Regulatory Markets: The Future of AI Governance
- URL: http://arxiv.org/abs/2304.04914v4
- Date: Tue, 25 Apr 2023 20:28:15 GMT
- Title: Regulatory Markets: The Future of AI Governance
- Authors: Gillian K. Hadfield, Jack Clark
- Abstract summary: Overreliance on industry self-regulation fails to hold producers and users accountable to democratic demands.
This approach to AI regulation could overcome the limitations of both command-and-control regulation and self-regulation.
- Score: 0.7230697742559377
- License: http://creativecommons.org/licenses/by-nc-nd/4.0/
- 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.
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