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Age of AI — Episode 2: Can AI Test Economic Models Better Than Humans?
Description
All economic models contain assumptions. But what if those assumptions change? In Episode 2 of the Age of AI series, we explore how economists are using artificial intelligence to test economic models, not to replace human expertise, but to systematically test alternative assumptions and discover which conclusions are really robust. What you'll learn:
* Why all economic models are simplifications of reality
* How economists study and test theoretical models
* Why sensitivity analysis is important
* How AI can develop and test thousands of alternative model specifications
* Why we still need human judgment
* What algorithmic pricing can teach us about AI and competition
AI is not meant to replace economists, but rather to give them a powerful new tool for asking better questions, exploring competing explanations, and producing more reliable economic analysis. If you’re interested in antitrust, economics, artificial intelligence, or competition policy, then this is the episode for you. Subscribe for our next episode on how AI is helping economists grapple with messy real-world data.
Read the full article and graphic analysis: https://blog.econworks.com/p/age-of-ai-episode-2-when-models-meet?r=562wri
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