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“Is Generative AI Old Wine in a New
Bottle?  An Asset Pricing Model
on Generative AI and Data Economy,”

by Haoyang Sun and Cong Zhang,
dated March, 2025


This paper introduces a new model to study how generative AI affects production, labor allocation and asset valuation in the economy.  A central takeaway is that increases in AI efficiency, while potentially catalyzing higher overall productivity, can paradoxically erode long-term valuations.  

Note: Full-text of this paper can be obtained by clicking on the above title.


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