Artificial Intelligence Needs Private Markets for Regulation--Here's Why 7wData

It seems the White House wants to ramp up America's Artificial Intelligence (AI) dominance. Earlier this month, the U.S. Office of Management and Budget released its "Guidance for Regulation of Artificial Intelligence Applications," for federal agencies to oversee AI's development in a way that protects innovation without making the public wary. The noble aims of these principles respond to the need for a coherent American vision for AI development--complete with transparency, public participation and interagency coordination. But the government is missing something key. For technological innovation to flourish, regulators have to be innovative too. A recent paper by Jack Clark and Gillian Hadfield at OpenAI proposes the idea of regulatory markets, wherein private competitive regulators would take on the role traditionally held by by legislators and government agencies.