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A Market for Lemons? Strategic Directions for a Vigilant Application of Artificial Intelligence in Entrepreneurship Research 柠檬市场?在创业研究中谨慎应用人工智能的战略方向
Pub Date : 2024-09-13 DOI: arxiv-2409.08890
Martin Obschonka, Moren Levesque
The rapid expansion of AI adoption (e.g., using machine learning, deeplearning, or large language models as research methods) and the increasingavailability of big data have the potential to bring about the most significanttransformation in entrepreneurship scholarship the field has ever witnessed.This article makes a pressing meta-contribution by highlighting a significantrisk of unproductive knowledge exchanges in entrepreneurship research amid theAI revolution. It offers strategies to mitigate this risk and provides guidancefor future AI-based studies to enhance their collective impact and relevance.Drawing on Akerlof's renowned market-for-lemons concept, we identify thepotential for significant knowledge asymmetries emerging from the field'sevolution into its current landscape (e.g., complexities around constructvalidity, theory building, and research relevance). Such asymmetries areparticularly deeply ingrained due to what we term the double-black-box puzzle,where the widely recognized black box nature of AI methods intersects with theblack box nature of the entrepreneurship phenomenon driven by inherentuncertainty. As a result, these asymmetries could lead to an increase insuboptimal research products that go undetected, collectively creating a marketfor lemons that undermines the field's well-being, reputation, and impact.However, importantly, if these risks can be mitigated, the AI revolution couldherald a new golden era for entrepreneurship research. We discuss the necessaryactions to elevate the field to a higher level of AI resilience whilesteadfastly maintaining its foundational principles and core values.
人工智能应用的迅速扩展(例如,使用机器学习、深度学习或大型语言模型作为研究方法)以及大数据可用性的不断提高,有可能为创业学术领域带来有史以来最重大的变革。本文通过强调人工智能革命中创业研究中存在的非生产性知识交流的重大风险,做出了紧迫的元贡献。借鉴阿克洛夫著名的 "柠檬市场"(market-for-lemons)概念,我们发现了该领域演变成当前格局后可能出现的重大知识不对称现象(例如,围绕建构有效性、理论构建和研究相关性的复杂性)。这种不对称尤其根深蒂固,因为我们称之为 "双重黑箱谜题",即公认的人工智能方法的黑箱性质与创业现象的黑箱性质因固有的不确定性而交织在一起。因此,这些不对称可能会导致更多未被发现的次优研究产品,从而共同形成一个柠檬市场,损害该领域的福祉、声誉和影响。然而,重要的是,如果这些风险能够得到缓解,人工智能革命可能会为创业研究带来一个新的黄金时代。我们将讨论采取哪些必要行动,将该领域提升到更高的人工智能复原力水平,同时坚定不移地维护其基本原则和核心价值。
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引用次数: 0
Dynamic Link and Flow Prediction in Bank Transfer Networks 银行转账网络中的动态链接和流量预测
Pub Date : 2024-09-13 DOI: arxiv-2409.08718
Shu Takahashi, Kento Yamamoto, Shumpei Kobayashi, Ryoma Kondo, Ryohei Hisano
The prediction of both the existence and weight of network links at futuretime points is essential as complex networks evolve over time. Traditionalmethods, such as vector autoregression and factor models, have been applied tosmall, dense networks, but become computationally impractical for large-scale,sparse, and complex networks. Some machine learning models address dynamic linkprediction, but few address the simultaneous prediction of both link presenceand weight. Therefore, we introduce a novel model that dynamically predictslink presence and weight by dividing the task into two sub-tasks: predictingremittance ratios and forecasting the total remittance volume. We use aself-attention mechanism that combines temporal-topological neighborhoodfeatures to predict remittance ratios and use a separate model to forecast thetotal remittance volume. We achieve the final prediction by multiplying theoutputs of these models. We validated our approach using two real-worlddatasets: a cryptocurrency network and bank transfer network.
随着复杂网络的不断发展,预测未来时间点网络链接的存在和权重至关重要。传统方法,如向量自回归和因子模型,已被应用于小型、密集的网络,但对于大规模、稀疏和复杂的网络,在计算上变得不切实际。一些机器学习模型可用于动态链接预测,但很少有模型可同时预测链接的存在和权重。因此,我们引入了一种新型模型,通过将任务分为两个子任务来动态预测链接的存在和权重:预测汇款比率和预测汇款总量。我们使用结合了时间-拓扑邻域特征的自我关注机制来预测汇款比率,并使用单独的模型来预测汇款总量。我们通过将这些模型的输出相乘来实现最终预测。我们使用两个真实世界数据集验证了我们的方法:加密货币网络和银行转账网络。
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引用次数: 0
Contract Structure and Risk Aversion in Longevity Risk Transfers 长寿风险转移中的合同结构与风险规避
Pub Date : 2024-09-13 DOI: arxiv-2409.08914
David Landriault, Bin Li, Hong Li, Yuanyuan Zhang
This paper introduces an economic framework to assess optimal longevity risktransfers between institutions, focusing on the interactions between a buyerexposed to long-term longevity risk and a seller offering longevity protection.While most longevity risk transfers have occurred in the reinsurance sector,where global reinsurers provide long-term protections, the capital market forlongevity risk transfer has struggled to gain traction, resulting in only a fewshort-term instruments. We investigate how differences in risk aversion betweenthe two parties affect the equilibrium structure of longevity risk transfercontracts, contrasting `static' contracts that offer long-term protection with`dynamic' contracts that provide short-term, variable coverage. Our analysisshows that static contracts are preferred by more risk-averse buyers, whiledynamic contracts are favored by more risk-averse sellers who are reluctant tocommit to long-term agreements. When incorporating information asymmetrythrough ambiguity, we find that ambiguity can cause more risk-averse sellers tostop offering long-term contracts. With the assumption that global reinsurers,acting as sellers in the reinsurance sector and buyers in the capital market,are generally less risk-averse than other participants, our findings providetheoretical explanations for current market dynamics and suggest thatshort-term instruments offer valuable initial steps toward developing anefficient and active capital market for longevity risk transfer.
虽然大多数长寿风险转移都发生在再保险行业,全球再保险公司都提供长期保护,但长寿风险转移的资本市场一直难以获得牵引力,只产生了少数短期工具。我们将提供长期保障的 "静态 "合同与提供短期、可变保障的 "动态 "合同进行对比,研究双方在风险规避方面的差异如何影响长寿风险转移合同的均衡结构。我们的分析表明,静态合约更受规避风险的买方青睐,而动态合约则更受规避风险、不愿承诺长期协议的卖方青睐。当通过模糊性纳入信息不对称时,我们发现模糊性会导致更多规避风险的卖方停止提供长期合约。假设全球再保险人作为再保险行业的卖方和资本市场的买方,通常比其他参与者规避更少的风险,我们的研究结果为当前的市场动态提供了理论解释,并表明短期工具为发展高效、活跃的长寿风险转移资本市场提供了宝贵的初始步骤。
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引用次数: 0
Economic impacts of a drastic gas supply shock and short-term mitigation strategies 天然气供应剧烈冲击的经济影响和短期缓解战略
Pub Date : 2024-09-12 DOI: arxiv-2409.07981
Anton Pichler, Jan Hurt, Tobias Reisch, Johannes Stangl, Stefan Thurner
The Russian invasion of Ukraine on February 24, 2022 entailed the threat of adrastic and sudden reduction of natural gas supply to the European Union. Thispaper presents a techno-economic analysis of the consequences of a sudden gassupply shock to Austria, one of the most dependent countries on imports ofRussian gas. Our analysis comprises (a) a detailed assessment of supply anddemand side countermeasures to mitigate the immediate shortfall in Russian gasimports, (b) a mapping of the net reduction in gas supply to industrial sectorsto quantify direct economic shocks and expected relative reductions in grossoutput and (c) the quantification of higher-order economic impacts throughusing a dynamic out-of-equilibrium input-output model. Our results show thatpotential economic consequences can range from relatively mild to highlysevere, depending on the implementation and success of counteracting mitigationmeasures. We find that securing alternative gas imports, storage management,and incentivizing fuel switching represent the most important short-term policylevers to mitigate the adverse impacts of a sudden import stop.
2022 年 2 月 24 日,俄罗斯入侵乌克兰,这给欧盟带来了天然气供应突然大幅减少的威胁。奥地利是最依赖俄罗斯天然气进口的国家之一,本文对奥地利突然受到天然气供应冲击的后果进行了技术经济分析。我们的分析包括:(a) 详细评估供需双方为缓解俄罗斯天然气进口的直接短缺而采取的应对措施;(b) 绘制工业部门天然气供应净减少的图谱,以量化直接经济冲击和总产出的预期相对减少;(c) 通过使用动态失衡投入产出模型,量化高阶经济影响。我们的研究结果表明,潜在的经济后果可能从相对温和到非常严重不等,这取决于抵消缓解措施的实施和成功与否。我们发现,确保替代天然气进口、储存管理和激励燃料转换是减轻突然停止进口带来的不利影响的最重要的短期政策措施。
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引用次数: 0
The first alumni donation in 1880 in Japan: social image and the open-academic record system 1880 年日本首次校友捐赠:社会形象与开放式学籍系统
Pub Date : 2024-09-12 DOI: arxiv-2409.08415
Eiji Yamamura
In 1880, Keio, a private school in Japan, was in jeopardy of being closed. Tocope with the situation, the school first created a fundraising campaign duringthe 18801-90 period. The school was established in 1857, and since 1861, thelist covering all students academic record has been distributed not only toteachers but also to all students. Individual-level historical academic recordwas integrated with the list of contributors. Using the data, we comparedpersons who had learned in Keio before and after the system was introduced. Themain findings are presented as follows. first, graduates who share the academicrecord are more likely to contribute, and their amount of donation is larger;second, the class size is negatively correlated with the likelihood ofcontribution and with its amount; and third, academic performance, as shown inthe list, is positively correlated with the likelihood of contribution but notwith the amount of donation, using a sub-sample of those who shared the list.The introduction of the system strengthened the community network and role ofsocial image shared by the members. This resulted in a successful fundraisingfor the school, an unprecedented feat in the history of Japan.
1880 年,日本私立学校庆应义塾濒临倒闭。为了应对这种情况,学校首先在 1880 年至 1890 年期间开展了筹款活动。该校创建于 1857 年,自 1861 年起,不仅向教师,也向所有学生分发涵盖所有学生学业记录的清单。个人层面的历史学业记录与贡献者名单相结合。利用这些数据,我们对该系统引入前后在庆应义塾学习的人进行了比较。主要发现如下:第一,共享学业记录的毕业生更有可能捐款,而且他们的捐款数额更大;第二,班级规模与捐款可能性和捐款数额呈负相关;第三,通过共享名单的子样本,名单中显示的学业成绩与捐款可能性呈正相关,但与捐款数额无关。该系统的引入加强了社区网络和成员共享的社会形象的作用,从而成功地为学校筹款,这在日本历史上是史无前例的。
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引用次数: 0
The Impact of Large Language Models on Open-source Innovation: Evidence from GitHub Copilot 大型语言模型对开源创新的影响:来自 GitHub Copilot 的证据
Pub Date : 2024-09-12 DOI: arxiv-2409.08379
Doron Yeverechyahu, Raveesh Mayya, Gal Oestreicher-Singer
Generative AI (GenAI) has been shown to enhance individual productivity in aguided setting. While it is also likely to transform processes in acollaborative work setting, it is unclear what trajectory this transformationwill follow. Collaborative environment is characterized by a blend oforigination tasks that involve building something from scratch and iterationtasks that involve refining on others' work. Whether GenAI affects these twoaspects of collaborative work and to what extent is an open empirical question.We study this question within the open-source development landscape, a primeexample of collaborative innovation, where contributions are voluntary andunguided. Specifically, we focus on the launch of GitHub Copilot in October2021 and leverage a natural experiment in which GitHub Copilot (aprogramming-focused LLM) selectively rolled out support for Python, but not forR. We observe a significant jump in overall contributions, suggesting thatGenAI effectively augments collaborative innovation in an unguided setting.Interestingly, Copilot's launch increased maintenance-related contributions,which are mostly iterative tasks involving building on others' work,significantly more than code-development contributions, which are mostlyorigination tasks involving standalone contributions. This disparity wasexacerbated in active projects with extensive coding activity, raising concernsthat, as GenAI models improve to accommodate richer context, the gap betweenorigination and iterative solutions may widen. We discuss practical and policyimplications to incentivize high-value innovative solutions.
生成式人工智能(GenAI)已被证明可以提高引导环境下的个人生产力。虽然它也有可能改变协作式工作环境中的流程,但目前还不清楚这种转变会遵循怎样的轨迹。协作环境的特点是融合了涉及从头开始构建的原创任务和涉及完善他人工作的迭代任务。GenAI 是否会影响协作工作的这两个方面以及影响程度如何,是一个开放的实证问题。我们在开源开发环境中研究了这个问题,开源开发是协作创新的一个主要范例,在这种环境中,贡献是自愿的,没有指导。具体来说,我们关注 2021 年 10 月 GitHub Copilot 的发布,并利用一个自然实验,即 GitHub Copilot(专注于编程的 LLM)有选择性地推出对 Python 的支持,而不是对 R 的支持。有趣的是,Copilot 的推出增加了与维护相关的贡献,这主要是涉及在他人工作基础上进行迭代的任务,而代码开发贡献则主要是涉及独立贡献的原创任务。随着 GenAI 模型不断改进以适应更丰富的环境,这种差距可能会扩大。我们讨论了激励高价值创新解决方案的实用性和政策含义。
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引用次数: 0
An Experimental Study of Competitive Market Behavior Through LLMs 通过法律硕士对市场竞争行为的实验研究
Pub Date : 2024-09-12 DOI: arxiv-2409.08357
Jingru Jia, Zehua Yuan
This study explores the potential of large language models (LLMs) to conductmarket experiments, aiming to understand their capability to comprehendcompetitive market dynamics. We model the behavior of market agents in acontrolled experimental setting, assessing their ability to converge towardcompetitive equilibria. The results reveal the challenges current LLMs face inreplicating the dynamic decision-making processes characteristic of humantrading behavior. Unlike humans, LLMs lacked the capacity to achieve marketequilibrium. The research demonstrates that while LLMs provide a valuable toolfor scalable and reproducible market simulations, their current limitationsnecessitate further advancements to fully capture the complexities of marketbehavior. Future work that enhances dynamic learning capabilities andincorporates elements of behavioral economics could improve the effectivenessof LLMs in the economic domain, providing new insights into market dynamics andaiding in the refinement of economic policies.
本研究探讨了大型语言模型(LLM)进行市场实验的潜力,旨在了解其理解竞争性市场动态的能力。我们模拟了受控实验环境中市场主体的行为,评估了它们向竞争性均衡收敛的能力。实验结果揭示了当前 LLM 在复制人类交易行为特有的动态决策过程时所面临的挑战。与人类不同,LLMs 缺乏实现市场均衡的能力。研究表明,尽管 LLM 为可扩展和可重现的市场模拟提供了宝贵的工具,但由于其目前的局限性,有必要进一步改进,以充分捕捉市场行为的复杂性。未来,增强动态学习能力并融入行为经济学元素的工作将提高 LLM 在经济领域的有效性,为市场动态提供新的见解,并帮助完善经济政策。
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引用次数: 0
Un índice discreto sensible a la desigualdad 对不平等敏感的离散指数
Pub Date : 2024-09-11 DOI: arxiv-2409.07538
Francisco José Zamudio Sánchez, Javier Jiménez Machorro, Roxana Arana Ovalle, Hildegardo Martínez Silverio
This paper introduces the Relative Inequality Index at the Maximum (IDRM), anovel and intuitive measure designed to capture inequality within a population,such as income inequality. The index is based on the idea that individualsexperience varying levels of inequality depending on their position within thedistribution, particularly with respect to those at the top. The key assumptionis that for individuals in lower positions, inequalities referenced to the toppositions have greater impact on their well-being and the inequality relativeto maximum is the most critical. The IDRM fulfills desirable theoreticalproperties which were used for its evaluation and comparison against widelyaccepted measures in inequality literature. From this perspective, the IDRM isshown to be as robust as traditional measures and outperforms the Gini andDalton indices by satisfying eight out of nine key properties, includingdecomposability across population subgroups. In a comparative analysis usingincome data from 58 countries and microdata from Mexico, with the Gini, Theil,and Atkinson indices as benchmarks, the IDRM demonstrates superior consistency,sensitivity to inequality, reduced bias in grouped data, and enhancedprecision. This index reflects the varying forms of income distribution,showing heightened sensitivity to the magnitude of inequality.
本文介绍了 "最大相对不平等指数"(IDRM),这是一种直观的衡量标准,旨在反映人口中的不平等现象,如收入不平等。该指数基于这样一种理念,即个人在分配中所处的位置不同,所经历的不平等程度也不同,尤其是相对于处于顶端的个人而言。其主要假设是,对于处于较低位置的个人来说,与最高位置相比的不平等对其福祉的影响更大,而相对于最大值的不平等则最为关键。国际不平等指数符合理想的理论属性,这些属性被用来评估国际不平等指数,并与不平等文献中广泛接受的测量方法进行比较。从这个角度来看,IDRM 与传统的测量方法一样稳健,并且在 9 个关键属性中满足了 8 个,包括人口亚群之间的可分解性,因而优于基尼和达尔顿指数。在使用 58 个国家的收入数据和墨西哥的微观数据进行的比较分析中,以吉尼指数、泰尔指数和阿特金森指数为基准,IDRM 指数表现出卓越的一致性、对不平等的敏感性、减少分组数据中的偏差,以及更高的精确度。该指数反映了不同形式的收入分配,对不平等的程度表现出更高的敏感性。
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引用次数: 0
The Mismeasure of Weather: Using Remotely Sensed Earth Observation Data in Economic Context 天气的误测:在经济背景下使用遥感地球观测数据
Pub Date : 2024-09-11 DOI: arxiv-2409.07506
Anna Josephson, Jeffrey D. Michler, Talip Kilic, Siobhan Murray
The availability of weather data from remotely sensed Earth observation (EO)data has reduced the cost of including weather variables in econometric models.Weather variables are common instrumental variables used to predict economicoutcomes and serve as an input into modelling crop yields for rainfedagriculture. The use of EO data in econometric applications has only recentlybeen met with a critical assessment of the suitability and quality of this datain economics. We quantify the significance and magnitude of the effect ofmeasurement error in EO data in the context of smallholder agriculturalproductivity. We find that different measurement methods from different EOsources: findings are not robust to the choice of EO dataset and outcomes arenot simply affine transformations of one another. This begs caution on the partof researchers using these data and suggests that robustness checks shouldinclude testing alternative sources of EO data.
从遥感地球观测(EO)数据中获取天气数据降低了将天气变量纳入计量经济学模型的成本。天气变量是用于预测经济结果的常见工具变量,也是雨水灌溉农业作物产量建模的输入变量。在计量经济学应用中使用环 境观测数据时,最近才对这些数据在经济学中的适用性和质量进行了严格评估。我们以小农农业生产率为背景,量化了 EO 数据测量误差影响的意义和程度。我们发现,来自不同环 境观测数据源的不同测量方法:研究结果并不因选择的环境观测数据集而稳健,结果也不是简单的仿射变换。这就要求研究人员在使用这些数据时要谨慎,并建议稳健性检查应包括测试替代的环 境观测数据源。
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引用次数: 0
Mechanisms for belief elicitation without ground truth 没有基本事实的信念激发机制
Pub Date : 2024-09-11 DOI: arxiv-2409.07277
Niklas Valentin Lehmann
This review article examines the challenge of eliciting truthful informationfrom multiple individuals when such information cannot be verified against anobjective truth, a problem known as information elicitation withoutverification (IEWV). This article reviews over 25 mechanisms designed toincentivize truth-telling in such scenarios, and their effectiveness inempirical studies. The analysis finds that although many mechanismstheoretically ensure truthfulness as a Bayesian Nash Equilibrium, empiricalevidence of such mechanisms working in practice is very limited and generallyweak. Consequently, more empirical research is needed to validate mechanisms.Given that many mechanisms are very complex and cannot be easily conveyed toresearch subjects, this review suggests that simpler, more intuitive mechanismsmay be easier to test and apply.
这篇综述文章探讨了在无法根据客观真相验证信息的情况下,如何从多个个体那里获取真实信息的难题,这个问题被称为 "无验证信息获取"(IEWV)。本文回顾了超过 25 种旨在激励人们在这种情况下讲真话的机制,以及它们在实证研究中的有效性。分析发现,尽管许多机制在理论上确保了贝叶斯纳什均衡的真实性,但此类机制在实践中发挥作用的经验证据非常有限,而且普遍薄弱。鉴于许多机制非常复杂,不容易传达给研究对象,本综述认为,更简单、更直观的机制可能更容易测试和应用。
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引用次数: 0
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arXiv - ECON - General Economics
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