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Artificial intelligence and economic theory : Skynet in the market

Author: Tshilidzi Marwala; Evan Hurwitz
Publisher: Cham : Springer, 2017.
Series: Advanced information and knowledge processing.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"This book theoretically and practically updates major economic ideas such as demand and supply, rational choice and expectations, bounded rationality, behavioral economics, information asymmetry, pricing, efficient market hypothesis, game theory, mechanism design, portfolio theory, causality and financial engineering in the age of significant advances in man-machine systems. The advent of artificial intelligence  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Marwala, Tshilidzi.
Artificial Intelligence and Economic Theory: Skynet in the Market.
Cham : Springer International Publishing, ©2017
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Tshilidzi Marwala; Evan Hurwitz
ISBN: 9783319661049 3319661043
OCLC Number: 1004620876
Notes: 12 Counterfactuals.
Description: 1 online resource.
Contents: Preface; Contents; About the Authors; 1 Introduction to Man and Machines; Abstract; 1.1 Introduction; 1.2 Economics and Economic Theory; 1.3 Artificial Intelligence; 1.4 Conclusion; References; 2 Supply and Demand; Abstract; 2.1 Introduction; 2.2 Scarcity; 2.3 Utilitarianism; 2.4 Supply and Demand; 2.5 Factors Influencing Demand and Supply; 2.6 Artificial Intelligence (AI) and Demand and Supply; 2.7 Conclusion; References; 3 Rational Choice and Rational Expectations; Abstract; 3.1 Introduction; 3.2 Adaptive and Rational Expectations; 3.3 What Is Rational Choice?; 3.4 Information; 3.5 Choices. 3.6 Optimization3.7 Rational Choice; 3.8 Rational Choice and Opportunity Cost; 3.9 Rational Choice and Artificial Intelligence; 3.10 Interstate Conflict and Rational Choice; 3.11 Conclusion; References; 4 Bounded Rationality; Abstract; 4.1 Introduction; 4.2 Rational Decision Making: A Causal Approach; 4.3 Rational Decision Making Process; 4.4 Bounded-Rational Decision Making; 4.5 Credit Scoring; 4.6 Conclusions; References; 5 Behavioral Economics; Abstract; 5.1 Introduction; 5.2 Behavioural Economics; 5.3 Behavioural Economics and Demand and Supply. 5.4 Behavioural Economics and Rational Expectations5.5 Behavioural Economics and Bounded Rationality; 5.6 Artificial Intelligence and Behavioural Economics; 5.7 Moore's Law; 5.8 Conclusions; References; 6 Information Asymmetry; Abstract; 6.1 Introduction; 6.2 Asymmetric Information; 6.3 Artificial Intelligence Makes Us Wiser; 6.4 Asymmetric Information and Market Efficiency; 6.5 Information Asymmetry and Trading Volumes; 6.6 Conclusion; References; 7 Game Theory; Abstract; 7.1 Introduction; 7.2 Game-Theory Artefacts; 7.3 Multi-agent Modelling; 7.3.1 Complexity Modelling; 7.3.2 Economics. 7.3.3 Social Sciences7.4 Intelligent Agents; 7.5 The Road Ahead; 7.6 Conclusions; References; 8 Pricing; Abstract; 8.1 Introduction; 8.2 Pricing; 8.3 Value Theory; 8.4 Game Theory; 8.5 Rational Pricing; 8.6 Capital Asset Pricing Model; 8.7 Black-Scholes Equation; 8.8 Demand and Supply; 8.9 Conclusions; References; 9 Efficient Market Hypothesis; Abstract; 9.1 Introduction; 9.2 Efficient Market Hypothesis; 9.3 Rational Expectations; 9.4 Rational Choice; 9.5 Bounded Rationality; 9.6 Information Asymmetry; 9.7 Behavioral Economics; 9.8 Game Theory; 9.9 Demand and Supply; 9.10 Pricing. 9.11 Artificial Intelligence9.12 Conclusions; References; 10 Mechanism Design; Abstract; 10.1 Introduction; 10.2 The Players; 10.3 Efficiency and Equilibria; 10.4 Incentive Compatibility and the Revelation Principle; 10.5 Goalposts; 10.6 So What?; 10.7 Through the Looking Glass; 10.8 Application to Market Design; 10.9 Conclusions; References; 11 Portfolio Theory; Abstract; 11.1 Introduction; 11.2 Assumptions and Limitations; 11.3 The Trading Machine; 11.4 The Emerging Trading Machine; 11.5 Intelligence; 11.6 Evolutionary Programming; 11.7 Results Analysis; 11.8 Conclusion; References.
Series Title: Advanced information and knowledge processing.
Responsibility: Tshilidzi Marwala, Evan Hurwitz.

Abstract:

"This book theoretically and practically updates major economic ideas such as demand and supply, rational choice and expectations, bounded rationality, behavioral economics, information asymmetry, pricing, efficient market hypothesis, game theory, mechanism design, portfolio theory, causality and financial engineering in the age of significant advances in man-machine systems. The advent of artificial intelligence has changed many disciplines such as engineering, social science and economics. Artificial intelligence is a computational technique which is inspired by natural intelligence concepts such as the swarming of birds, the working of the brain and the pathfinding of the ants. Artificial Intelligence and Economic Theory: Skynet in the Market analyses the impact of artificial intelligence on economic theories, a subject that has not been studied. It also introduces new economic theories and these are rational counterfactuals and rational opportunity costs. These ideas are applied to diverse areas such as modelling of the stock market, credit scoring, HIV and interstate conflict. Artificial intelligence ideas used in this book include neural networks, particle swarm optimization, simulated annealing, fuzzy logic and genetic algorithms. It, furthermore, explores ideas in causality including Granger as well as the Pearl causality models."--

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