Ethical and Political-Economic Dimensions and Potential Reforms of the Hybrid Leveraged, High Frequency, Artificial Intelligence Trading Model

2021 ◽  
Vol 40 (2) ◽  
pp. 189-222
Author(s):  
Richard P. Nielsen ◽  
Keyword(s):  
Artificial Intelligence ◽  
High Frequency ◽  
Ethical Issues ◽  
Hedge Fund ◽  
Capital Allocation ◽  
Market Liquidity ◽  
Shared Responsibility ◽  
Trading Model ◽  
Political Economic ◽  
Finance Capitalism

The average annual profits before fees of the $10 billion plus Renaissance Technologies’ hybrid Medallion “Leveraged, High Frequency, Artificial Intelligence (LHFAI)” trading hedge fund between 1988 and 2019 were about 66 percent. Total trading profits during this period were over $100 billion. The fund has never had a losing year. The fund is not open to the general public. First, distinctions among, in more or less historical order, the traditional market-maker trading model, the hedge fund trading model, the artificial intelligence trading model, and the hybrid LHFAI trading model are discussed. Second, the micro components of the LHFAI trading model are explained in the context of Renaissance Technologies’ Medallion Fund. Third, key positive contributions of the model with respect to profitability, low annual volatility, market liquidity, and intellectual property development; negative ethical issues concerning exclusive access, tax fairness, financial transparency, shared responsibility for losses and systemic risk, and short vs. long-term capital allocation are discussed. Potential reforms that retain the positives, reduce the negatives, and that could positively transform the model are discussed. Fourth, potential impacts that the potential reforms might have on the macro LHFAI form of finance capitalism and the larger finance capitalism political-economic system are considered. Fifth, conclusions are offered and discussed.

The Oxford Handbook of Ethics of AI

2020 ◽  
Keyword(s):  
Artificial Intelligence ◽  
Ethical Issues ◽  
Rapid Development ◽  
Data Driven ◽  
International Human Rights Law ◽  
Human Knowledge ◽  
Human Rights Law ◽  
Ai Ethics ◽  
And Behavior ◽  
Control Complex

This book explores the intertwining domains of artificial intelligence (AI) and ethics—two highly divergent fields which at first seem to have nothing to do with one another. AI is a collection of computational methods for studying human knowledge, learning, and behavior, including by building agents able to know, learn, and behave. Ethics is a body of human knowledge—far from completely understood—that helps agents (humans today, but perhaps eventually robots and other AIs) decide how they and others should behave. Despite these differences, however, the rapid development in AI technology today has led to a growing number of ethical issues in a multitude of fields, ranging from disciplines as far-reaching as international human rights law to issues as intimate as personal identity and sexuality. In fact, the number and variety of topics in this volume illustrate the width, diversity of content, and at times exasperating vagueness of the boundaries of “AI Ethics” as a domain of inquiry. Within this discourse, the book points to the capacity of sociotechnical systems that utilize data-driven algorithms to classify, to make decisions, and to control complex systems. Given the wide-reaching and often intimate impact these AI systems have on daily human lives, this volume attempts to address the increasingly complicated relations between humanity and artificial intelligence. It considers not only how humanity must conduct themselves toward AI but also how AI must behave toward humanity.

Ethics of Artificial Intelligence in Transport

2020 ◽  
pp. 667-683
Author(s):  
Bryant Walker Smith
Keyword(s):  
Artificial Intelligence ◽  
Ethical Issues ◽  
Ethical Question ◽  
Power Dynamics ◽  
Automated Vehicles ◽  
Automated Driving ◽  
The U.S ◽  
Policy Solutions

This chapter highlights key ethical issues in the use of artificial intelligence in transport by using automated driving as an example. These issues include the tension between technological solutions and policy solutions; the consequences of safety expectations; the complex choice between human authority and computer authority; and power dynamics among individuals, governments, and companies. In 2017 and 2018, the U.S. Congress considered automated driving legislation that was generally supported by many of the larger automated-driving developers. However, this automated-driving legislation failed to pass because of a lack of trust in technologies and institutions. Trustworthiness is much more of an ethical question. Automated vehicles will not be driven by individuals or even by computers; they will be driven by companies acting through their human and machine agents. An essential issue for this field—and for artificial intelligence generally—is how the companies that develop and deploy these technologies should earn people’s trust.

scholarly journals Artificial intelligence for good health: a scoping review of the ethics literature

2021 ◽  
Vol 22 (1) ◽  
Author(s):  
Kathleen Murphy ◽  
Erica Di Ruggiero ◽  
Ross Upshur ◽  
Donald J. Willison ◽  
Neha Malhotra ◽  
...  
Keyword(s):  
Public Health ◽  
Artificial Intelligence ◽  
Global Health ◽  
Population Health ◽  
Health Systems ◽  
Scoping Review ◽  
Industrial Revolution ◽  
Ethical Issues ◽  
Grey Literature ◽  
Ethical Implications

Abstract Background Artificial intelligence (AI) has been described as the “fourth industrial revolution” with transformative and global implications, including in healthcare, public health, and global health. AI approaches hold promise for improving health systems worldwide, as well as individual and population health outcomes. While AI may have potential for advancing health equity within and between countries, we must consider the ethical implications of its deployment in order to mitigate its potential harms, particularly for the most vulnerable. This scoping review addresses the following question: What ethical issues have been identified in relation to AI in the field of health, including from a global health perspective? Methods Eight electronic databases were searched for peer reviewed and grey literature published before April 2018 using the concepts of health, ethics, and AI, and their related terms. Records were independently screened by two reviewers and were included if they reported on AI in relation to health and ethics and were written in the English language. Data was charted on a piloted data charting form, and a descriptive and thematic analysis was performed. Results Upon reviewing 12,722 articles, 103 met the predetermined inclusion criteria. The literature was primarily focused on the ethics of AI in health care, particularly on carer robots, diagnostics, and precision medicine, but was largely silent on ethics of AI in public and population health. The literature highlighted a number of common ethical concerns related to privacy, trust, accountability and responsibility, and bias. Largely missing from the literature was the ethics of AI in global health, particularly in the context of low- and middle-income countries (LMICs). Conclusions The ethical issues surrounding AI in the field of health are both vast and complex. While AI holds the potential to improve health and health systems, our analysis suggests that its introduction should be approached with cautious optimism. The dearth of literature on the ethics of AI within LMICs, as well as in public health, also points to a critical need for further research into the ethical implications of AI within both global and public health, to ensure that its development and implementation is ethical for everyone, everywhere.

Artificial Intelligence and Ethics in Dentistry: A Scoping Review

2021 ◽  
pp. 002203452110138
Author(s):  
C.M. Mörch ◽  
S. Atsu ◽  
W. Cai ◽  
X. Li ◽  
S.A. Madathil ◽  
...  
Keyword(s):  
Artificial Intelligence ◽  
Scoping Review ◽  
Ethical Issues ◽  
Data Extraction ◽  
Cochrane Library ◽  
Data Sets ◽  
Ethical Challenges ◽  
Internal Validation ◽  
Neural Learning ◽  
Learning Techniques

Dentistry increasingly integrates artificial intelligence (AI) to help improve the current state of clinical dental practice. However, this revolutionary technological field raises various complex ethical challenges. The objective of this systematic scoping review is to document the current uses of AI in dentistry and the ethical concerns or challenges they imply. Three health care databases (MEDLINE [PubMed], SciVerse Scopus, and Cochrane Library) and 2 computer science databases (ArXiv, IEEE Xplore) were searched. After identifying 1,553 records, the documents were filtered, and a full-text screening was performed. In total, 178 studies were retained and analyzed by 8 researchers specialized in dentistry, AI, and ethics. The team used Covidence for data extraction and Dedoose for the identification of ethics-related information. PRISMA guidelines were followed. Among the included studies, 130 (73.0%) studies were published after 2016, and 93 (52.2%) were published in journals specialized in computer sciences. The technologies used were neural learning techniques for 75 (42.1%), traditional learning techniques for 76 (42.7%), or a combination of several technologies for 20 (11.2%). Overall, 7 countries contributed to 109 (61.2%) studies. A total of 53 different applications of AI in dentistry were identified, involving most dental specialties. The use of initial data sets for internal validation was reported in 152 (85.4%) studies. Forty-five ethical issues (related to the use AI in dentistry) were reported in 22 (12.4%) studies around 6 principles: prudence (10 times), equity (8), privacy (8), responsibility (6), democratic participation (4), and solidarity (4). The ratio of studies mentioning AI-related ethical issues has remained similar in the past years, showing that there is no increasing interest in the field of dentistry on this topic. This study confirms the growing presence of AI in dentistry and highlights a current lack of information on the ethical challenges surrounding its use. In addition, the scarcity of studies sharing their code could prevent future replications. The authors formulate recommendations to contribute to a more responsible use of AI technologies in dentistry.

scholarly journals Ethics as a Service: A Pragmatic Operationalisation of AI Ethics

2021 ◽  
Author(s):  
Jessica Morley ◽  
Anat Elhalal ◽  
Francesca Garcia ◽  
Libby Kinsey ◽  
Jakob Mökander ◽  
...  
Keyword(s):  
Artificial Intelligence ◽  
Ethical Issues ◽  
Ethics Codes ◽  
Practical Design ◽  
Ethical Design ◽  
Ai Ethics ◽  
Algorithmic Design ◽  
Almost All ◽  
Technical Guidance ◽  
Tools And Methods

AbstractAs the range of potential uses for Artificial Intelligence (AI), in particular machine learning (ML), has increased, so has awareness of the associated ethical issues. This increased awareness has led to the realisation that existing legislation and regulation provides insufficient protection to individuals, groups, society, and the environment from AI harms. In response to this realisation, there has been a proliferation of principle-based ethics codes, guidelines and frameworks. However, it has become increasingly clear that a significant gap exists between the theory of AI ethics principles and the practical design of AI systems. In previous work, we analysed whether it is possible to close this gap between the ‘what’ and the ‘how’ of AI ethics through the use of tools and methods designed to help AI developers, engineers, and designers translate principles into practice. We concluded that this method of closure is currently ineffective as almost all existing translational tools and methods are either too flexible (and thus vulnerable to ethics washing) or too strict (unresponsive to context). This raised the question: if, even with technical guidance, AI ethics is challenging to embed in the process of algorithmic design, is the entire pro-ethical design endeavour rendered futile? And, if no, then how can AI ethics be made useful for AI practitioners? This is the question we seek to address here by exploring why principles and technical translational tools are still needed even if they are limited, and how these limitations can be potentially overcome by providing theoretical grounding of a concept that has been termed ‘Ethics as a Service.’

scholarly journals Ethics of Corporeal, Co-present Robots as Agents of Influence: a Review

2021 ◽  
Author(s):  
AJung Moon ◽  
Shalaleh Rismani ◽  
H. F. Machiel Van der Loos
Keyword(s):  
Artificial Intelligence ◽  
Physical Environment ◽  
Ethical Issues ◽  
Human Robot Interaction ◽  
Physical Interaction ◽  
Ethical Challenges ◽  
Natural Tendency ◽  
Ai Ethics ◽  
Recent Trends ◽  
The Impact

Abstract Purpose of Review To summarize the set of roboethics issues that uniquely arise due to the corporeality and physical interaction modalities afforded by robots, irrespective of the degree of artificial intelligence present in the system. Recent Findings One of the recent trends in the discussion of ethics of emerging technologies has been the treatment of roboethics issues as those of “embodied AI,” a subset of AI ethics. In contrast to AI, however, robots leverage human’s natural tendency to be influenced by our physical environment. Recent work in human-robot interaction highlights the impact a robot’s presence, capacity to touch, and move in our physical environment has on people, and helping to articulate the ethical issues particular to the design of interactive robotic systems. Summary The corporeality of interactive robots poses unique sets of ethical challenges. These issues should be considered in the design irrespective of and in addition to the ethics of artificial intelligence implemented in them.

Heart Transplantation

PEDIATRICS ◽  
1987 ◽  
Vol 80 (4) ◽  
pp. 595-596
Author(s):  
F. JAY FRICKER ◽  
LARRY M. GOLD
Keyword(s):  
Intensive Care Unit ◽  
Intensive Care ◽  
Heart Transplantation ◽  
Ethical Issues ◽  
Inotropic Support ◽  
Orthotopic Heart Transplantation ◽  
The Political ◽  
Children's Hospital ◽  
Additional Information ◽  
Political Economic

In Reply.— The authors would like to thank Mr. Lantos for his comments. The political, economic, and ethical issues raised are important ones but obviously not the focus of our paper. We will, however, provide additional information in an attempt to answer some of Mr Lantos' questions. The question about what encouraged us to start is easy to answer. An 8-year-old child languishing in our intensive care unit on IV inotropic support with no hope of survival was the first orthotopic heart transplantation performed at Children's Hospital of Pittsburgh.

scholarly journals Artificial Intelligence (AI) and Its Associated Ethical Issues

ICR Journal ◽  
2019 ◽  
Vol 10 (1) ◽  
pp. 124-126
Author(s):  
Shahino Mah Abdulllah
Keyword(s):  
Artificial Intelligence ◽  
Real World ◽  
Ethical Issues ◽  
Economic Inequality ◽  
Human Behaviour ◽  
Intelligent Machines ◽  
Normal Shift

The adoption of AI in many industries has been regarded by some as a threat to low- and middle-skill workers, as it will drastically cut down reliance on the human workforce. Besides unemployment, there are also concerns about rising economic inequality caused by AI-driven companies. With fewer employees, these companies could gain a disproportionate advantage over conventional companies that still depend on normal, shift-based systems. There is also the issue that some AI bots have achieved the capability to interact with humans and build relationships through conversations. This influential communication could eventually enable these bots to affect human behaviour and possibly trigger certain actions. Significantly, therefore, such intelligent machines are not immune to mistakes and confusion since not all possible examples of real world interaction are covered during their training; this weakness could be manipulated to fulfil certain ends. Also, Al cannot be expected to be entirely fair and neutral, since it is dependent on human programmers, who have their own interests and whims.

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