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Artificial intelligence and behavioral economics - …
1 Artificial intelligence and behavioral economics Colin F. Camerer Caltech 12/21/17 PST. For NBER volume (Editors A. Agarwal, J. Gans, A. Goldfarb). I: Introduction This paper describes three highly speculative ideas about how Artificial intelligence (AI) and behavioral economics may interact, particular in future developments in the economy and in research frontiers. First note that I ll use the terms AI and machine learning (ML) interchangeably (although AI is broader) because the examples I have in mind all involve ML and prediction. A good introduction to ML for economists is Mullainathan and Spiess (2017), and other papers in this volume. The first idea is that ML can be used in the search for new behavioral -type variables that affect choice. Two examples are given, from experimental data on bargaining and on risky choice. The second idea is that some common limits on human prediction might be understood as the kinds of errors made by poor implementations of machine learning.
This open-mindedness can be defined by listing neighboring social sciences that are likely to be the most fruitful source of explanatory variables.
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