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Algorithmic predictions are increasingly informing societal resource allocations by identifying individuals for targeting. Policymakers often build these systems with the assumption that by gathering more observations on individuals, they…
Financial firms have gone through three major technological waves: computerization in the 1980s and 1990s, the rise of indexing and passive investing in the 2000s and 2010s, and the AI and automation wave from roughly 2015 to the present.…
We provide experimental evidence on how employers adjust expectations to automation risk in high-skill, white-collar work. Using a randomized information intervention among tax advisors in Germany, we show that firms systematically…
Generative AI is rapidly reshaping creative work, raising critical questions about its beneficiaries and societal implications. This study challenges prevailing assumptions by exploring how generative AI interacts with diverse forms of…
Recent advances in AI are transforming AI's ubiquitous presence in our world from that of standalone AI-applications into deeply integrated AI-agents. These changes have been driven by agents' increasing capability to autonomously make…
The integration of generative artificial intelligence technology into research environments has become increasingly common in recent years, representing a significant shift in the way researchers approach their work. This paper seeks to…
Artificial Intelligence's (AI) rapid development and growth not only transformed industries but also fired up important debates about its impacts on employment, resource allocation, and the ethics involved in decision-making. It serves to…
Participants in recent discussions of AI-related issues ranging from intelligence explosion to technological unemployment have made diverse claims about the nature, pace, and drivers of progress in AI. However, these theories are rarely…
The integration of artificial intelligence (AI) into economic systems represents a transformative shift in decision-making frameworks, introducing novel dynamics between human and AI agents. This paper proposes a welfare model that…
This paper examines whether artificial intelligence (AI) acts as a substitute or complement to human labour, drawing on 12 million online job vacancies from the United States spanning 2018-2023. We adopt a two-pronged approach: first,…
The emergence of Artificial General Intelligence (AGI) labor, including AI agents and autonomous systems operating at near-zero marginal cost, reduces the marginal productivity of human labor, ultimately pushing wages toward zero. As AGI…
The success of OpenAI's ChatGPT in 2023 has spurred financial enterprises into exploring Generative AI applications to reduce costs or drive revenue within different lines of businesses in the Financial Industry. While these applications…
This paper investigates the Jolting Technologies Hypothesis, which posits superexponential growth (increasing acceleration, or a positive third derivative) in the development of AI capabilities. We develop a theoretical framework and…
This study explores how AI-powered digital innovations are reshaping organisational accountability in a transnational governance context. As AI systems increasingly mediate decision-making in domains such as auditing and financial…
This paper studies the impact of generative AI on U.S. households' task allocation at home, using detailed Internet browsing data from a large sample of home devices between 2021 and 2024. Leveraging pre-ChatGPT browsing patterns, we…
When resources are scarce, will a population of AI agents coordinate in harmony, or descend into tribal chaos? Diverse decision-making AI from different developers is entering everyday devices -- from phones and medical devices to…
Training large transformers using next-token prediction has given rise to groundbreaking advancements in AI. While this generative AI approach has produced impressive results, it heavily leans on human supervision. Even state-of-the-art AI…
The rapid development of artificial intelligence motivates firms to engage in AI washing. This study examines whether strategic policy shocks increase debt financing costs for such firms. Leveraging China's 14th Five Year Plan as a quasi…
Artificial intelligence (AI) can undermine financial stability because of malicious use, misinformation, misalignment, and the AI analytics market structure. The low frequency and uniqueness of financial crises, coupled with mutable and…
The advent of artificial intelligence has changed many disciplines such as engineering, social science and economics. Artificial intelligence is a computational technique which is inspired by natural intelligence such as the swarming of…