Covid-19 is a global pandemic inflicting large health and economic costs. In his previous book, The Pandemic Information Gap: The Brutal Economics of COVID-19 (MIT Press, 2020), economist Joshua Gans explains that those costs have been so large because governments and others have lacked the information needed to control the pandemic. Unless we know who is infectious, we can't break the chains of transmission, which results in the escalation of our problems. Pandemics, he writes, a...

Why solving the information problem should be at the core of our pandemic response: essential reading about the long-term implications of our current crisis.COVID-19 is caused by a virus. The COVID-19 pandemic is caused by a lack of good information. A pandemic is essentially an information problem: this is the enlightening and provocative idea at the heart of this book. If we solve the information problem, argues economist Joshua Gans, we can defeat the virus. For...

Disruption resulting from the proliferation of AI is coming. The authors of the bestselling Prediction Machines can help you prepare.Artificial intelligence (AI) has impacted many industries around the world—banking and finance, pharmaceuticals, automotive, medical technology, manufacturing, and retail. But it has only just begun its odyssey toward cheaper, better, and faster predictions that drive strategic business decisions. When prediction is taken to ...

A novel framework for how entrepreneurs can use Bayesian reasoning to make decisions.This edited volume introduces and explores the concept of Bayesian entrepreneurship, a novel framework for understanding entrepreneurial decision-making under uncertainty. It brings together contributions from leading scholars to examine how entrepreneurs form beliefs about opportunities, learn through experimentation, and make strategic decisions.The Bayesian approach emph...

A comprehensive treatment of the microeconomics associated with the adoption and use of artificial intelligence.It is well-recognized that recent advances in AI are exclusively advances in statistical techniques for prediction. While this may facilitate automation, this result is secondary to AI’s impact on decision-making. From an economics perspective, predictions have their first-order impacts on the efficiency of decision-making.In The Microeconomic...

How to get more innovation and more equality.Is economic inequality the price we pay for innovation? The amazing technological advances of the last two decades—in such areas as artificial intelligence, genetics, and materials—have benefited society collectively and rewarded innovators handsomely: we get cool smartphones and technology moguls become billionaires. This contributes to a growing wealth gap; in the United States; the wealth controlled by the top 0.1 per...

The COVID-19 pandemic has unleashed a firehose of information (much of it wrong) and an avalanche of opinions (many of them ill-founded). Most of us are so distracted by the everyday awfulness that we don't see the broader issues in play. In this book, economist Joshua Gans steps back from the short-term chaos to take a clear and systematic look at how economic choices are being made in response to COVID-19. He shows that containing the virus and pausing the economy are the necessary first...

Almost twenty years ago Clayton Christensen popularized the term disruption in his book The Innovator's Dilemma, describing it as a set of risks that established firms face. Since then, few have closely examined his account. Joshua Gans does so in this book. He looks at companies that have proven resilient and those that have fallen, and explains why some companies have successfully managed disruption while others have not. Departing from the conventional wisdom, Gans ide...

What every parent needs to know about negotiating, incentives, outsourcing, and other strategies to solve the economic management problem that is parenting.Like any new parent, Joshua Gans felt joy mixed with anxiety upon the birth of his first child. Who was this blanket-swaddled small person and what did she want? Unlike most parents, however, Gans is an economist, and he began to apply the tools of his trade to raising his children. He saw his new life as one bi...

A guide to the pandemic economy: essential reading about the long-term implications of our current crisis.The COVID-19 pandemic has unleashed a firehose of information (much of it wrong) and an avalanche of opinions (many of them ill-founded). Most of us are so distracted by the everyday awfulness that we don't see the broader issues in play. In this book, economist Joshua Gans steps back from the short-term chaos to take a clear and systematic look at how economic...

Stewart Brand famously declared, Information wants to be free.” Except he didn’t (not really). And it doesn’t.Information is much more complicated than that. What information really wants-what makes it more valuable, useful, and immediate, Joshua Gans argues-is to be shared.Using the tools and logic of information economics, Gans shows how sharing enhances most information’s value. He also shows how the business models of traditional media companies, gatekeepers w...

Blockchain technologies have been rapidly adopted for the creation of cryptocurrencies and have been explored for a myriad of applications. While this is of important economic interest, the computer science behind how blockchains operate to provide security and provenance has been largely inaccessible to economists. This book is a bridge between the computer science and the economics of blockchains.The focus is on the value and the achievement of blockchain consensus; that is, how ...