AI in Business and Economics

Rapid advances in artificial intelligence (AI) technologies have generated intense interest and debate about their potential to reshape industries, labour markets and socio-economic structures. This volume presents a collection of academic papers stemming from "The Economic Perspective of Artificial Intelligence" (EPEAI) conference held at the Ruhr West University of Applied Sciences in Mülheim an der Ruhr, Germany, in March 2023.

AI in Business and Economics discusses topics as varied as marketing, accounting, reporting, business narratives, forecasting, generational differences in attitudes, economic policy – all in the context of exploring the multifaceted intersection of economics and artificial intelligence. It navigates through the fog caused by the heterogeneity of diverse AI applications and methodologies by examining artificial intelligence from an economic perspective. In doing so, it becomes clear that the implementation of a broad range of AI technologies in companies has just begun. Businesses, employees, and policy makers will soon have to adapt to the fast-paced advancements in artificial intelligence, ensuring they become and remain competitive, ethical, and forward-thinking in a changing global landscape.

This book will serve as a valuable resource for scholars, practitioners, and students exploring the complexities of the economic implications of AI.

Isabel Lausberg is Professor of Business and Management Accounting at the Ruhr West University of Applied Sciences (HRW) in Mülheim an der Ruhr, Germany. As co-director of the research focus "Artificial Intelligence from an Economic Perspective", she focuses on digitalization and AI in her research and teaching. She is a certified data scientist, specialized in data analytics, and has been recognized as a fellow for innovations in digital higher education. Prior to joining HRW, Lausberg was a professor at the Technical University of Applied Sciences in Bochum (THGA) and gained practical business experience in e-commerce and strategic planning in a leading German retail company. She holds a degree in Business from the University of Cologne and a PhD from the University of Duisburg-Essen.

Michael Vogelsang is Professor of Economics at the Ruhr West University of Applied Sciences (HRW) located in Mülheim an der Ruhr, Germany. His academic focus encompasses economics, digitalization, and quantitative methods. In 2020, he, together with Isabel Lausberg, established a pioneering research group dedicated to "Artificial Intelligence from an Economic Perspective". Now, as intelligence becomes scalable, technological innovations are merging with economic drivers and transforming societies. The interdisciplinary perspective on AI, ranging from computer science to philosophy, is a key part of his fascination with the subject. Prior to his current role, he was Chief Economist at the German Association of Small and Medium-sized Enterprises in Berlin. Vogelsang's academic career includes a PhD from the University of Wuppertal, where he specialized in the study of digitalization in open economies.