Related papers: Machine learning and behavioral economics for pers…
AI-driven decision-making systems are becoming instrumental in the public sector, with applications spanning areas like criminal justice, social welfare, financial fraud detection, and public health. While these systems offer great…
The emergence and continued reliance on the Internet and related technologies has resulted in the generation of large amounts of data that can be made available for analyses. However, humans do not possess the cognitive capabilities to…
Machine learning has affected the way in which many phenomena for various domains are modelled, one of these domains being that of structural dynamics. However, because machine-learning algorithms are problem-specific, they often fail to…
Many important behavior changes are frictionful; they require individuals to expend effort over a long period with little immediate gratification. Here, an artificial intelligence (AI) agent can provide personalized interventions to help…
AI and reinforcement learning (RL) have improved many areas, but are not yet widely adopted in economic policy design, mechanism design, or economics at large. At the same time, current economic methodology is limited by a lack of…
We move beyond "Is Machine Learning Useful for Macroeconomic Forecasting?" by adding the "how". The current forecasting literature has focused on matching specific variables and horizons with a particularly successful algorithm. In…
The improvement of economic policymaking presents an opportunity for broad societal benefit, a notion that has inspired research towards AI-driven policymaking tools. AI policymaking holds the potential to surpass human performance through…
Personalisation of products and services is fast becoming the driver of success in banking and commerce. Machine learning holds the promise of gaining a deeper understanding of and tailoring to customers' needs and preferences. Whereas…
Machine Learning (ML) increasingly informs the allocation of opportunities to individuals and communities in areas such as lending, education, employment, and beyond. Such decisions often impact their subjects' future characteristics and…
Traditionally, AI has been modeled within economics as a technology that impacts payoffs by reducing costs or refining information for human agents. Our position is that, in light of recent advances in generative AI, it is increasingly…
Large Language Models (LLMs) have demonstrated their capabilities across various tasks, from language translation to complex reasoning. Understanding and predicting human behavior and biases are crucial for artificial intelligence (AI)…
Machine Learning (ML) techniques have begun to dominate data analytics applications and services. Recommendation systems are a key component of online service providers. The financial industry has adopted ML to harness large volumes of data…
We review economic research regarding the decision making processes of individuals in economics, with a particular focus on papers which tried analyzing factors that affect decision making with the evolution of the history of economic…
We study interactions between strategic players and markets whose behavior is guided by an algorithm. Algorithms use data from prior interactions and a limited set of decision rules to prescribe actions. While as-if rational play need not…
As Machine Learning (ML) is still a recent field of study, especially outside the realm of abstract Mathematics and Computer Science, few works have been conducted on the political aspect of large Language Models (LLMs), and more…
Big data, both in its structured and unstructured formats, have brought in unforeseen challenges in economics and business. How to organize, classify, and then analyze such data to obtain meaningful insights are the ever-going research…
The emergence of a variety of Machine Learning (ML) approaches for travel mode choice prediction poses an interesting question to transport modellers: which models should be used for which applications? The answer to this question goes…
Artificial intelligence (AI) provides many opportunities to improve private and public life. Discovering patterns and structures in large troves of data in an automated manner is a core component of data science, and currently drives…
Artificial Intelligence (AI) holds promise as a technology that can be used to improve government and economic policy-making. This paper proposes a new research agenda towards this end by introducing Social Environment Design, a general…
In this article, we explore the transformative potential of integrating generative AI, particularly Large Language Models (LLMs), into behavioral and experimental economics to enhance internal validity. By leveraging AI tools, researchers…