The nature of the Artificially Intelligent Firm - An economic investigation into changes that AI brings to the firm

Wagner, Dirk Nicolas

doi:10.1016/j.telpol.2020.101954

Cited by 15 publications

(8 citation statements)

References 56 publications

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“…Thus, everything turns on how ownership affects initial investments, but unlike Klein et al (1978), it is essential that these investments are non-contractible. 6 To illustrate, in Hart and Moore (1990) each agent makes (non-contractible) investments in human capital that are complementary with a set of non-human assets. Each agent necessarily owns his or her own human capital.…”

Section: Theoretical Backgroundmentioning

confidence: 99%

See 1 more Smart Citation

The boundaries of the firm revisited

Holmström¹,

Roberts²

2009

The Economic Nature of the Firm

123

156

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Section: Theoretical Backgroundmentioning

confidence: 99%

“…Recent additions include DeMeza and Lockwood (1998) andRajan and Zingales (1998) Holmström (1996). offers a critical commentary 6. If the parties can contract on the investments, the assumption of efficient bargaining means that they will be made at the efficient levels, irrespective of ownership patterns.…”

mentioning

confidence: 99%

The boundaries of the firm revisited

Holmström¹,

Roberts²

2009

The Economic Nature of the Firm

123

156

View full text Add to dashboard Cite

“…From industrial applications to personal assistants, AI is deployed in many aspects of daily life. As a factor of production (Wagner, 2020), AI is also implemented in the production of goods and services, which might affect economic growth and income (Acemoglu & Restrepo, 2019a). The continuation of this process will contribute to profound social and economic changes (Feijoo et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

Retracted Article: Artificial Intelligence and Economic Growth: A Theoretical Framework

Wang

Sarker

Alam

et al. 2021

Sci. Ann. Econ. Bus.

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The growing adoption of Artificial Intelligence (AI) has sparked ubiquitous concerns worldwide. Artificial intelligence can affect economic growth and employment. The influence is assumed to be substantial because the adoption of AI technology may lead to increased productivity, lower wages, prices, and labor substitution. Artificial intelligence can affect global economic growth with its widespread adoption and diffusion. We mathematically examined the effects of AI on economic growth, reiterating how AI is unique as a production factor. The models show that AI capital lowers capital prices, increases wages, and augments productivity. Besides, AI capital positively affects the labor share and vice versa, provided that AI and labor are complementary. We improved a task-based model to show AI raises both labor share and wages by generating new tasks. We also present the potential policy implications of AI adoption. We conclude AI can contribute to economic growth. Labor-abundant countries should adopt labor-augmenting technology, while countries with an aging population can adopt capital-augmenting technology. However, caution should be exercised in ensuring that the models are leveraged optimally.

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“…A perfectly defined business strategy that inculcates rules, automation and organizational requirements in the application of artificial intelligence technology will give the organization a competitive edge (Kitsios & Kamariotou, 2021). This makes it essential that businesses formulate and implement adequate strategies in order to tread safely the new world terrain of complexity in artificial intelligence (Wagner, 2020). Today's business organizations expedite decision making process by leveraging on artificial intelligence capability and data analysis system through which they systematically aggregate data that can be transformed into business decision (Sestino & De Mauro, 2021).…”

Section: Business Skill and Artificial Intelligencementioning

confidence: 99%

Role of Organizational Creativity Between Artificial Intelligence Capability and Organizational Performance

Fajimolu,

Okonji,

Onyemaobi

2023

bus. and entrepreneurial rev.

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This study examines the role of organizational creativity between artificial intelligence capability and organizational performance due to challenges in the area of localization, transparency and data security in the Nigerian banking sector which require maximum attention. It explicates how banking organizations leverage on artificial intelligence capability and deploy artificial intelligence resources in identified areas of business needs in order to achieve performance gains. Using a survey design and a convenience sampling method, 300 questionnaires were distributed among 12 banking organizations and 231 questionnaires were retrieved. Data were analyzed using percentages and the hypotheses were tested using regression analysis. Our findings revealed a strong relationship between artificial intelligence capability and organizational performance. Also, when the mediating variable was simultaneously entered with the independent variable as a predictor of organizational performance, it made the response variable stronger. We concluded that creative deployment of artificial intelligence resources in identified areas of needs in the banking sector will lead to better performance gains. Hence, we recommend that Nigerian banking organizations should deploy artificial intelligence capability creatively in order to enhance organizational performance. Since organizational creativity mediates the relationship between artificial intelligence capability and organizational performance, it implies that by being constructive and innovative in the manner by which managers carry out organizational activities and deploy artificial intelligence capability, organizations stand to achieve better performance gains.

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The nature of the Artificially Intelligent Firm - An economic investigation into changes that AI brings to the firm

Cited by 15 publications

References 56 publications

The boundaries of the firm revisited

The boundaries of the firm revisited

Retracted Article: Artificial Intelligence and Economic Growth: A Theoretical Framework

Role of Organizational Creativity Between Artificial Intelligence Capability and Organizational Performance

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