Mills, S. orcid.org/0000-0002-6698-0983, Costa, S. and Sunstein, C.R. (2023) AI, Behavioural Science, and Consumer Welfare. Journal of Consumer Policy, 46. pp. 387-400. ISSN 0168-7034
Abstract
This article discusses the opportunities and costs of AI in behavioural science, with particular reference to consumer welfare. We argue that because of pattern detection capabilities, modern AI will be able to identify (1) new biases in consumer behaviour and (2) known biases in novel situations in which consumers find themselves. AI will also allow behavioural interventions to be personalised and contextualised and thus produce significant benefits for consumers. Finally, AI can help behavioural scientists to “see the system,” by enabling the creation of more complex and dynamic models of consumer behaviour. While these opportunities will significantly advance behavioural science and offer great promise to improve consumer outcomes, we highlight several costs of using AI. We focus on some important environmental, social, and economic costs that are relevant to behavioural science and its application. For consumers, some of those costs involve privacy; others involve manipulation of choices.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s) 2023. This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. |
Keywords: | Artificial intelligence; Behavioural science; Consumer welfare; Personalisation; Algorithmic harm |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 09 Aug 2023 13:55 |
Last Modified: | 26 Oct 2023 09:26 |
Published Version: | https://link.springer.com/article/10.1007/s10603-0... |
Status: | Published |
Publisher: | Springer Nature |
Identification Number: | 10.1007/s10603-023-09547-6 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:202264 |
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