Related papers: Building a Foundation for Data-Driven, Interpretab…
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…
Tackling real-world socio-economic challenges requires designing and testing economic policies. However, this is hard in practice, due to a lack of appropriate (micro-level) economic data and limited opportunity to experiment. In this work,…
Using Reinforcement Learning (RL) in simulation to construct policies useful in real life is challenging. This is often attributed to the sequential decision making aspect: inaccuracies in simulation accumulate over multiple steps, hence…
We present the LLM Economist, a novel framework that uses agent-based modeling to design and assess economic policies in strategic environments with hierarchical decision-making. At the lower level, bounded rational worker agents --…
The year 2020 has seen the COVID-19 virus lead to one of the worst global pandemics in history. As a result, governments around the world are faced with the challenge of protecting public health, while keeping the economy running to the…
Since the first wave of the COVID-19 pandemic, governments have applied restrictions in order to slow down its spreading. However, creating such policies is hard, especially because the government needs to trade-off the spreading of the…
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…
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…
Reinforcement Learning (RL) applications in real-world scenarios must prioritize safety and reliability, which impose strict constraints on agent behavior. Model-based RL leverages predictive world models for action planning and policy…
The use of dynamic pricing by profit-maximizing firms gives rise to demand fairness concerns, measured by discrepancies in consumer groups' demand responses to a given pricing strategy. Notably, dynamic pricing may result in buyer…
Imagine if AI decision-support tools not only complemented our ability to make accurate decisions, but also improved our skills, boosted collaboration, and elevated the joy we derive from our tasks. Despite the potential to optimize a broad…
Humans are masters at quickly learning many complex tasks, relying on an approximate understanding of the dynamics of their environments. In much the same way, we would like our learning agents to quickly adapt to new tasks. In this paper,…
In many real-world applications, reinforcement learning (RL) agents might have to solve multiple tasks, each one typically modeled via a reward function. If reward functions are expressed linearly, and the agent has previously learned a set…
Given that Artificial Intelligence (AI) increasingly permeates our lives, it is critical that we systematically align AI objectives with the goals and values of humans. The human-AI alignment problem stems from the impracticality of…
The use of artificial intelligence (AI) in the public sector is best understood as a continuation and intensification of long standing rationalization and bureaucratization processes. Drawing on Weber, we take the core of these processes to…
Artificial intelligence (AI) has become a powerful tool for economic research, enabling large-scale simulation and policy optimization. However, applying AI effectively requires simulation platforms for scalable training and evaluation-yet…
Traditional economic models often rely on fixed assumptions about market dynamics, limiting their ability to capture the complexities and stochastic nature of real-world scenarios. However, reality is more complex and includes noise, making…
Climate change poses an existential threat, necessitating effective climate policies to enact impactful change. Decisions in this domain are incredibly complex, involving conflicting entities and evidence. In the last decades, policymakers…
The rapid advancement of artificial intelligence (AI) technologies presents both unprecedented opportunities and significant challenges for sustainable economic development. While AI offers transformative potential for addressing…
In recent years, reinforcement learning (RL) has acquired a prominent position in health-related sequential decision-making problems, gaining traction as a valuable tool for delivering adaptive interventions (AIs). However, in part due to a…