Researchers using AI to simulate tax policies and market research

• Salesforce research team using AI to improve the economic and tax policies.
• Indian origin scientist is part of this major research.
• Earlier, Salesforce used AI models to create proteins during the Covid surge.

Machine learning and artificial intelligence (AI) are finding relevance in many industries and sectors. A research team from Salesforce developed a framework to improve economic policies using AI. To demonstrate the potential of AI, a team from ETH Zurich created a system that can read tree heights from satellite images and tested a system to predict a startup's success by using public data.

The framework built on Salesforce’s AI is designed to simulate years of economics parallelly to help economists, governments and others to design new tax policies.

Chief scientist and head of Salesforce Research, Richard Socher, and his team of researchers, including senior research scientist, Stephan Zheng, Indian-origin lead research scientist, Nikhil Naik, and senior research scientist, Alex Trott spoke about AI Economist and how AI Economist can create an impact in economic and tax-driven policies.

In a statement Richard Socher said, "Salesforce aim to tackle customer problems with the help of AI. We have developed deep learning APIs that can be used to build AI-powered applications with Einstein language, vision and speech." He also talked about how his team has generated proteins using AI.

In addition, Richard also talked about global issues — economic inequality gaps. According to him, this gap can negatively impact economic growth and opportunities. "With the help of AI Economist, we can apply reinforcement learning (AI language) to discover novel tax frameworks that can develop frameworks to reduce economic inequality and improve economic productivity," he added.

Senior research scientist, Stephan Zheng briefed about the working of AI Economist. According to him, governments are not able to use taxes and subsidies which are important tools to reduce inequality. With the help of AI Economist, reinforcement learning will be used to do tax research and will provide a simulation and a data-driven solution to achieve socio-economic objectives.

On the working of AI Economist, he said, "it uses a collection of AI agents to simulate the reaction of people to different taxes."

Indian origin lead research scientist, Nikhil Naik also gave his input on why AI Economist is exciting from an economic perspective. According to him, this AI model is incredibly powerful. It can help policy makers and economists by simulating millions of years of economies and finding a variety of tax frameworks.

The AI and all-new frameworks for economists are showing capabilities to augment research and hypotheses. Partnering with the government and other economists will help in creating a more apt simulation of the real world.

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