The Role of AI in Rational Expectations and Behavioral Economics

Thus, AI encompasses the unification of economy on the base of rational expectations and behavioral aspects. Traditional economic theories supposes the rational behaviour, whereas behaviorial economics consider the psychological factors. Ambient intelligence and, in particular, reinforcement learning and deep neural networks provide ideas of rational and bounded irrationality in decision-making. This paper seeks to unveil how artificial intelligence can improve efficiency in the evaluation of microeconomic factors, consumers' behavior and market outcomes by combining rational expectations and heuristics. Our paper illustrates that one can achieve higher predictive accuracy using a variety of AI techniques in comparison to the traditional economic models of using hp.

Перевод пока недоступен