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Economic reasoning and artificial intelligence.

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Artificial intelligence (AI) research aims to create rational agents, or machina economicus, capable of economic reasoning. Designing AI economies requires novel rules and incentives, potentially more effective than those for humans.

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Area of Science:

  • Artificial Intelligence
  • Economics
  • Agent-Based Systems

Background:

  • AI research focuses on creating rational agents that perceive and act towards goals.
  • This pursuit parallels constructing a synthetic 'homo economicus' or 'machina economicus'.
  • Challenges exist in designing AI for effective economic reasoning.

Purpose of the Study:

  • Review progress in creating 'machina economicus'.
  • Discuss challenges in designing AI for economic contexts.
  • Explore designing multi-agent systems as AI economies.

Main Methods:

  • Literature review of AI and economic rationality.
  • Conceptual analysis of AI agent design.
  • Exploration of normative design theories from economics.

Main Results:

  • AI agents may better approximate idealized rationality than humans.
  • Novel interaction rules and incentive systems are needed for AI economies.
  • Economic theories of normative design may be more applicable to AI than humans.

Conclusions:

  • AI's potential for rationality offers new avenues for economic system design.
  • Future AI economies may utilize distinct rules and incentives.
  • This research bridges AI development with economic principles for artificial agents.