ON RATIONALITY, ARTIFICIAL INTELLIGENCE AND ECONOMICS

The world we live in presents plenty of tricky, impactful, and hard-tomake decisions to be taken. Sometimes the available options are ample, at other times they are apparently binary, either way, they often confront us with dilemmas, paradoxes, and even denial of values.In the dawn of the age of intelligence, when robots are gradually taking over most decision-making from humans, this book sheds a bit of light on decision rationale. It delves into the limits of these decision processes (for both humans and machines), and it does so by providing a new perspective that is somehow opposed to orthodox economics. All Economics reflections in this book are underlined and linked to Artificial Intelligence.The authors hope that this comprehensive and modern analysis, firmly grounded in the opinions of various groundbreaking Nobel laureate economists, may be helpful to a broad audience interested in how decisions may lead us all to flourishing societies. That is, societies in which economic blunders (caused by over simplification of problems and super estimation of tools) are reduced substantially.Contents: ForewordPrefaceAcknowledgmentsAbout the AuthorsIntroductionDecision-Making and RationalityArtificial IntelligenceOptimizationCost-Value and Utility Dimensions and DynamicsRelative Net Utility and the St. Petersburg ParadoxValue Rational PlanningInference of Net-Utility Polarity of Actions in Oversubscription PlanningConclusionBibliographyIndexReadership: Students and researchers interested in rationality of artificial intelligence in economics.Tshilidzi Marwala;Decision Making and Rationality;Artificial Intelligence;Optimization;Value-Cost and Utility Dimensions and Dynamics;Relative Net Utility and Saint Petersburg Paradox;Value Rational Planning00