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Risks of observable and unobservable biases in artificial intelligence predicting consumer choice

Teleaba, Florian; Popescu, Sorin; Olaru, Marieta; … - In: Amfiteatru economic : an economic and business research … 23 (2021) 56, pp. 102-119

Companies are increasingly adopting Artificial Intelligence (AI) today. Recently however debates started over the risk … incipient and focuses on observable biases. We provide a short synthesis of cognitive biases and their potential risk of being … replicated in AI-based choice prediction. We also discuss for the first time the risk of unobservable biases, which affect choice …

Persistent link: https://www.econbiz.de/10012821258

Using Bayesian updating to improve decisions under uncertainty

McCann, Brian T. - In: California management review 63 (2020) 1, pp. 26-40

Persistent link: https://www.econbiz.de/10012309216

False and missed alarms in seasonal forecasts affect individual adaptation choices

Hembach-Stunden, Katharina; Vorlaufer, Tobias; Engel, … - In: Q open : a journal of agricultural, climate, … 4 (2024) 1, pp. 1-22

risk of extreme climate conditions. However, being confronted with inaccurate forecast systems may undermine individuals …' responsiveness in the long run. Using an online experiment, we assess how false alarm and missed alarm-prone forecast systems …

Persistent link: https://www.econbiz.de/10015053857

The Explanatory and Predictive Power of Non Two-Stage Probability Theories of Decision Making Under Ambiguity

Hey, John Denis; Pace, Noemi - 2011

Representing ambiguity in the laboratory using a Bingo Blower (which is transparent and not manipulable) and asking the subjects a series of allocation questions (which are more efficient than pairwise choice questions), we obtain data from which we can estimate by maximum likelihood methods...

Persistent link: https://www.econbiz.de/10014177352

The explanatory and predictive power of non two-stage- probability theories of decision making under ambiguity

Hey, John Denis; Pace, Noemi - In: Experiments in economics : decision making and markets, (pp. 139-167). 2018

Persistent link: https://www.econbiz.de/10011971383

Forecasting economic decisions under risk : the predictive importance of choice-process data

Mueller, Steffen Q.; Ring, Patrick; Schmidt, Maria - 2019 - Version: January 2019

We investigate various statistical methods for forecasting risky choices and identify important decision predictors … three seconds of lottery-information processing. The results of our forecasting experiment show that choice-process data can …

Persistent link: https://www.econbiz.de/10011964372