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CHAPTER 10

Would IOET Make Economics More

Neoclassical or More Behavioral?

Richard Thaler’s Prediction, a

Revisit

Shu-Heng Chen
AI-ECON Research Center, Department of Economics, National Chengchi University, Taipei, Taiwan

It was the best of times, it was the worst of times, it was the age of wisdom, it was
the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it
was the season of Light, it was the season of Darkness, it was the spring of hope, it
was the winter of despair, we had everything before us, we had nothing before us,
we were all going direct to Heaven, we were all going direct the other way …
(Charles Dickens, 1859, A Tale of Two Cities, Book the First, Chapter I.)

10.1 MOTIVATION AND INTRODUCTION

What would be an “effective characterization” of the current era with its
great advances in artificial intelligence (AI)? Although we could refer to
1
everything around us as “smart” and these smart things could now be fur-
ther connected together as a smart universe, called the Internet of Every-
thing (IoE), this universe seems to be having difficulty pulling itself out

1
A quick glossary of the vocabularies in the current conversation reveals smart phones, smart belts, smart
mirrors, smart mirrors, smart homes, smart factories, smart cities, smart health, smart governance and
nudging, smart nations, and even a smart planet.
Artificial Intelligence for the Internet of Everything Copyright © 2019 Elsevier Inc.
https://doi.org/10.1016/B978-0-12-817636-8.00010-7 All rights reserved. 171