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The Unreasonable Effectiveness of Algorithms / Jens Ludwig, Sendhil Mullainathan, Ashesh Rambachan.
- Format:
- Book
- Author/Creator:
- Ludwig, Jens.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w32125.
- NBER working paper series no. w32125
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2024.
- Summary:
- We calculate the social return on algorithmic interventions (specifically their Marginal Value of Public Funds) across multiple domains of interest to economists--regulation, criminal justice, medicine, and education. Though these algorithms are different, the results are similar and striking. Each one has an MVPF of infinity: not only does it produce large benefits, it provides a "free lunch." We do not take these numbers to mean these interventions ought to be necessarily scaled, but rather that much more R&D should be devoted to developing and carefully evaluating algorithmic solutions to policy problems.
- Notes:
- Print version record
- February 2024.
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