Chapter 8: Economics
Abstract
Artificial intelligence (AI), behavioral science, and mechanism design are transforming the economic landscape. These multidisciplinary technologies have the potential to transform conventional economic paradigms by providing novel insights and tools that can lead to more effective, humane, and sustainable systems. AI introduces computational power and automation, enhancing market efficiency, personalizing services, and creating new avenues for economic expansion. Behavioral science provides a lens through which to comprehend and predict human actions, decisions, and biases, enhancing the interaction between economics and individual and social behavior. Mechanism design, a field closely related to game theory, aims ...
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