Artificial intelligence and Economics

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Difference between Artificial intelligence and Economics

Artificial intelligence vs. Economics

Artificial intelligence (AI, also machine intelligence, MI) is intelligence demonstrated by machines, in contrast to the natural intelligence (NI) displayed by humans and other animals. Economics is the social science that studies the production, distribution, and consumption of goods and services.

Bank

A bank is a financial institution that accepts deposits from the public and creates credit.

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Computer science

Computer science deals with the theoretical foundations of information and computation, together with practical techniques for the implementation and application of these foundations.

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Decision theory

Decision theory (or the theory of choice) is the study of the reasoning underlying an agent's choices.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Game theory

Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers".

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Information asymmetry

In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.

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John von Neumann

John von Neumann (Neumann János Lajos,; December 28, 1903 – February 8, 1957) was a Hungarian-American mathematician, physicist, computer scientist, and polymath.

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Mathematical optimization

In mathematics, computer science and operations research, mathematical optimization or mathematical programming, alternatively spelled optimisation, is the selection of a best element (with regard to some criterion) from some set of available alternatives.

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Mechanism design

Mechanism design is a field in economics and game theory that takes an engineering approach to designing economic mechanisms or incentives, toward desired objectives, in strategic settings, where players act rationally.

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Nature (journal)

Nature is a British multidisciplinary scientific journal, first published on 4 November 1869.

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Operations research

Operations research, or operational research in British usage, is a discipline that deals with the application of advanced analytical methods to help make better decisions.

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Paradigm

In science and philosophy, a paradigm is a distinct set of concepts or thought patterns, including theories, research methods, postulates, and standards for what constitutes legitimate contributions to a field.

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Rational choice theory

Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior.

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Rational expectations

In economics, "rational expectations" are model-consistent expectations, in that agents inside the model are assumed to "know the model" and on average take the model's predictions as valid.

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Regression analysis

In statistical modeling, regression analysis is a set of statistical processes for estimating the relationships among variables.

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Scientific American

Scientific American (informally abbreviated SciAm) is an American popular science magazine.

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Statistics

Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data.

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Supply and demand

In microeconomics, supply and demand is an economic model of price determination in a market.

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The Economist

The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London.

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The New York Times

The New York Times (sometimes abbreviated as The NYT or The Times) is an American newspaper based in New York City with worldwide influence and readership.

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Uncertainty

Uncertainty has been called "an unintelligible expression without a straightforward description".

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Utility

Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.

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