Topic: “Prediction Machines: The Simple Economics of Artificial Intelligence” (HBR Press, 2018) 3 Speakers: Ajay Agrawal, Professor of Strategic Management, Peter Munk Professor of Entrepreneurship and Founder – Creative Destruction Lab, Rotman; Co-Author Joshua Gans, Professor of Strategic Management, Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship and Chief Economist – Creative Destruction Lab, Rotman; Co-Author Avi Goldfarb, Ellison Professor of Marketing and Chief Data Scientist – Creative Destruction Lab, Rotman; Co-Author Big Ideas Speaker Series at Rotman April 16, 2018 Located in downtown Toronto and part of the University of Toronto, the Rotman School of Management (http://www.rotman.utoronto.ca) is the top business school in Canada. Rotman offers a Full-Time MBA program, and several programs for working professionals, including the Morning and Evening MBA, Master of Finance, One-Year Executive MBA and Omnium Global Executive MBA. Whichever degree or program you choose, Rotman will give an edge in your career and help you make the most of your potential. #Rotman #RotmanSchool
Joshua Gans, Author & Professor of Strategic Management Artificial intelligence does the seemingly impossible, magically bringing machines to life – driving cars, trading stocks, and even teaching children. But facing the sea change that AI 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 today?
Prediction Machines: The Simple Economics of Artificial Intelligence 2PtmLLx Affiliate link Amazon UK – https://amzn.to/2LgIeUI Amazon Audible Free 30 Day Trial (2 book free): Affiliate link Amazon UK – https://amzn.to/2zLbceW ||||||||||||||||||||||||||||||||||||||||||||||||| 30 Days virtual summit Russell Brunson – FREE Tickets (Trailler). Get Your FREE tickets here: – http://bit.ly/2K95XJH By: Ajay Agrawal, Joshua Gans, Avi Goldfarb Narrated by: LJ Ganser “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 in Prediction 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 [More]
The idea of artificial intelligence–job-killing robots, self-driving cars, and self-managing organizations–captures the imagination, evoking a combination of wonder and dread for those of us who will have to deal with the consequences. But what if it’s not quite so complicated? The real job of artificial intelligence, argue these three eminent economists, is to lower the cost of prediction. And once you start talking about costs, you can use some well‐established economics to cut through the hype. The constant challenge for all managers is to make decisions under uncertainty. And AI contributes by making knowing what’s coming in the future cheaper and more certain. But decision making has another component: judgment, which is firmly in the realm of humans, not machines. Making prediction cheaper means that we can make more predictions more accurately and assess them with our better (human) judgment. Once managers can separate tasks into components of prediction and judgment, we can begin to understand how to optimize the interface between humans and machines. More than just an account of AI’s powerful capabilities, Prediction Machines shows managers how they can most effectively leverage AI, disrupting business as usual only where required, and provides businesses with a toolkit to navigate the coming wave of challenges and opportunities. Get the book here: https://goo.gl/U3keaz
Prof. Ajay Agrawal, founder of the Creative Destruction Lab and co-founder of the AI/robotics company Kindred, explored the economics behind the creation of artificial intelligence. April 18th, 2018
When most of us look at A.I. we see magical capabilities. When economists look at A.I. they see something very different. Economist Ajay Agrawal explains: “What economists bring to the conversation is that they are able to look at a fascinating technology like artificial intelligence and strip all the fun and wizardry out of it and reduce A.I. down to a single question, which is, ‘What does this technology reduce the cost of?'” Never has one person taken such delight in stripping the fun from something awesome. But what does A.I. lower the cost of? Predictions, says Agrawal. Intelligent machines can take information we have and use it to generate information we need. Uncertainty is the single biggest hurdle in good decision making, and A.I. can drastically increase certainty in many areas, like automated vehicles, language translation, human resources and medical diagnostics. As A.I. becomes a cheaper technology, its use will become even more widespread. “Where I think it’s really interesting is that when it becomes cheap, we’ll start using it for things that weren’t traditionally prediction problems but we’ll start converting problems into prediction problems to take advantage of the new, cheap prediction.” Ajay Agrawal is the co-author of Prediction Machines: The Simple Economics of Artificial Intelligence. Read more at BigThink.com: http://bigthink.com/videos/ajay-agrawal-why-predictive-ai-leads-to-better-decision-making Follow Big Think here: YouTube: http://goo.gl/CPTsV5 Facebook: https://www.facebook.com/BigThinkdotcom Twitter: https://twitter.com/bigthink Transcript: I think economics has something to contribute in terms of our understanding of artificial intelligence because it gives us a different view. So, for example, if [More]