Prediction Machines

Economics offers clear insights regarding the business implications of cheaper prediction. Prediction machines will be used for traditional prediction tasks (inventory and demand forecasting) and new problems (like navigation and translation). The drop in the cost of prediction will impact the value of other things, increasing the value of compleme

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The current wave of advances in artificial intelligence doesn’t actually bring us intelligence but instead a critical component of intelligence: prediction. Prediction is a central input into decision-making. Economics has a well-developed framework for understanding decision-making. The new and poorly understood implications of advances in predict

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