Optimal investment in artificial intelligence-driven production activities considering socio-economic concerns
研究了AI采用风险（如岗位替代和监管约束）对企业资本投资的影响，发现AI整合和技能劳动力获取能提升生产率和投资，而全要素生产率波动会减少最优投资。
This study provides valuable insights into the theoretical aspects of AI adoption risks and offers practical implications for real-world scenarios. We examined the impact of AI adoption risks, including job displacement and regulatory constraints, on capital investment in high-technology production to provide actionable recommendations for businesses. We investigated the effects of random fluctuations in a firm’s Total Factor Productivity (TFP) due to challenges in AI integration or skilled labour acquisition. We also studied the impact of background risks, such as regulatory policies, on optimal investment decisions. Our research assessed how changes in expected value and volatility in a firm’s TFP and policy-related background risk affect optimal investment. Additionally, we examined the impact of covariance changes between these risks on optimal investment. Using a mean-variance utility model, our study found that AI integration and improved skilled labour acquisition lead to significant productivity gains and increased capital investment, while increased TFP volatility reduces optimal investment. Risk-averse entrepreneurs may not definitively forgo profitable opportunities to avoid increased background risk. Improved alignment between these risks may prompt firms to invest more to mitigate their combined impact.