The evolution of algorithms based on self-learning AI is a major technological breakthrough, which plays a vital part in the digital transformation. These algorithms have the potential to make economic processes increasingly independent of human beings. Currently, most decisions are still made by humans no matter whether they are related to the choice of the right product for consumption or to the choice of the right candidate in an application process. But we already witness that some of these decisions are being transferred to algorithms. Algorithms have turned out to be superior to humans in several aspects. They can analyze much larger volumes of data in much less time without getting tired. As continuous optimizers, they operate 24 hours a day and are thus able to make faster and "better" choices than their human counterparts. They turn into autonomous consumer buying agents (CBA), which automate the whole buying process.

But can users be sure, that algorithms indeed act in their own best interests? Decisions made by algorithms could be manipulated by providers, who have a constant interest to sell more products and services. Of course, there will be attempts to regulate the use of algorithms and to issue certificates, which are supposed to guarantee that algorithms act only in the interests of their users. But in reality, it will be impossible to provide such guarantees, as decisions made by self-learning AI cannot be traced back to certain pre-programmed rules or to the data they have been trained with.

Knut Hinkelmann

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Towards an AI-Driven Economy?

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