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AI is a convenient tool for getting answers in common language...but are these answers accurate?

The Economics of AI Hallucinations: Information Quality as a Market Good

Many of us love to use AI programs, from ChatGPT to Grok to Google Gemini, to give us answers to complex questions in simple, common language. But are we risking financial and economic inefficiency due to AI errors? Will consumers demand that their AI answers be human-verified?...
4 min read
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Behavioural economics Business economics Competitive markets Managing the economy Information Failure

Anonymity, Information Asymmetry, and State Capacity

Published on October 31, 2024

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Definitions Competitive markets

Substitutes Economics

Published on October 30, 2024

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Definitions Competitive markets

Price Taker

Published on October 29, 2024

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Definitions Competitive markets Factors of production

Economic Efficiency

Published on October 23, 2024

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Definitions Competitive markets

Atomistic Competition

Published on October 21, 2024

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Business economics Competitive markets

The Unbundling of the Firm: A-la-Carte B2B and the Boundaries of Production

Published on October 13, 2024

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Business economics Competitive markets

Market Access, Transaction Costs, and Financial Inclusion in Retail FX: The Case of OANDA

Published on September 19, 2024

Man working on a laptop with code on the screen.
Business economics Competitive markets

Who Captures the Surplus? Complementors vs. Platforms — Platform Economics, Bargaining Power & Value Capture

Published on September 06, 2024

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Business economics Competitive markets

Make-or-Buy in Software: The Boundaries of the Firm through Transaction Cost Economics

Published on September 03, 2024

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Business economics Competitive markets

Economies of Density and the Last-Mile: Urban Economics in the Age of Geocoding

Published on September 03, 2024

Newer Posts
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Older Posts
Digital twins and AI modeling can help companies determine exactly when maintenance should be done to maximize efficiency.

The Economics of Digital Twins and Predictive Maintenance

Large companies may be spending billions of dollars a year in inefficient maintenance on their capital goods, either doing too much maintenance and wasting money or not enough maintenance and dealing with equipment failure. Can digital twins and AI end this inefficiency?...
4 min read

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December 30, 2025
What would happen if sellers could use AI to determine how much you are willing and able to pay for every possible product?
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Thanks to the ease of remote work with today's technology, do cities still enjoy an agglomeration advantage?
The Geography of Remote Work: Are Cities Losing Their Agglomeration Advantage?
December 19, 2025

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