Abstract:This paper examines the possibility that the computational intelligence (CI) inspired tools can e↵ectively aggregate the rich information generated from the Web 2.0 economy, and thereby enhance the quality of decision-making. Despite many advancements and commendable applications of CI in recent years, this issue has not been well addressed. We argue that this question is intimately related to the central issue of the socialist calculation debate since the time of Friedrich Hayek. In terms of information aggre… Show more
“…It increases connectivity between humans but it also changes the way people interconnect (Turkle 2017), since computers and AI have become active parts of the network where technology creeps in between humans or as Varian (2014) notes "computers are in the middle of virtually every transaction". This means that humans when they make choices and communicate team up with computers in general and with AI in particular (Carr 2014;Cowen 2014;Kasparov 2008). On a larger scale, human-agent collectives thus develop properties of collective intelligence (Malone and Bernstein 2015) and enable smarter institutional structures.…”
Section: The Rise Of Collective Intelligence and The End Of Individuamentioning
This article outlines relevant economic patterns in a world with artificial intelligence (AI). Five specific economic patterns influenced by AI are discussed: (1) following in the footsteps of 'homo economicus' a new type of agent, 'machina economica', enters the stage of the global economy. (2) The pattern of division of labor and specialization is further accelerated by AI-induced micro-division of labor. (3) The introduction of AI leads to triangular agency relationships and next level information asymmetries. (4) Data and AI-based machine labor have to be understood as new factors of production. (5) The economics of AI networks can lead to market dominance and unwanted external effects. The analytical perspective is rooted in institutional economics and serves to integrate findings from relevant disciplines in economics and computer science. It is based on the research proposition that 'institutional matters' are of high relevance also in a world with AI but that AI gives a new meaning to these matters. The discussion unveils a reinforcing interdependence of the patterns portrayed and points to required research.
“…It increases connectivity between humans but it also changes the way people interconnect (Turkle 2017), since computers and AI have become active parts of the network where technology creeps in between humans or as Varian (2014) notes "computers are in the middle of virtually every transaction". This means that humans when they make choices and communicate team up with computers in general and with AI in particular (Carr 2014;Cowen 2014;Kasparov 2008). On a larger scale, human-agent collectives thus develop properties of collective intelligence (Malone and Bernstein 2015) and enable smarter institutional structures.…”
Section: The Rise Of Collective Intelligence and The End Of Individuamentioning
This article outlines relevant economic patterns in a world with artificial intelligence (AI). Five specific economic patterns influenced by AI are discussed: (1) following in the footsteps of 'homo economicus' a new type of agent, 'machina economica', enters the stage of the global economy. (2) The pattern of division of labor and specialization is further accelerated by AI-induced micro-division of labor. (3) The introduction of AI leads to triangular agency relationships and next level information asymmetries. (4) Data and AI-based machine labor have to be understood as new factors of production. (5) The economics of AI networks can lead to market dominance and unwanted external effects. The analytical perspective is rooted in institutional economics and serves to integrate findings from relevant disciplines in economics and computer science. It is based on the research proposition that 'institutional matters' are of high relevance also in a world with AI but that AI gives a new meaning to these matters. The discussion unveils a reinforcing interdependence of the patterns portrayed and points to required research.
“…Common prosperity is the value goal of socialism. In order to narrow the income gap and achieve this ambitious goal, we must adhere to and improve the basic economic system, deepen the reform of the distribution system, and improve the basic social security system [25].…”
Section: Real-time Collection Of Poverty Alleviation Datamentioning
As the society begins to develop towards information intelligence and the economic age begins to move towards the digital economy, China's social productivity is also developing rapidly, and it is urgent for China's domestic ideas of common prosperity and the promotion of poverty alleviation and development. This article aims to study the promotion of the idea of common prosperity in China and the implementation of poverty alleviation and development in the context of information intelligence and the digital economy. For this reason, this article proposes a method of data collection. Through the research and analysis of data collection methods, we can accurately collect the poverty situation and income gap in China, once to ensure that the implementation of poverty alleviation and the realization of common prosperity can move forward steadily. At the same time, an experiment was designed to investigate the poverty alleviation situation in China in recent years. The results of this article show that the speed of China's poverty alleviation and common prosperity has increased by 37% compared with the past in recent years, and the poverty alleviation work has also been accurately implemented.
“…The lack of an 'effective coordinating device would mean that there is no guarantee that the incentives and actions of the players can be appropriately aligned in a dynamic context, and these are thus prone to both noise and the possibility of manipulation. Chen and Venkatachalam (2016) argue that despite notable improvements in computational intelligence, there are inherent limitations to price discovery, and more broadly to information aggregation. 21…”
In this article we propose a process-based definition of big data, as opposed to the sizeand technology-based definitions. We argue that big data should be perceived as a continuous, unstructured and unprocessed dynamics of primitives, rather than as points (snapshots) or summaries (aggregates) of an underlying phenomenon. Given this, we show that big data can be generated through agent-based models but not by equation-based models. Though statistical and machine learning tools can be used to analyse big data, they do not constitute a big data-generation mechanism. Furthermore, agent-based models can aid in evaluating the quality (interpreted as information aggregation efficiency) of big data. Based on this, we argue that agent-based modelling can serve as a possible foundation for big data. We substantiate this interpretation through some pioneering studies from the 1980s on swarm intelligence and several prototypical agent-based models developed around the 2000s.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.