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This book theoretically and practically updates major economic
ideas such as demand and supply, rational choice and expectations,
bounded rationality, behavioral economics, information asymmetry,
pricing, efficient market hypothesis, game theory, mechanism
design, portfolio theory, causality and financial engineering in
the age of significant advances in man-machine systems. The advent
of artificial intelligence has changed many disciplines such as
engineering, social science and economics. Artificial intelligence
is a computational technique which is inspired by natural
intelligence concepts such as the swarming of birds, the working of
the brain and the pathfinding of the ants. Artificial Intelligence
and Economic Theory: Skynet in the Market analyses the impact of
artificial intelligence on economic theories, a subject that has
not been studied. It also introduces new economic theories and
these are rational counterfactuals and rational opportunity costs.
These ideas are applied to diverse areas such as modelling of the
stock market, credit scoring, HIV and interstate conflict.
Artificial intelligence ideas used in this book include neural
networks, particle swarm optimization, simulated annealing, fuzzy
logic and genetic algorithms. It, furthermore, explores ideas in
causality including Granger as well as the Pearl causality models.
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Paperback
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R398
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Discovery Miles 3 300
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