Prediction Machines: The Simple Economics of Artificial Intelligence

April 17, 2018|
Prediction Machines: The Simple Economics of Artificial Intelligence by Ajay Agrawal
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"What does AI mean for your business? Read this book to find out." -- Hal Varian, Chief Economist, Google

Artificial intelligence does the seemingly impossible, magically bringing machines to life--driving cars, trading stocks, and teaching children. But facing the sea change that AI will bring 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 analysts either cower in fear or predict an impossibly sunny future.

But inPrediction 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 CEOs, managers, policy makers, investors, and entrepreneurs.

When AI is framed as cheap prediction, its extraordinary potential becomes clear:

  • Prediction is at the heart of making decisions under 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 structures and strategies to compete.

Penetrating, fun, and always insightful and practical,Prediction Machinesfollows its inescapable logic to explain how to navigate the changes on the horizon. The impact of AI will be profound, but the economic framework for understanding it is surprisingly simple.

Ajay Agrawalis 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 strat...
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Title:Prediction Machines: The Simple Economics of Artificial Intelligence
Format:Hardcover
Product dimensions:272 pages, 9.25 X 6.13 X 0.98 in
Shipping dimensions:272 pages, 9.25 X 6.13 X 0.98 in
Published:April 17, 2018
Publisher:Harvard Business Review Press
Language:English
Appropriate for ages:All ages
ISBN - 13:9781633695672

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