Decision-Making: Human and Machine
DOI:
https://doi.org/10.54691/bcpbm.v44i.4836Keywords:
human factors on decision-making; AI used in Hedge funds; qualitative research.Abstract
Background: in modern society, decision-making happens everywhere and anytime. There are many factors influencing people in making decisions, which will be analyzed with examples in the paper. Technologies also help humans in making decisions: merits and demerits of them are briefly introduced with a discussion of the example in a hedge fund in which there have already been technologies used in the industry for years. Method: qualitative research -- case study research and record keeping by searching and reading articles written by scholars or official institutions, and reviewing and analyzing them to have a conclusion on the matter relating to humans and machines’ performance in decision-making. Conclusion: By comparing the merits and demerits of humans and machines in the decision-making process, it can be concluded that cooperation between humans and machines may lead to better results at a time since they have a supplementary relationship. In other words, machines might be excellent in the fields in which humans are weak, and vice versa, which makes the collaboration of them to be the best solution so far.
Downloads
References
Buchanan, L., & O'Connell, A. (2006, February). A brief history of decision making. ResearchGate. Retrieved December 17, 2022, from https://www.researchgate.net/publication/7327306_A_brief_history_of_decision_making
Kahneman, D., Sibony, O., & Sunstein, C. R. (2022). Noise: A flaw in human judgement. William Collins.
Ortiz-Ospina, E. (2019, September 18). The rise of social media. Our World in Data. Retrieved December 17, 2022, from https://ourworldindata.org/rise-of-social-media
Nagpal, B. (2021, March 22). How Nike uses Social Media and is winning? LinkedIn. Retrieved December 17, 2022, from https://www.linkedin.com/pulse/how-nike-uses-social-media-winning-bhavay-nagpal
Cialdini, R. B. (2007). Influence: The psychology of persuasion. Collins.
Burns, E., Laskowski, N., & Tucci, L. (2022, February 23). What is Artificial Intelligence (AI)? definition, benefits and use cases. Enterprise AI. Retrieved December 28, 2022, from https://www.techtarget.com/searchenterpriseai/definition/AI-Artificial-Intelligence
Watters, A. (2022, February 24). 30+ artificial intelligence statistics & facts for 2022. CompTIA. Retrieved December 28, 2022, from https://connect.comptia.org/blog/artificial-intelligence-statistics-facts
Team, T. I. (2022, October 25). What is a hedge fund? examples, types, and strategies. Investopedia. Retrieved December 23, 2022, from https://www.investopedia.com/terms/h/hedgefund.asp
Heingartner, D. (2022, November 29). Hedge funds driven by AI outperform hedge funds that rely mostly on human input. PsychNewsDaily. Retrieved December 23, 2022, from https://www.psychnewsdaily.com/hedge-funds-based-on-ai-do-better/
Grobys, K., Niang, J., & Kolari, J. W. (2022, April 22). Man versus machine: On Artificial Intelligence and hedge funds performance. Taylor & Francis. Retrieved December 23, 2022, from https://www.tandfonline.com/doi/abs/10.1080/00036846.2022.2032585
Investor Survey Press, & Fund Manager. (2018, July 17). Majority of hedge fund pros use AI/Machine Learning in Investment Strategies. BarclayHedge. Retrieved December 28, 2022, from https://www.barclayhedge.com/insider/majority-of-hedge-fund-pros-use-ai-machine-learning-in-investment-strategies
Cuzzolin, B. S. F., & Bucynski, W. (2022, February 9). Humans vs AI: Here's who's better at making money in markets. Asia Times. Retrieved December 24, 2022, from https://asiatimes.com/2022/02/humans-vs-ai-heres-whos-better-at-making-money-in-markets/
Wilson, H. J., & Daugherty, P. R. (2019, November 19). How humans and ai are working together in 1,500 companies. Harvard Business Review. Retrieved December 24, 2022, from https://hbr.org/2018/07/collaborative-intelligence-humans-and-ai-are-joining-forces
Downloads
Published
Issue
Section
How to Cite
