A look at Wall Street’s past efforts to speed up trading by embracing computers and AI illuminates the implications of using them for decision-making.
The speed and efficiency with which high-frequency traders analyze the data mean that even a small change in market conditions can trigger a large number of trades, leading to sudden price swings and increased volatility.with several other colleagues in 2021 shows that most high-frequency traders use similar algorithms, which increases the risk of market failure.
Consider an extreme, nonfinancial situation in which everyone depends on ChatGPT to decide on the best computer to buy. to herding behavior, in which they tend to buy the same products and models. For example, reviews on Yelp, Amazon and so on motivate consumers to pick among a few top choices., there would be a similarity in the decisions suggested by the chatbot. It is highly likely that ChatGPT would suggest the same brand and model to everyone. This might take herding to a whole new level and could lead to shortages in certain products and service as well as severe price spikes.
This becomes more problematic when the AI making the decisions is informed by biased and incorrect information. AI algorithms
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