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AI can work much faster than human employees, but rates of AI hallucinations and other errors remain significant.

The Economics of AI Hallucinations and Error Costs

AI can be great, but "AI hallucinations" are frequent when AI software attempts to plug in data holes with information that it creates. This can include "ghost citations" of false sources of information. What will firms do to limit the dangers of AI error?...
4 min read
Specialisation
Definitions

Specialisation

Published on January 29, 2020

Social costs
Definitions

Social costs

Published on January 29, 2020

Social benefits
Definitions

Social benefits

Published on January 29, 2020

Scarcity
Definitions

Scarcity

Published on January 29, 2020

Savings ratio
Definitions

Savings ratio

Published on January 29, 2020

Savings gap
Definitions

Savings gap

Published on January 29, 2020

Savings
Definitions

Savings

Published on January 29, 2020

Satisficing
Definitions

Satisficing

Published on January 29, 2020

Definitions

Sales maximisation

Published on January 29, 2020

Revenue maximisation
Definitions

Revenue maximisation

Published on January 29, 2020

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As streaming subscription costs continue to rise, many customers are experiencing "subscription fatigue" and logging off.

Subscription Fatigue and Consumer Optimization in Digital Markets

Streaming entertainment services seemed like a great deal a decade ago. Now, rising costs have reduced consumers' utility significantly. How can streaming firms fight subscription fatigue and keep longtime customers from canceling due to price hikes?...
4 min read

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