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About The Economics of Artificial Intelligence
The document summarizes an interview with professor Ajay Agrawal about how artificial intelligence lowers the cost of prediction. Some key points: 1) AI significantly lowers the cost of prediction, which is a key input for many business and life activities. As prediction costs fall, we will use more prediction applications and also apply prediction to problems not previously considered prediction problems. 2) As with other technologies that reduced costs, like semiconductors lowering the cost of arithmetic, the value of complements to prediction like data and human judgment will rise as AI improves, while substitutes like human prediction will decline in value. 3) Businesses should analyze workflows to identify tasks with a prediction component that
Detailed Information
| Author: | ['David'] |
|---|---|
| Publication Year: | 2023 |
| Pages: | 7 |
| Language: | English |
| Format: | |
| Price: | FREE |
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