AI and Finance: No Room for Philosophy

The Cambridge Handbook of Artificial Intelligence (AI) defines AI as a cross-disciplinary approach to understanding, modelling and creating intelligence of various forms. According to Konstantine Arkoudas and Selmer Bringsjord, it is a field devoted to building machines capable of displaying behaviours deemed intelligent, at least in well-controlled environments. A machine that possess intelligence similar with or superior to that of a human poses numerous ethical and legal issues. For example, Nick Bostrom in Superintelligence: Paths, Dangers, Strategies wonders how AI would see the human values and purpose. He suggests that the idea of a machine (with its essence being algorithms) is incompatible with the biological nature of our feelings that set the base for our moral values. A similar ethical consideration is posed by Matthias Scheutz in Artificial emotions and…

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