Related papers: Artificial Superintelligence May be Useless: Equil…
In the coming decade, artificially intelligent agents with the ability to plan and execute complex tasks over long time horizons with little direct oversight from humans may be deployed across the economy. This chapter surveys recent…
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…
AI agents are increasingly used in consumer-facing applications to assist with tasks such as product search, negotiation, and transaction execution. In this paper, we explore a future scenario where both consumers and merchants authorize AI…
The rise of artificial intelligence (A.I.) based systems is already offering substantial benefits to the society as a whole. However, these systems may also enclose potential conflicts and unintended consequences. Notably, people will tend…
We have used agent-based modeling as our numerical method to artificially simulate a dynamic real economy where agents are rational maximizers of an objective function of Cobb-Douglas type. The economy is characterised by heterogeneous…
Modern socio-economic systems are undergoing deep integration with artificial intelligence technologies. This paper constructs a heterogeneous agent-based modeling framework that incorporates both human workers and autonomous AI agents, to…
The rapid adoption of autonomous AI agents is giving rise to a new economic layer where agents transact and coordinate at scales and speeds beyond direct human oversight. We propose the "sandbox economy" as a framework for analyzing this…
Autonomous and learning agents increasingly participate in markets - setting prices, placing bids, ordering inventory. Such agents are not just aiming to optimize in an uncertain environment; they are making decisions in a game-theoretical…
When human agents come together to make decisions, it is often the case that one human agent has more information than the other. This phenomenon is called information asymmetry and this distorts the market. Often if one human agent intends…
Modern AI systems increasingly operate inside markets and institutions where data, behavior, and incentives are endogenous. This paper develops an economic foundation for multi-agent learning by studying a principal-agent interaction in a…
The rapid rise of AI-based autonomous agents is transforming human society and economic systems, as these entities increasingly exhibit human-like or superhuman intelligence. From excelling at complex games like Go to tackling diverse…
Aligning AI systems with human values remains a fundamental challenge, but does our inability to create perfectly aligned models preclude obtaining the benefits of alignment? We study a strategic setting where a human user interacts with…
Economies and societal structures in general are complex stochastic systems which may not lend themselves well to algebraic analysis. An addition of subjective value criteria to the mechanics of interacting agents will further complicate…
This book-length article combines several peer reviewed papers and new material to analyze the issues of ethical artificial intelligence (AI). The behavior of future AI systems can be described by mathematical equations, which are adapted…
This article develops the concept of the agentic economy and diagnoses its measurable preconditions: a transition in which economic action is increasingly distributed among humans, AI agents, industrial robots, executable protocols, compute…
This paper investigates the dynamics of noncooperative interactions between artificial intelligence agents and human decision-makers in strategic environments. In particular, motivated by extensive literature in behavioral Economics, human…
This essay discusses the advantages of a probabilistic agent-based approach to questions in theoretical economics, from the nature of economic agents, to the nature of the equilibria supported by their interactions. One idea we propose is…
Generative AI has transformed human-computer interaction by enabling natural language interfaces and the emergence of autonomous agents capable of acting on users' behalf. While early applications have improved individual productivity,…
Classic no-trade theorems attribute trade to heterogeneous beliefs. We re-examine this conclusion for AI agents, asking if trade can arise from computational limitations, under common beliefs. We model agents' bounded computational…
In the midst of the growing integration of Artificial Intelligence (AI) into various aspects of our lives, agents are experiencing a resurgence. These autonomous programs that act on behalf of humans are neither new nor exclusive to the…