Growing Trust in Artificial Intelligence in Financial Matters
Date: 2024-07-19 Author: Gabriel Deangelo Categories: IN WORLD
Scientists Marina Chugunova and Wolfgang J. Luhan conducted a study to examine public attitudes toward both human and artificial intelligence (AI) financial decision-making. The study, titled "Robot-Driven," found that more than 60% of respondents would prefer financial decisions to be made by AI algorithms.
Research Review
The study involved more than 200 residents of Germany and the UK. In the experiment, participants were asked to choose between an AI-based decision and a human-made decision. It is noteworthy that the majority of participants expressed a preference for solutions based on AI algorithms, especially in matters of income redistribution.
“We proposed a choice between an algorithm based on principles of fairness and a human being asked to make a fair decision,” the report says.
Integration of AI in Various Areas
The study also highlighted that many companies are already using AI to make hiring decisions and plan compensation. In government agencies, AI algorithms are used in crime investigation and parole strategies.
Wolfgang J. Luhan noted that the use of AI in these areas demonstrates confidence in the technology and its potential to improve the efficiency and fairness of processes.
Bias Issues in AI Work
Despite the growing trust in AI, the issue of algorithm bias remains relevant. Numerous studies have identified problems with possible bias in AI performance. In 2022, the UK Information Commissioner's Office launched an investigation into AI-related discrimination. Experts have found that some language patterns exhibit clear political bias.
Additional research by researchers at the University of Oxford, Stanford and the University of Chicago found that AI models were more likely to recommend the death penalty for African-American defendants.
Criticism and Future Prospects
Although the public is gradually beginning to trust AI in financial matters, criticism of the technology continues. DOOM creator John Romero criticized AI for its inability to create something truly original.
Despite this, Chugunova and Lujan's research demonstrates the significant potential of AI in various areas of life. It is important to continue working to remove bias and improve algorithms to ensure they are fair and reliable.
In conclusion, the study results show that people are increasingly inclined to use AI to make financial decisions. With the development and integration of AI into various fields, it is important to continue to explore and address issues of bias to maximize the potential of this technology and increase trust in it.
