Review: AI Governance through Markets
Philip Moreira Tomei, Rupal Jain, Matija Franklin
DOI:
https://doi.org/10.70777/si.v2i2.14601Keywords:
market failure, government failure, externalities, market mechanisms, ai regulation, ai insuranceAbstract
This paper argues that market governance mechanisms should be considered a key approach in the governance of artificial intelligence (AI), alongside traditional regulatory frameworks. While current governance approaches predominantly focus on regulation,we contend that market-based mechanisms offer effective incentives for responsible AI development. We examine four emerging vectors of market governance: insurance, auditing, procurement, and due diligence, demonstrating how these mechanisms can affirm the relationship between AI risk and financial risk while addressing capital allocation inefficiencies. While we do not claim that market forces alone can adequately protect societal interests, we maintain that standardised AI disclosures and market mechanisms can create powerful incentives for safe and responsible AI development. This paper urges regulators, economists, and machine learning researchers to investigate and implement market-based approaches to AI governance.
https://arxiv.org/abs/2501.17755
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