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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
Pigouvian Tax
Definitions Behavioural economics Business economics Competitive markets Global economics Information Failure

Pigouvian Tax

Published on January 29, 2020

Phillips Curve
Definitions

Phillips Curve

Published on January 29, 2020

Price elasticity of supply
Definitions

Price elasticity of supply

Published on January 29, 2020

Perfect competition
Definitions

Perfect competition

Published on January 29, 2020

Price elasticity of demand
Definitions

Price elasticity of demand

Published on January 29, 2020

Pareto efficiency
Definitions

Pareto efficiency

Published on January 29, 2020

Output gap
Definitions

Output gap

Published on January 29, 2020

Opportunity cost
Definitions

Opportunity cost

Published on January 29, 2020

Oligopoly
Definitions

Oligopoly

Published on January 29, 2020

Normative statement
Definitions

Normative statement

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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