What is a real-time decision engine? Moreover, can real-time decision-making become portable?
Technology
Real-Time Decision Engines enable a variety of use cases, driving new products, increasing user experience, reducing costs and risks by reacting instantly to business events.
How do you extend real-time decision-making beyond the ability of any single mind, closed software system, or algorithm?
Well, here’s a trick any golf professional can try!
The next time the professional golfer finds him or herself in contention, however faced with a 250-yard carry to an island green from a bunker, consider this:
Pull a three-wood from your bag and make a practice swing.
Have your caddy check your probability of winning according to Betfair, then put the club back, pull a wedge, and see how the market reacts.
(Betfair is a U.K.-based betting exchange that operates a central limit order book (CLOB) for the result of a tournament. Market-implied probabilities of a player winning a tournament can readily be inferred in real-time.)
That trick won’t work repeatedly, as punters will wise up, but here’s one that will. Any business can optimize real-time operations by swapping out Betfair for a personalized bespoke microprediction oracle. Or several, whose efficiency owes more to task repetition, a complete absence of trade frictions in a new microeconomy, and frugality of autonomous “micromanagers” chauffeuring algorithms than it does to the size of the rewards on offer.
The discussion is continued in Chapter 8 of my book which presents a mildly unorthodox spin on reinforcement learning and control theory. Lastly, thanks for making this one of the most popular new books on Amazon in the Artificial Intelligence category.
Book: Amazon.com: Microprediction: Building an Open AI Network eBook : Cotton, Peter: Kindle Store
What is a real-time decision engine? Moreover, can real-time decision-making become portable?
