Related papers: Machine learning and behavioral economics for pers…
Do generative AI models, particularly large language models (LLMs), exhibit systematic behavioral biases in economic and financial decisions? If so, how can these biases be mitigated? Drawing on the cognitive psychology and experimental…
Machine learning algorithms can now outperform classic economic models in predicting quantities ranging from bargaining outcomes, to choice under uncertainty, to an individual's future jobs and wages. Yet this predictive accuracy comes at a…
Recent advances in AI models have increased the integration of AI-based decision aids into the human decision making process. To fully unlock the potential of AI-assisted decision making, researchers have computationally modeled how humans…
There is an analogy between machine learning systems and economic entities in that they are both adaptive, and their behaviour is specified in a more-or-less explicit way. It appears that the area of AI that is most analogous to the…
Large language models (LLMs) are increasingly used to simulate human decision-making, but their intrinsic biases often diverge from real human behavior--limiting their ability to reflect population-level diversity. We address this challenge…
Would artificial intelligence (AI) cut interest rates or adopt conservative monetary policy? Would it deregulate or opt for a more controlled economy? As AI use by economic policymakers, academics, and market participants grows…
Large-scale behavioral datasets enable researchers to use complex machine learning algorithms to better predict human behavior, yet this increased predictive power does not always lead to a better understanding of the behavior in question.…
This paper explores the intersection of economic anthropology and generative artificial intelligence (GenAI). It examines how large language models (LLMs) can simulate human decision-making and the inductive biases present in AI research.…
This paper presents a sandbox example of how the integration of models borrowed from Behavioral Economic (specifically Protection-Motivation Theory) into ML algorithms (specifically Bayesian Networks) can improve the performance and…
Large language models (LLMs) show increasingly advanced emergent capabilities and are being incorporated across various societal domains. Understanding their behavior and reasoning abilities therefore holds significant importance. We argue…
Decisions such as which movie to watch next, which song to listen to, or which product to buy online, are increasingly influenced by recommender systems and user models that incorporate information on users' past behaviours, preferences,…
As artificial intelligence becomes more powerful and a ubiquitous presence in daily life, it is imperative to understand and manage the impact of AI systems on our lives and decisions. Modern ML systems often change user behavior (e.g.…
It involves the completely novel ways of integrating ML algorithms with traditional statistical modelling that has changed the way we analyze data, do predictive analytics or make decisions in the fields of the data. In this paper, we study…
The digital revolution has led to the digitization of human behavior, creating unprecedented opportunities to understand observable actions on an unmatched scale. Emerging phenomena such as crowdfunding and crowdsourcing have further…
Human choice prediction in economic contexts is crucial for applications in marketing, finance, public policy, and more. This task, however, is often constrained by the difficulties in acquiring human choice data. With most experimental…
This paper integrates deep neural networks (DNNs) into structural economic models to increase flexibility and capture rich heterogeneity while preserving interpretability. Economic structure and machine learning are complements in empirical…
Machine learning (ML) has emerged as a powerful tool for tackling complex regression and classification tasks, yet its success often hinges on the quality of training data. This study introduces an ML paradigm inspired by domain knowledge…
The rapid advancements in artificial intelligence (AI) have presented new opportunities for enhancing efficiency and economic competitiveness across various industries, espcially in banking. Machine learning (ML), as a subset of artificial…
Automated decision making is used routinely throughout our everyday life. Recommender systems decide which jobs, movies, or other user profiles might be interesting to us. Spell checkers help us to make good use of language. Fraud detection…
We consider state of the art applications of artificial intelligence (AI) in modelling human financial expectations and explore the potential of quantum logic to drive future advancements in this field. This analysis highlights the…