Disruption resulting from the proliferation of AI is coming. The
authors of the bestselling Prediction Machines can help you
prepare. Artificial intelligence (AI) has impacted many industries
around the world-banking and finance, pharmaceuticals, automotive,
medical technology, manufacturing, and retail. But it has only just
begun its odyssey toward cheaper, better, and faster predictions
that drive strategic business decisions. When prediction is taken
to the max, industries transform, and with such transformation
comes disruption. What is at the root of this? 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-many
industries are in the quiet before the storm-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-read 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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