The Next 36 and Next AI, cofounder of the AI/robotics company Kindred, and founder of the Creative Destruction Lab. Ajay conducts research on technology strategy, science policy, entrepreneurial finance, and the geography of innovation.

Joshua Gans

Joshua Gans is Professor of Strategic Management and the holder of the Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship at Toronto's Rotman School of Management.

Gans is a frequent contributor to outlets like the New York Times, Harvard Business Review, Forbes, Slate, and the Financial Times. Joshua also writes regularly at several blogs including Digitopoly.

Avi Goldfarb

Avi Goldfarb is the Ellison Professor of Marketing at Toronto's Rotman School of Management, University of Toronto. Avi is also Chief Data Scientist at the Creative Destruction Lab, Senior Editor at Marketing Science, a Fellow at Behavioral Economics in Action at Rotman, and a Research Associate at the National Bureau of Economic Research. His research has been widely covered in the popular press.

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