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Artificial Intelligence and Economic Theory: Skynet in the Market

  • Tshilidzi Marwala
  • Evan Hurwitz

Part of the Advanced Information and Knowledge Processing book series (AI&KP)

Table of contents

  1. Front Matter
    Pages i-xii
  2. Tshilidzi Marwala, Evan Hurwitz
    Pages 1-14
  3. Tshilidzi Marwala, Evan Hurwitz
    Pages 15-25
  4. Tshilidzi Marwala, Evan Hurwitz
    Pages 27-40
  5. Tshilidzi Marwala, Evan Hurwitz
    Pages 41-50
  6. Tshilidzi Marwala, Evan Hurwitz
    Pages 51-61
  7. Tshilidzi Marwala, Evan Hurwitz
    Pages 63-74
  8. Tshilidzi Marwala, Evan Hurwitz
    Pages 75-88
  9. Tshilidzi Marwala, Evan Hurwitz
    Pages 89-99
  10. Tshilidzi Marwala, Evan Hurwitz
    Pages 101-110
  11. Tshilidzi Marwala, Evan Hurwitz
    Pages 111-124
  12. Tshilidzi Marwala, Evan Hurwitz
    Pages 125-136
  13. Tshilidzi Marwala, Evan Hurwitz
    Pages 137-146
  14. Tshilidzi Marwala, Evan Hurwitz
    Pages 147-158
  15. Tshilidzi Marwala, Evan Hurwitz
    Pages 159-169
  16. Tshilidzi Marwala, Evan Hurwitz
    Pages 171-179
  17. Back Matter
    Pages 181-204

About this book

Introduction

This book theoretically and practically updates major economic ideas such as demand and supply, rational choice and expectations, bounded rationality, behavioral economics, information asymmetry, pricing, efficient market hypothesis, game theory, mechanism design, portfolio theory, causality and financial engineering in the age of significant advances in man-machine systems. 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 concepts such as the swarming of birds, the working of the brain and the pathfinding of the ants.

Artificial Intelligence and Economic Theory: Skynet in the Market analyses the impact of artificial intelligence on economic theories, a subject that has not been studied. It also introduces new economic theories and these are rational counterfactuals and rational opportunity costs. These ideas are applied to diverse areas such as modelling of the stock market, credit scoring, HIV and interstate conflict. Artificial intelligence ideas used in this book include neural networks, particle swarm optimization, simulated annealing, fuzzy logic and genetic algorithms. It, furthermore, explores ideas in causality including Granger as well as the Pearl causality models.

Keywords

Artificial Intelligence Economic Theory Information Asymmetry Game Theory Deep Learning

Authors and affiliations

  • Tshilidzi Marwala
    • 1
  • Evan Hurwitz
    • 2
  1. 1.Faculty of Engineering and the Built Environment​University of JohannesburgAuckland ParkSouth Africa
  2. 2.Department of Electrical and Electronic Engineering Science, Faculty of Engineering and the Built Environment​University of JohannesburgAuckland ParkSouth Africa

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-319-66104-9
  • Copyright Information Springer International Publishing AG 2017
  • Publisher Name Springer, Cham
  • eBook Packages Computer Science
  • Print ISBN 978-3-319-66103-2
  • Online ISBN 978-3-319-66104-9
  • Series Print ISSN 1610-3947
  • Series Online ISSN 2197-8441
  • Buy this book on publisher's site