Summary of Ajay Agrawal, Joshua Gans & Avi Goldfarb's Prediction Machines

By IRB Media

Please note: This is a companion version & not the original book. Book Preview:

#1 AI is everywhere. It is in our phones, cars, shopping experiences, romantic matchmaking, hospitals, banks, and all over the media. No wonder corporate directors, CEOs, vice presidents, managers, team leaders, and entrepreneurs are anxiously racing to learn about AI: it is about to fundamentally change their businesses.

#2 The new wave of artificial intelligence does not bring us intelligence, but rather a critical component of intelligence: prediction. Each startup in our lab is based on the benefits of better prediction. We provide you with an understanding of AI’s impact on management and decisions, as well as on the economy.

#3 Prediction Machines is not a recipe for success in the AI economy. Instead, it emphasizes trade-offs. More data means less privacy. More speed means less accuracy. More autonomy means less control.

#4 The current wave of advances in artificial intelligence doesn’t actually bring us intelligence, but instead a critical component of intelligence: prediction. Prediction is a central input into decision-making.

• Language: English
• Publisher: IRB Media
• Release date: Jun 4, 2022
• ISBN: 9798822529786

IRB Media

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Insights on Ajay Agrawal and Joshua Gans & Avi Goldfarb's Prediction Machines

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 1

#1

AI is everywhere. It is in our phones, cars, shopping experiences, romantic matchmaking, hospitals, banks, and all over the media. No wonder corporate directors, CEOs, vice presidents, managers, team leaders, and entrepreneurs are anxiously racing to learn about AI: it is about to fundamentally change their businesses.

#2

The new wave of artificial intelligence does not bring us intelligence, but rather a critical component of intelligence: prediction. Each startup in our lab is based on the benefits of better prediction. We provide you with an understanding of AI’s impact on management and decisions, as well as on the economy.

#3

Prediction Machines is not a recipe for success in the AI economy. Instead, it emphasizes trade-offs. More data means less privacy. More speed means less accuracy. More autonomy means less control.

#4

The current wave of advances in artificial intelligence doesn’t actually bring us intelligence, but instead a critical component of intelligence: prediction. Prediction is a central input into decision-making.

Insights from Chapter 2

#1

Everyone has had or will soon have an AI moment. We are accustomed to a media saturated with stories of new technologies that will change our lives. While some are excited about the possibilities of the future, others are terrified by the passing of the good ole days.

#2

When the price of something falls, we use more of it. This is simple economics, and it is happening right now with AI. AI is everywhere - it is packed into your phone's apps, optimizing your electricity grids, and replacing your stock portfolio managers.

#3

The rise of the internet was a drop in the cost of distribution, communication, and search. This change radically influenced some companies’ business models and even transformed some industries.

#4

The cost of something as fundamental as light can dramatically drop, which allows us to do things we never thought were possible. When that happens, it creates opportunities that we never