digital economy
A power in competition policy
Typical measures of market power in economic theory focus on classical pricing markets of homogeneous goods, where a firm's primary action is choosing a price to sell the good or the quantity of This simple relationship allows one to directly reason about participant welfare and profit of firms. In addition, not all participants with accounts on a digital platform are equally active and inactive participants should not factor into the market power of a firm the same way active participants do. Participant behavior plays a critical role in digital market places. As outlined by the Stigler Committee [2019], "the findings from behavioral economics demonstrate an under-recognized market power held Thaler and Sunstein, 2008; Fogg, 2002]--can be exploited by firms in digital economies, but do not factor into traditional measures of market power. Performative power focuses on measuring power rather than harm.
Shaping the Outlook for the Autonomy Economy
The Autonomy Economy represents a transformative phase in our society, driven by the integration of autonomous machines such as autonomous vehicles, delivery robots, drones, and more into the provision of goods and services. Central to this revolution is Autonomous Machine Computing (AMC), the computing technological backbone enabling these diverse autonomous systems. This article delves into AMC's critical role in fostering the Autonomy Economy. Originally confined to basic robotics and industrial applications, these autonomous machines now permeate everyday life, signaling a move towards the Autonomy Economy era. For example, in China, when you check into a hotel, it's likely that a delivery robot is going to bring what you need to your room.
- Transportation (0.58)
- Banking & Finance > Economy (0.38)
Explainable Automated Machine Learning for Credit Decisions: Enhancing Human Artificial Intelligence Collaboration in Financial Engineering
This paper explores the integration of Explainable Automated Machine Learning (AutoML) in the realm of financial engineering, specifically focusing on its application in credit decision-making. The rapid evolution of Artificial Intelligence (AI) in finance has necessitated a balance between sophisticated algorithmic decision-making and the need for transparency in these systems. The focus is on how AutoML can streamline the development of robust machine learning models for credit scoring, while Explainable AI (XAI) methods, particularly SHapley Additive exPlanations (SHAP), provide insights into the models' decision-making processes. This study demonstrates how the combination of AutoML and XAI not only enhances the efficiency and accuracy of credit decisions but also fosters trust and collaboration between humans and AI systems. The findings underscore the potential of explainable AutoML in improving the transparency and accountability of AI-driven financial decisions, aligning with regulatory requirements and ethical considerations.
- Europe > United Kingdom > England > Oxfordshire > Oxford (0.14)
- Asia > Taiwan (0.06)
- Europe > Germany (0.04)
- Asia > Middle East > Jordan (0.04)
Autonomy 2.0: The Quest for Economies of Scale
Wu, Shuang, Yu, Bo, Liu, Shaoshan, Zhu, Yuhao
With the advancement of robotics and AI technologies in the past decade, we have now entered the age of autonomous machines. In this new age of information technology, autonomous machines, such as service robots, autonomous drones, delivery robots, and autonomous vehicles, rather than humans, will provide services. In this article, through examining the technical challenges and economic impact of the digital economy, we argue that scalability is both highly necessary from a technical perspective and significantly advantageous from an economic perspective, thus is the key for the autonomy industry to achieve its full potential. Nonetheless, the current development paradigm, dubbed Autonomy 1.0, scales with the number of engineers, instead of with the amount of data or compute resources, hence preventing the autonomy industry to fully benefit from the economies of scale, especially the exponentially cheapening compute cost and the explosion of available data. We further analyze the key scalability blockers and explain how a new development paradigm, dubbed Autonomy 2.0, can address these problems to greatly boost the autonomy industry.
- North America > United States > California (0.04)
- Asia > Middle East > Israel > Tel Aviv District > Tel Aviv (0.04)
- Banking & Finance > Economy (0.89)
- Transportation > Ground > Road (0.70)
Building An Inclusive Digital Economy In Africa Through Payment Innovations
There was a young lady called Aisha who lived in the wide and varied continent of Africa. Aisha dreamt of opening her jewelry store one day when she and her family resided in a tiny town. Yet she quickly saw that the absence of financial services in her town impeded her ability to accomplish her aspirations. Aisha and her family often encountered difficult and expensive processes even when they could visit banks despite traveling great distances. But suddenly, a miraculous event took place.
- Banking & Finance > Trading (0.51)
- Banking & Finance > Financial Services (0.40)
Machine Learning Engineer at Checkout.com - London, United Kingdom
Checkout.com is one of the most exciting fintechs in the world. Our mission is to enable businesses and their communities to thrive in the digital economy. We're the strategic payments partner for some of the best known fast-moving brands globally such as Wise, Hut Group, Sony Electronics, Homebase, Henkel, Binance, Klarna and many others. Purpose-built with performance and scalability in mind, our flexible cloud-based payments platform helps global enterprises launch new products and create experiences customers love. And it's not just what we build that makes us different.
- North America > United States (0.47)
- Africa (0.47)
- Asia (0.29)
Computing is Productivity. UtilityNet Changes Computing from Technology To Incentives.
"Computing is the first productive force of the digital economy." On July 29, 2022, at the SenseTime Science and Technology Sub-forum of the First Computing Conference in China, Gao Shanshan, director of Shandong Sino US Digital Media International Cooperation Research Center said that, in the era of AI, computing infrastructure keeps changing such industries as finance, medicine and data center. Therefore, AI computing has become the main increment of digital economy development in various countries, and also the foundation of the era of digital economy. Computing represents a new type of productivity. Who owns the computing of the future digital economy industry development will have the ultimate power to lead the development of the digital economy in digital economy.
FSRA launches new initiative on artificial intelligence
The Financial Services Regulatory Authority of Abu Dhabi Global Market is rolling out a new initiative to boost the development of intelligent regulatory technology (RegTech) tools and help Artificial Intelligence achieve regulatory context and understanding. The move comes amid higher usage of the new technology by financial services firms and other companies. The Open Regulation (OpenReg) initiative provides a "training ground" for industry specialists, RegTech companies and the data science community to have access to FSRA's AI models, data and research to create AI-enabled RegTech tools, ADGM said in a statement on Tuesday. "Without regulatory context, AI applications will be limited in their potential to help financial services firms navigate the regulatory landscape. In this regard, OpenReg provides the regulatory context required by firms to develop their own AI solutions," ADGM said.
- Asia > Middle East > UAE > Abu Dhabi Emirate > Abu Dhabi (0.30)
- Africa > Middle East (0.28)
- Europe > Middle East (0.20)
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