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  1. Expl(AI)ned
    the impact of explainable artificial intelligence on cognitive processes
    Autor*in: Bauer, Kevin; Zahn, Moritz von; Hinz, Oliver
    Erschienen: [2021]
    Verlag:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    This paper explores the interplay of feature-based explainable AI (XAI) techniques, information processing, and human beliefs. Using a novel experimental protocol, we study the impact of providing users with explanations about how an AI system weighs... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 431
    Fernleihe:
    keine Fernleihe

     

    This paper explores the interplay of feature-based explainable AI (XAI) techniques, information processing, and human beliefs. Using a novel experimental protocol, we study the impact of providing users with explanations about how an AI system weighs inputted information to produce individual predictions (LIME) on users' weighting of information and beliefs about the task-relevance of information. On the one hand, we find that feature-based explanations cause users to alter their mental weighting of available information according to observed explanations. On the other hand, explanations lead to asymmetric belief adjustments that we interpret as a manifestation of the confirmation bias. Trust in the prediction accuracy plays an important moderating role for XAI-enabled belief adjustments. Our results show that feature-based XAI does not only superficially influence decisions but really change internal cognitive processes, bearing the potential to manipulate human beliefs and reinforce stereotypes. Hence, the current regulatory efforts that aim at enhancing algorithmic transparency may benefit from going hand in hand with measures ensuring the exclusion of sensitive personal information in XAI systems. Overall, our findings put assertions that XAI is the silver bullet solving all of AI systems' (black box) problems into perspective.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/235546
    Schriftenreihe: SAFE working paper ; no. 315
    Schlagworte: XAI; explainable machine learning; Information Processing; Belief updating; algorithmic transparency
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  2. Biases in information selection and processing
    survey evidence from the pandemic
    Autor*in: Faia, Ester; Fuster, Andreas; Pezone, Vincenzo; Zafar, Basit
    Erschienen: [2021]
    Verlag:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    How people form beliefs is crucial for understanding decision-making under uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well as the aggregate economy. We... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 431
    Fernleihe:
    keine Fernleihe

     

    How people form beliefs is crucial for understanding decision-making under uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well as the aggregate economy. We conduct two survey experiments to shed light on potential biases in belief formation, focusing in particular on the tone of information people choose to consume and how they incorporate this information into their beliefs. In the first experiment, people express their preferences over pandemic-related articles with optimistic and pessimistic headlines, and are then randomly shown one of the articles. We find that respondents with more pessimistic prior beliefs about the pandemic are substantially more likely to prefer pessimistic articles, which we interpret as evidence of confirmation bias. In line with this, respondents assigned to the less preferred article rate it as less reliable and informative (relative to those who prefer it); they also discount information from the article when it is less preferred. We further find that these motivated beliefs end up impacting incentivized behavior. In a second experiment, we study how partisan views interact with information selection and processing. We find strong evidence of source dependence: revealing the news source further distorts information acquisition and processing, eliminating the role of prior beliefs in article choice.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/230671
    Schriftenreihe: SAFE working paper ; no. 307
    Schlagworte: Belief updating; confirmatory biases; endogenous information acquisition; media polarization; source dependence; COVID-19
    Umfang: 1 Online-Ressource (circa 87 Seiten), Illustrationen
  3. Expectation management of policy leaders
    evidence from COVID-19
    Autor*in: Haan, Peter; Peichl, Andreas; Schrenker, Annekatrin; Weizsäcker, Georg; Winter, Joachim
    Erschienen: [2021]
    Verlag:  Collaborative Research Center Transregio 190, [München]

    This paper studies how the communication of political leaders affects the expectation formation of the public. Specifically, we examine the expectation management of the German government regarding COVID-19-related regulatory measures during the... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 553
    Fernleihe:
    keine Fernleihe

     

    This paper studies how the communication of political leaders affects the expectation formation of the public. Specifically, we examine the expectation management of the German government regarding COVID-19-related regulatory measures during the early phase of the pandemic. We elicit beliefs about the duration of these restrictions via a high-frequency survey of individuals, accompanied by an additional survey of firms. To quantify the success of policy communication, we use a regression discontinuity design and study how beliefs about the duration of the regulatory measures changed in response to three nationally televised press conferences by Chancellor Angela Merkel and the Prime Ministers of the German federal states. We find that the announcements of Angela Merkel and her colleagues significantly prolonged the expected duration of restrictions, with effects being strongest for individuals with higher ex-ante optimism.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/256766
    Schriftenreihe: Discussion paper / Rationality & Competition, CRC TRR 190 ; no. 299 (November 15, 2021)
    Schlagworte: Expectations; Belief updating; COVID-19; Shutdown
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  4. Investor responses to information updates on peer behavior and public investment policy
    the case of green investments
    Autor*in: Alt, Marius; Berger, Marius; Bersch, Johannes
    Erschienen: [2023]
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    Green startups are a major driver of eco-innovation and as such a major contributor to climate change mitigation and green growth. However, they often lack sufficient funding from investors. Our study focuses on the factors that determine venture... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 15
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe

     

    Green startups are a major driver of eco-innovation and as such a major contributor to climate change mitigation and green growth. However, they often lack sufficient funding from investors. Our study focuses on the factors that determine venture capital investors to invest in green startups. In particular, we analyze how information about i) the investments into green startups of other investors and ii) investment provision by public institutions affect the willingness of investors to act accordingly. We combine data from an online survey with angel investors comprising a discrete choice experiment and data from the Mannheim Enterprise Panel. Our findings show that the expectation of future demand for green products and the environmental attitudes of investors can explain whether investors engage in the energy industry. Regarding the effect of information provision, we find that investors strongly respond to information on both investments in green startups by other investors and public investment in green startups. However, in both cases, investors reduce their investments in green startups after receiving the information. We show that this is due to investors largely overestimating the share of investments in green startups by others and due to a crowding out of private investment by investments of public institutions.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/273462
    Auflage/Ausgabe: This version: May, 2023
    Schriftenreihe: Discussion paper / ZEW ; no. 23, 024 (07/2023)
    Schlagworte: Sustainable investments; Venture capital; Belief updating; Discrete choice experiment; Panel data
    Umfang: 1 Online-Ressource (43,32 Seiten), Illustrationen