[2304.04914] Regulatory Markets: The Future of AI Governance
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Computer Science > Artificial Intelligence

arXiv:2304.04914 (cs)
[Submitted on 11 Apr 2023 (v1), last revised 25 Apr 2023 (this version, v4)]

Title:Regulatory Markets: The Future of AI Governance

Authors:Gillian K. Hadfield, Jack Clark
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Abstract:Appropriately regulating artificial intelligence is an increasingly urgent policy challenge. Legislatures and regulators lack the specialized knowledge required to best translate public demands into legal requirements. Overreliance on industry self-regulation fails to hold producers and users of AI systems accountable to democratic demands. Regulatory markets, in which governments require the targets of regulation to purchase regulatory services from a private regulator, are proposed. This approach to AI regulation could overcome the limitations of both command-and-control regulation and self-regulation. Regulatory market could enable governments to establish policy priorities for the regulation of AI, whilst relying on market forces and industry R&D efforts to pioneer the methods of regulation that best achieve policymakers' stated objectives.
Subjects: Artificial Intelligence (cs.AI); General Economics (econ.GN)
Cite as: arXiv:2304.04914 [cs.AI]
  (or arXiv:2304.04914v4 [cs.AI] for this version)
  https://doi.org/10.48550/arXiv.2304.04914

Submission history

From: Gillian Hadfield [view email]
[v1] Tue, 11 Apr 2023 01:05:55 UTC (1,422 KB)
[v2] Wed, 12 Apr 2023 14:41:12 UTC (596 KB)
[v3] Thu, 13 Apr 2023 17:25:50 UTC (1,470 KB)
[v4] Tue, 25 Apr 2023 20:28:15 UTC (410 KB)
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