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001 978-3-030-42962-1
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020 _a9783030429621
_9978-3-030-42962-1
024 7 _a10.1007/978-3-030-42962-1
_2doi
050 4 _aQ334-342
050 4 _aTA347.A78
072 7 _aUYQ
_2bicssc
072 7 _aCOM004000
_2bisacsh
072 7 _aUYQ
_2thema
082 0 4 _a006.3
_223
100 1 _aMoloi, Tankiso.
_eauthor.
_4aut
_4http://id.loc.gov/vocabulary/relators/aut
245 1 0 _aArtificial Intelligence in Economics and Finance Theories
_h[electronic resource] /
_cby Tankiso Moloi, Tshilidzi Marwala.
250 _a1st ed. 2020.
264 1 _aCham :
_bSpringer International Publishing :
_bImprint: Springer,
_c2020.
300 _aX, 125 p. 22 illus., 18 illus. in color.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
490 1 _aAdvanced Information and Knowledge Processing,
_x2197-8441
505 0 _aIntroduction to Artificial Intelligence in Economics and Finance Theories -- The Growth Model -- Comparative Advantage -- The Dual-Sector Model -- Dynamic Inconsistency Theory -- The Philipps Curve -- The Laffer Curve -- Adverse Selection -- Moral Hazard -- Creative Destruction -- The Agency Theory -- The Legitimacy Theory and the Legitimacy Gap -- Synopsis: Artificial Intelligence in Finance and Economics Theories -- Index .
520 _aAs Artificial Intelligence (AI) seizes all aspects of human life, there is a fundamental shift in the way in which humans are thinking of and doing things. Ordinarily, humans have relied on economics and finance theories to make sense of, and predict concepts such as comparative advantage, long run economic growth, lack or distortion of information and failures, role of labour as a factor of production and the decision making process for the purpose of allocating resources among other theories. Of interest though is that literature has not attempted to utilize these advances in technology in order to modernize economic and finance theories that are fundamental in the decision making process for the purpose of allocating scarce resources among other things. With the simulated intelligence in machines, which allows machines to act like humans and to some extent even anticipate events better than humans, thanks to their ability to handle massive data sets, this book will use artificialintelligence to explain what these economic and finance theories mean in the context of the agent wanting to make a decision. The main feature of finance and economic theories is that they try to eliminate the effects of uncertainties by attempting to bring the future to the present. The fundamentals of this statement is deeply rooted in risk and risk management. In behavioural sciences, economics as a discipline has always provided a well-established foundation for understanding uncertainties and what this means for decision making. Finance and economics have done this through different models which attempt to predict the future. On its part, risk management attempts to hedge or mitigate these uncertainties in order for “the planner” to reach the favourable outcome. This book focuses on how AI is to redefine certain important economic and financial theories that are specifically used for the purpose of eliminating uncertainties so as to allow agents to make informed decisions.In effect, certain aspects of finance and economic theories cannot be understood in their entirety without the incorporation of AI.
650 0 _aArtificial intelligence.
650 0 _aEconometrics.
650 0 _aComputer networks .
650 1 4 _aArtificial Intelligence.
650 2 4 _aQuantitative Economics.
650 2 4 _aComputer Communication Networks.
700 1 _aMarwala, Tshilidzi.
_eauthor.
_4aut
_4http://id.loc.gov/vocabulary/relators/aut
710 2 _aSpringerLink (Online service)
773 0 _tSpringer Nature eBook
776 0 8 _iPrinted edition:
_z9783030429614
776 0 8 _iPrinted edition:
_z9783030429638
776 0 8 _iPrinted edition:
_z9783030429645
830 0 _aAdvanced Information and Knowledge Processing,
_x2197-8441
856 4 0 _uhttps://doi.org/10.1007/978-3-030-42962-1
912 _aZDB-2-SCS
912 _aZDB-2-SXCS
942 _cSPRINGER
999 _c173687
_d173687