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Power and Prediction
The Disruptive Economics of Artificial Intelligence
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Check link for latest rating. ( 7,210 ratings, 164 reviews)
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Power and Prediction
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Book Hero Magic created this recommendation. While it's new and still learning, it may not be perfect - your feedback is welcome! IS THIS YOUR NEXT READ?
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Description
Disruption resulting from the proliferation of AI is coming. The authors of the bestselling Prediction Machines can help you prepare.
Artificial intelligence (AI) has impacted many industries around the world - banking and finance, pharmaceuticals, automotive, medical technology, manufacturing, and retail. But it has only just begun its odyssey toward cheaper, better, and faster predictions that drive strategic business decisions. When prediction is taken to the max, industries transform, and with such transformation comes disruption.
What is at the root of this? In their bestselling first book, Prediction Machines, eminent economists Ajay Agrawal, Joshua Gans, and Avi Goldfarb explained the simple yet game-changing economics of AI. Now, in Power and Prediction, they go deeper, examining the most basic unit of analysis: the decision. The authors explain that the two key decision-making ingredients are prediction and judgement, and we perform both together in our minds, often without realising it. The rise of AI is shifting prediction from humans to machines, relieving people from this cognitive load while increasing the speed and accuracy of decisions.
This sets the stage for a flourishing of new decisions and has profound implications for system-level innovation. Redesigning systems of interdependent decisions takes time - many industries are in the quiet before the storm - but when these new systems emerge, they can be disruptive on a global scale. Decision-making confers power. In industry, power confers profits; in society, power confers control. This process will have winners and losers, and the authors show how businesses can leverage opportunities, as well as protect their positions.
Filled with illuminating insights, rich examples, and practical advice, Power and Prediction is the must-read guide for any business leader or policymaker on how to make the coming AI disruptions work for you rather than against you.
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The book Power and Prediction by Joshua Gans, Ajay Agrawal, and Avi Goldfarb is praised for its accessible writing and insightful exploration of how AI could revolutionise the economy and transform industries. It is seen as an essential read for those interested in future technological impacts, likened to the influence of electricity in the twentieth century. The work is hailed as inspiring and authoritative, providing guidance on integrating AI into organisational strategies and system-level applications.
Book Details
INFORMATION
ISBN: 9781647824198
Publisher: Harvard Business Review Press
Format: Hardback
Date Published: 15 November 2022
Country: United States
Imprint: Harvard Business Review Press
Illustration: Illustrations
Audience: General / adult
DIMENSIONS
Width: 155.0mm
Height: 235.0mm
Weight: 250g
Pages: 288
About the Author
Ajay Agrawal is Professor of Strategic Management and the Geoffrey Taber Chair in Entrepreneurship and Innovation at the University of Toronto's Rotman School of Management. He is founder of the Creative Destruction Lab and the Metaverse Mind Lab and cofounder of NEXT Canada and Sanctuary.
Joshua Gans is the Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship and Professor of Strategic Management at Toronto's Rotman School of Management. He is Chief Economist of the Creative Destruction Lab, department editor (Strategy) at Management Science, and cofounder and managing director of Core Economic Research.
Avi Goldfarb is the Rotman Chair in Artificial Intelligence and Healthcare and Professor of Marketing at Toronto's Rotman School of Management. He is also Chief Data Scientist at the Creative Destruction Lab, a fellow at Behavioral Economics in Action at Rotman, and a faculty affiliate at the Vector Institute for Artificial Intelligence.
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