Overview

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 judgment, and we perform both together in our minds, often without realizing 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, 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-listen 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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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. 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. Tom Beyer is a character actor who has appeared in over 100 TV shows, films, and commercials; has performed in innumerable plays and musicals; and has narrated many audiobooks. Grown in New York, fermented in Seattle, and aged in Los Angeles, his passions include Shakespeare, reading, intense physical exercise, and animal rescue. He has won awards for his stage work as both an actor and a director, and has adapted classical literature for the theater. He believes strongly in civic engagement, and volunteers for multiple organizations.

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