{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,2]],"date-time":"2026-07-02T16:54:29Z","timestamp":1783011269979,"version":"3.54.6"},"reference-count":165,"publisher":"Springer Science and Business Media LLC","issue":"4","license":[{"start":{"date-parts":[[2022,11,21]],"date-time":"2022-11-21T00:00:00Z","timestamp":1668988800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2022,11,21]],"date-time":"2022-11-21T00:00:00Z","timestamp":1668988800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"funder":[{"DOI":"10.13039\/501100017475","name":"General Sir John Monash Foundation","doi-asserted-by":"publisher","id":[{"id":"10.13039\/501100017475","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["AI Ethics"],"published-print":{"date-parts":[[2023,11]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>Consider how much data is created and used based on our online behaviours and choices. Converging foundational technologies now enable analytics of the vast data required for machine learning. As a result, businesses now use algorithmic technologies to inform their processes, pricing and decisions. This article examines the implications of algorithmic decision-making in consumer credit markets from economic and normative perspectives. This article fills a gap in the literature to explore a multi-disciplinary approach to framing economic and normative issues for algorithmic decision-making in the private sector. This article identifies optimal and suboptimal outcomes in the relationships between companies and consumers. The economic approach of this article demonstrates that more data allows for more information which may result in better contracting outcomes. However, it also identifies potential risks of inaccuracy, bias and discrimination, and \u2018gaming\u2019 of algorithmic systems for personal benefit. Then, this article argues that these economic costs have normative implications. Connecting economic outcomes to a normative analysis contextualises the challenges in designing and regulating ML fairly. In particular, it identifies the normative implications of the process, as much as the outcome, concerning trust, privacy and autonomy and potential bias and discrimination in ML systems. Credit scoring, as a case study, elucidates the issues relating to private companies. Legal norms tend to mirror economic theory. Therefore, this article frames the critical economic and normative issues required for further regulatory work.<\/jats:p>","DOI":"10.1007\/s43681-022-00236-7","type":"journal-article","created":{"date-parts":[[2022,11,22]],"date-time":"2022-11-22T07:25:38Z","timestamp":1669101938000},"page":"1295-1311","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":28,"title":["Algorithmic decision-making in financial services: economic and normative outcomes in consumer credit"],"prefix":"10.1007","volume":"3","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-3482-7789","authenticated-orcid":false,"given":"Holli","family":"Sargeant","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","published-online":{"date-parts":[[2022,11,21]]},"reference":[{"key":"236_CR1","volume-title":"Artificial Intelligence: A Modern Approach","author":"S Russell","year":"2021","unstructured":"Russell, S., Norvig, P.: Artificial Intelligence: A Modern Approach. Pearson, Hoboken (2021)"},{"key":"236_CR2","unstructured":"Institute of International Finance: Machine Learning in Credit Risk. https:\/\/www.iif.com\/Portals\/0\/Files\/content\/Research\/iif_mlcr_2nd_8_15_19.pdf (2019). Accessed 25 Oct 2022"},{"key":"236_CR3","unstructured":"Cambridge Centre for Alternative Finance, World Economic Forum: Transforming Paradigms: A Global AI in Financial Services Survey. (2020)"},{"key":"236_CR4","unstructured":"European Banking Authority: Guidelines on Loan Origination and Monitoring. (2020)"},{"key":"236_CR5","unstructured":"Financial Conduct Authority: Retail Lending. (2019)"},{"key":"236_CR6","first-page":"186","volume":"68","author":"H Black","year":"1978","unstructured":"Black, H., Schweitzer, R.L., Mandell, L.: Discrimination in mortgage lending. Am. Econ. Rev. 68, 186\u2013191 (1978)","journal-title":"Am. Econ. Rev."},{"key":"236_CR7","first-page":"935","volume":"46","author":"L Rice","year":"2013","unstructured":"Rice, L., Swesnik, D.: Discriminatory effects of credit scoring on communities of color. Suffolk Univ. Law Rev. 46, 935\u2013966 (2013)","journal-title":"Suffolk Univ. Law Rev."},{"key":"236_CR8","unstructured":"Rice, L.: Long Before Redlining: Racial Disparities in Homeownership Need Intentional Policies. https:\/\/shelterforce.org\/2019\/02\/15\/long-before-redlining-racial-disparities-in-homeownership-need-intentional-policies\/. (2019). Accessed 23 May 2021"},{"key":"236_CR9","doi-asserted-by":"publisher","first-page":"671","DOI":"10.2139\/ssrn.2477899","volume":"104","author":"S Barocas","year":"2016","unstructured":"Barocas, S., Selbst, A.: Big data\u2019s disparate impact. Calif. Law Rev. 104, 671\u2013732 (2016). https:\/\/doi.org\/10.2139\/ssrn.2477899","journal-title":"Calif. Law Rev."},{"key":"236_CR10","first-page":"3","volume":"93","author":"M Bruckner","year":"2018","unstructured":"Bruckner, M.: The promise and perils of algorithmic lenders\u2019 use of big data. Chic. Kent. Law Rev. 93, 3\u201360 (2018)","journal-title":"Chic. Kent. Law Rev."},{"key":"236_CR11","first-page":"148","volume":"18","author":"M Hurley","year":"2017","unstructured":"Hurley, M., Adebayo, J.: Credit scoring in the era of big data. Yale J. Law Technol. 18, 148\u2013216 (2017)","journal-title":"Yale J. Law Technol."},{"key":"236_CR12","first-page":"1","volume":"89","author":"D Citron","year":"2014","unstructured":"Citron, D., Pasquale, F.: The scored society: due process for automated predictions. Wash. Law Rev. 89, 1\u201333 (2014)","journal-title":"Wash. Law Rev."},{"key":"236_CR13","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2022.101646","volume":"61","author":"S Ahmed","year":"2022","unstructured":"Ahmed, S., Alshater, M.M., Ammari, A.E., Hammami, H.: Artificial intelligence and machine learning in finance: a bibliometric review. Res. Int. Bus. Financ. 61, 101646 (2022). https:\/\/doi.org\/10.1016\/j.ribaf.2022.101646","journal-title":"Res. Int. Bus. Financ."},{"key":"236_CR14","volume-title":"The Economics of Money, Banking, and Financial Markets","author":"F Mishkin","year":"2019","unstructured":"Mishkin, F.: The Economics of Money, Banking, and Financial Markets. Pearson, London (2019)"},{"key":"236_CR15","volume-title":"The Age of Diminished Expectations: US Economic Policy in the 1990s","author":"P Krugman","year":"1998","unstructured":"Krugman, P.: The Age of Diminished Expectations: US Economic Policy in the 1990s. MIT Press, Cambridge (1998)"},{"key":"236_CR16","volume-title":"The Economics of Banking","author":"K Matthews","year":"2008","unstructured":"Matthews, K., Thompson, J.: The Economics of Banking. Wiley, Hoboken (2008)"},{"key":"236_CR17","doi-asserted-by":"publisher","DOI":"10.4324\/9780203856413","volume-title":"European Prudential Banking Regulation and Supervision: The Legal Dimension","author":"L Dragomir","year":"2010","unstructured":"Dragomir, L.: European Prudential Banking Regulation and Supervision: The Legal Dimension. Routledge, New York (2010)"},{"key":"236_CR18","volume-title":"The Black Box Society","author":"F Pasquale","year":"2019","unstructured":"Pasquale, F.: The Black Box Society. Harvard University Press, Cambridge (2019)"},{"key":"236_CR19","volume-title":"Race After Technology","author":"R Benjamin","year":"2019","unstructured":"Benjamin, R.: Race After Technology. Polity Press, Cambridge (2019)"},{"key":"236_CR20","doi-asserted-by":"publisher","DOI":"10.18574\/nyu\/9781479833641.001.0001","volume-title":"Algorithms of Oppression","author":"SU Noble","year":"2018","unstructured":"Noble, S.U.: Algorithms of Oppression. New York University Press, New York (2018)"},{"key":"236_CR21","doi-asserted-by":"publisher","DOI":"10.1093\/acprof:oso\/9780198739630.001.0001","volume-title":"The Anatomy of Corporate Law: A Comparative and Functional Approach","author":"R Kraakman","year":"2017","unstructured":"Kraakman, R., Armour, J., Davies, P., Enriques, L., Hansmann, H., Hertig, G., Hopt, K., Kanda, H., Pargendler, M., Ringe, W.-G., Rock, E.: The Anatomy of Corporate Law: A Comparative and Functional Approach. Oxford University Press, Oxford (2017)"},{"key":"236_CR22","first-page":"339","volume":"37","author":"S Deakin","year":"2012","unstructured":"Deakin, S.: The corporation as commons: rethinking property rights, governance and sustainability in the business enterprise. Queens Law J. 37, 339\u2013381 (2012)","journal-title":"Queens Law J."},{"key":"236_CR23","volume-title":"Capitalism and Freedom","author":"M Friedman","year":"1962","unstructured":"Friedman, M.: Capitalism and Freedom. University of Chicago Press, Chicago (1962)"},{"key":"236_CR24","doi-asserted-by":"publisher","first-page":"371","DOI":"10.2307\/30040727","volume":"28","author":"C Daily","year":"2003","unstructured":"Daily, C., Dalton, D., Cannella, A.: Corporate governance: decades of dialogue and data. Acad. Manage. Rev. 28, 371\u2013382 (2003). https:\/\/doi.org\/10.2307\/30040727","journal-title":"Acad. Manage. Rev."},{"key":"236_CR25","doi-asserted-by":"publisher","first-page":"305","DOI":"10.1016\/0304-405X(76)90026-X","volume":"3","author":"M Jensen","year":"1976","unstructured":"Jensen, M., Meckling, W.: Theory of the firm: managerial behavior, agency costs and ownership structure. J. Financ. Econ. 3, 305\u2013360 (1976). https:\/\/doi.org\/10.1016\/0304-405X(76)90026-X","journal-title":"J. Financ. Econ."},{"key":"236_CR26","doi-asserted-by":"publisher","first-page":"420","DOI":"10.1111\/corg.12038","volume":"21","author":"J Raelin","year":"2013","unstructured":"Raelin, J., Bondy, K.: Putting the good back in good corporate governance: the presence and problems of double-layered agency theory. Corporate Governance Int. Rev. 21, 420\u2013435 (2013). https:\/\/doi.org\/10.1111\/corg.12038","journal-title":"Corporate Governance Int. Rev."},{"key":"236_CR27","unstructured":"Krugman, P.: The Rage of the Bankers. https:\/\/www.nytimes.com\/2015\/09\/21\/opinion\/paul-krugman-the-rage-of-the-bankers.html (2015). Accessed 21 June 2021"},{"key":"236_CR28","volume-title":"Microeconomics of Banking","author":"X Freixas","year":"2008","unstructured":"Freixas, X., Rochet, J.-C.: Microeconomics of Banking. MIT Press, Cambridge, MA (2008)"},{"key":"236_CR29","unstructured":"European Central Bank: Financial Stability Review. (2020)"},{"key":"236_CR30","unstructured":"Committee on the Global Financial System: Structural Changes in Banking After the Crisis. https:\/\/www.bis.org\/publ\/cgfs60.htm (2018). Accessed 25 Oct 2022"},{"key":"236_CR31","doi-asserted-by":"publisher","first-page":"361","DOI":"10.1016\/j.jbankfin.2014.10.011","volume":"55","author":"N Saghi-Zedek","year":"2015","unstructured":"Saghi-Zedek, N., Tarazi, A.: Excess control rights, financial crisis and bank profitability and risk. J. Bank. Financ. 55, 361\u2013379 (2015). https:\/\/doi.org\/10.1016\/j.jbankfin.2014.10.011","journal-title":"J. Bank. Financ."},{"key":"236_CR32","doi-asserted-by":"publisher","first-page":"3","DOI":"10.1002\/ijfe.1595","volume":"23","author":"J Bikker","year":"2018","unstructured":"Bikker, J., Vervliet, T.: Bank profitability and risk-taking under low interest rates. Int. J. Financ. Econ. 23, 3\u201318 (2018). https:\/\/doi.org\/10.1002\/ijfe.1595","journal-title":"Int. J. Financ. Econ."},{"key":"236_CR33","doi-asserted-by":"crossref","unstructured":"Bikker, J., Hu, H.: Cyclical Patterns in Profits, Provisioning and Lending of Banks. (2003)","DOI":"10.4337\/9781781957288.00013"},{"key":"236_CR34","doi-asserted-by":"publisher","first-page":"307","DOI":"10.1016\/j.intfin.2010.11.002","volume":"21","author":"A Dietrich","year":"2011","unstructured":"Dietrich, A., Wanzenried, G.: Determinants of bank profitability before and during the crisis: evidence from Switzerland. J. Int. Financial Mark. Inst. 21, 307\u2013327 (2011). https:\/\/doi.org\/10.1016\/j.intfin.2010.11.002","journal-title":"J. Int. Financial Mark. Inst."},{"key":"236_CR35","unstructured":"Kok, C., M\u00f3r\u00e9, C., Pancaro, C.: Bank Profitability Challenges in Euro Area Banks: The Role of Cyclical and Structural Factors. (2015)"},{"key":"236_CR36","doi-asserted-by":"publisher","first-page":"561","DOI":"10.1111\/j.1467-629x.2011.00466.x","volume":"53","author":"A Trujillo-Ponce","year":"2013","unstructured":"Trujillo-Ponce, A.: What determines the profitability of banks? Evidence from Spain. Account. Finance. 53, 561\u2013586 (2013). https:\/\/doi.org\/10.1111\/j.1467-629x.2011.00466.x","journal-title":"Account. Finance."},{"key":"236_CR37","doi-asserted-by":"crossref","unstructured":"Walter, I.: Reputational risk. In: Finance Ethics. pp. 103\u2013123. Wiley, Hoboken (2011)","DOI":"10.1002\/9781118266298.ch6"},{"key":"236_CR38","volume-title":"Reputation: Realizing Value from the Corporate Image","author":"C Fombrun","year":"1996","unstructured":"Fombrun, C.: Reputation: Realizing Value from the Corporate Image. Harvard Business School Press, Boston (1996)"},{"key":"236_CR39","doi-asserted-by":"publisher","unstructured":"Bhattacharyya, N., Garrett, T.: Why People choose negative expected return assets\u2014an empirical examination of a utility theoretic explanation. Federal Reserve Bank of St. Louis. (2006). https:\/\/doi.org\/10.20955\/wp.2006.014","DOI":"10.20955\/wp.2006.014"},{"key":"236_CR40","doi-asserted-by":"publisher","first-page":"99","DOI":"10.2307\/1884852","volume":"69","author":"HA Simon","year":"1955","unstructured":"Simon, H.A.: A behavioral model of rational choice. Q. J. Econ. 69, 99\u2013118 (1955). https:\/\/doi.org\/10.2307\/1884852","journal-title":"Q. J. Econ."},{"key":"236_CR41","doi-asserted-by":"publisher","first-page":"1551","DOI":"10.2307\/1229305","volume":"50","author":"R Posner","year":"1998","unstructured":"Posner, R.: Rational choice, behavioral economics, and the law. Stanford Law Rev. 50, 1551\u20131575 (1998). https:\/\/doi.org\/10.2307\/1229305","journal-title":"Stanford Law Rev."},{"key":"236_CR42","doi-asserted-by":"publisher","first-page":"751","DOI":"10.2307\/2233854","volume":"101","author":"R Sugden","year":"1991","unstructured":"Sugden, R.: Rational choice: a survey of contributions from economics and philosophy. Econ. J. 101, 751\u2013785 (1991). https:\/\/doi.org\/10.2307\/2233854","journal-title":"Econ. J."},{"key":"236_CR43","doi-asserted-by":"publisher","first-page":"375","DOI":"10.1162\/003355397555235","volume":"112","author":"D Kahneman","year":"1997","unstructured":"Kahneman, D., Wakker, P.P., Sarin, R.: Back to Bentham? Explorations of experienced utility. Q. J. Econ. 112, 375\u2013405 (1997). https:\/\/doi.org\/10.1162\/003355397555235","journal-title":"Q. J. Econ."},{"key":"236_CR44","unstructured":"Read, D.: Utility theory from Jeremy Bentham to Daniel Kahneman. (2004)"},{"key":"236_CR45","first-page":"165","volume":"10","author":"RM Sum","year":"2018","unstructured":"Sum, R.M., Nordin, N.: Decision making biases in insurance purchasing. J. Adv. Res. Social Behav. Sci. 10, 165\u2013179 (2018)","journal-title":"J. Adv. Res. Social Behav. Sci."},{"key":"236_CR46","doi-asserted-by":"publisher","first-page":"63","DOI":"10.1561\/0700000002","volume":"1","author":"H Kunreuther","year":"2005","unstructured":"Kunreuther, H., Pauly, M.: Insurance decision-making and market behavior. Found. Trends Microecon. 1, 63\u2013127 (2005). https:\/\/doi.org\/10.1561\/0700000002","journal-title":"Found. Trends Microecon."},{"key":"236_CR47","doi-asserted-by":"publisher","first-page":"1449","DOI":"10.1257\/000282803322655392","volume":"93","author":"D Kahneman","year":"2003","unstructured":"Kahneman, D.: Maps of bounded rationality: psychology for behavioral economics. Am. Econ. Rev. 93, 1449\u20131475 (2003). https:\/\/doi.org\/10.1257\/000282803322655392","journal-title":"Am. Econ. Rev."},{"key":"236_CR48","doi-asserted-by":"publisher","unstructured":"Roach, B., Goodwin, N., Nelson, J.: Consumption and the consumer society. In: Microeconomics in Context. Routledge. (2019). https:\/\/doi.org\/10.4324\/9780429438752-10","DOI":"10.4324\/9780429438752-10"},{"key":"236_CR49","first-page":"464","volume-title":"The Oxford Handbook of Behavioral Economics and the Law","author":"O Bar-Gill","year":"2014","unstructured":"Bar-Gill, O.: Consumer transactions. In: Zamir, E., Teichman, D. (eds.) The Oxford Handbook of Behavioral Economics and the Law, pp. 464\u2013490. Oxford University Press, Oxford (2014)"},{"key":"236_CR50","unstructured":"Lukacs, P., Neubecker, L., Rowan, P.: Price discrimination and cross-subsidy in financial services. (2017)"},{"key":"236_CR51","doi-asserted-by":"publisher","first-page":"4","DOI":"10.1108\/02652329210016803","volume":"10","author":"S McKechnie","year":"1992","unstructured":"McKechnie, S.: Consumer buying behaviour in financial services: an overview. Int. J. Bank Mark. 10, 4\u201313 (1992). https:\/\/doi.org\/10.1108\/02652329210016803","journal-title":"Int. J. Bank Mark."},{"key":"236_CR52","volume-title":"The Theory of Price","author":"GJ Stigler","year":"1987","unstructured":"Stigler, G.J.: The Theory of Price. Macmillan, New York (1987)"},{"key":"236_CR53","first-page":"1197","volume":"118","author":"E Warren","year":"2005","unstructured":"Warren, E., Westbrook, J.L.: Contracting out of bankruptcy: an empirical intervention. Harv. Law Rev. 118, 1197\u20131254 (2005)","journal-title":"Harv. Law Rev."},{"key":"236_CR54","volume-title":"Asymmetric Information in Financial Markets: Introduction and Applications","author":"R Bebczuk","year":"2003","unstructured":"Bebczuk, R.: Asymmetric Information in Financial Markets: Introduction and Applications. Cambridge University Press, Cambridge (2003)"},{"key":"236_CR55","volume-title":"Bounded Rationality, Behavioral Economics, and the Law","author":"C Jolls","year":"2017","unstructured":"Jolls, C.: Bounded Rationality, Behavioral Economics, and the Law. Oxford University Press, Oxford (2017)"},{"key":"236_CR56","doi-asserted-by":"publisher","first-page":"207","DOI":"10.1016\/0010-0285(73)90033-9","volume":"5","author":"A Tversky","year":"1973","unstructured":"Tversky, A., Kahneman, D.: Availability: a heuristic for judging frequency and probability. Cogn. Psychol. 5, 207\u2013232 (1973). https:\/\/doi.org\/10.1016\/0010-0285(73)90033-9","journal-title":"Cogn. Psychol."},{"key":"236_CR57","volume-title":"The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting","author":"O Williamson","year":"1987","unstructured":"Williamson, O.: The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. Collier Macmillan Publishers, London (1987)"},{"key":"236_CR58","doi-asserted-by":"publisher","first-page":"195","DOI":"10.1086\/466942","volume":"22","author":"O Williamson","year":"1979","unstructured":"Williamson, O.: Transaction-cost economics: the governance of contractual relations. J. Law Econ. 22, 195\u2013223 (1979). https:\/\/doi.org\/10.1086\/466942","journal-title":"J. Law Econ."},{"key":"236_CR59","doi-asserted-by":"publisher","first-page":"S209","DOI":"10.1086\/676133","volume":"43","author":"J Zinman","year":"2014","unstructured":"Zinman, J.: Consumer credit: too much or too little (or just right)? J. Legal Stud. 43, S209\u2013S237 (2014). https:\/\/doi.org\/10.1086\/676133","journal-title":"J. Legal Stud."},{"key":"236_CR60","doi-asserted-by":"publisher","DOI":"10.1086\/256940","author":"AA Alchian","year":"2015","unstructured":"Alchian, A.A.: Uncertainty, evolution, and economic theory. J. Polit. Econ. (2015). https:\/\/doi.org\/10.1086\/256940","journal-title":"J. Polit. Econ."},{"key":"236_CR61","first-page":"28","volume":"58","author":"N Aggarwal","year":"2021","unstructured":"Aggarwal, N.: The new morality of debt. Finance Dev. 58, 28\u201331 (2021)","journal-title":"Finance Dev."},{"key":"236_CR62","unstructured":"Competition & Markets Authority: Algorithms: how they can reduce competition and harm consumers. (2021)"},{"key":"236_CR63","doi-asserted-by":"publisher","first-page":"346","DOI":"10.1080\/03085147.2017.1412642","volume":"46","author":"M Kear","year":"2017","unstructured":"Kear, M.: Playing the Credit Score Game: Algorithms, \u2018positive\u2019 data and the personification of financial objects. Econ. Soc. 46, 346\u2013368 (2017). https:\/\/doi.org\/10.1080\/03085147.2017.1412642","journal-title":"Econ. Soc."},{"key":"236_CR64","doi-asserted-by":"publisher","first-page":"523","DOI":"10.1111\/j.1467-985x.1997.00078.x","volume":"160","author":"DJ Hand","year":"1997","unstructured":"Hand, D.J., Henley, W.E.: Statistical classification methods in consumer credit scoring: a review. J. R Stat. Soc. Ser. A Stat. Soc. 160, 523\u2013541 (1997). https:\/\/doi.org\/10.1111\/j.1467-985x.1997.00078.x","journal-title":"J. R Stat. Soc. Ser. A Stat. Soc."},{"key":"236_CR65","doi-asserted-by":"publisher","first-page":"149","DOI":"10.1016\/s0169-2070(00)00034-0","volume":"16","author":"L Thomas","year":"2000","unstructured":"Thomas, L.: A survey of credit and behavioural scoring: forecasting financial risk of lending to consumers. Int. J. Forecast. 16, 149\u2013172 (2000). https:\/\/doi.org\/10.1016\/s0169-2070(00)00034-0","journal-title":"Int. J. Forecast."},{"key":"236_CR66","doi-asserted-by":"publisher","first-page":"1668","DOI":"10.1126\/science.2648573","volume":"243","author":"R Dawes","year":"1989","unstructured":"Dawes, R., Faust, D., Meehl, P.: Clinical versus actuarial judgment. Science 243, 1668\u20131674 (1989). https:\/\/doi.org\/10.1126\/science.2648573","journal-title":"Science"},{"key":"236_CR67","unstructured":"Bank of England, Financial Conduct Authority: Machine Learning in UK Financial Services. (2019)"},{"key":"236_CR68","unstructured":"Ross, B.: Barclays Innovating in use of AI in Banking. AI Trends. https:\/\/www.aitrends.com\/financial-services\/barclays-innovating-in-use-of-ai-in-banking\/ (2020). Accessed 23 Feb 2021"},{"key":"236_CR69","unstructured":"Standard Chartered: Partnering with Truera to tackle unjust bias in AI assisted decision making. https:\/\/www.sc.com\/en\/media\/press-release\/partnering-with-truera-to-tackle-unjust-bias-in-ai-assisted-decision-making\/ (2020). Accessed 5 May 2021"},{"key":"236_CR70","unstructured":"ZestAI: Prestige Financial Services: Saying Yes to Better Buyers. https:\/\/www.zest.ai\/resources\/prestige-financial-services-saying-yes-to-better-buyers. (2020). Accessed 5 May 2021"},{"key":"236_CR71","unstructured":"Datrics AI: Improving Credit Scoring for the Challenger Bank in the UK. Case Studies. https:\/\/datrics.ai\/improving-credit-scoring-for-the-challenger-bank-in-the-uk. (2022). Accessed 5 May 2021"},{"key":"236_CR72","unstructured":"Prove: AI and Open Banking\u2019s Strides to Transform Lending. https:\/\/www.prove.com\/blog\/ai-open-banking-strides-to-transform-lending. (2021). Accessed 10 August 2022"},{"key":"236_CR73","doi-asserted-by":"publisher","first-page":"433","DOI":"10.1093\/mind\/lix.236.433","volume":"LIX","author":"A Turing","year":"1950","unstructured":"Turing, A.: Computing machinery and intelligence. Mind LIX, 433\u2013460 (1950). https:\/\/doi.org\/10.1093\/mind\/lix.236.433","journal-title":"Mind"},{"key":"236_CR74","doi-asserted-by":"publisher","unstructured":"McCarthy, J., Minsky, M., Rochester, N., Shannon, C.: A proposal for the dartmouth summer research project on artificial intelligence. In: AI Magazine. Association for Computing Machinery, New Hampshire (1955). https:\/\/doi.org\/10.1609\/aimag.v27i4.1904","DOI":"10.1609\/aimag.v27i4.1904"},{"key":"236_CR75","doi-asserted-by":"crossref","unstructured":"Frankish, K., Ramsey, W.: Introduction. In: The Cambridge Handbook of Artificial Intelligence. pp. 1\u201312. Cambridge University Press, Cambridge (2014)","DOI":"10.1017\/CBO9781139046855.001"},{"key":"236_CR76","doi-asserted-by":"publisher","DOI":"10.1007\/978-0-387-84858-7","volume-title":"The Elements of Statistical Learning: Data Mining, Inference, and Prediction","author":"T Hastie","year":"2009","unstructured":"Hastie, T., Tibshirani, R., Friedman, J.: The Elements of Statistical Learning: Data Mining, Inference, and Prediction. Springer, New York (2009)"},{"key":"236_CR77","doi-asserted-by":"publisher","first-page":"15","DOI":"10.1017\/CBO9781139046855.003","volume-title":"The Cambridge Handbook of Artificial Intelligence","author":"S Franklin","year":"2014","unstructured":"Franklin, S.: History, motivations, and core themes. In: Frankish, K., Ramsey, W. (eds.) The Cambridge Handbook of Artificial Intelligence, pp. 15\u201333. Cambridge University Press, Cambridge (2014)"},{"key":"236_CR78","doi-asserted-by":"publisher","unstructured":"Suresh, H., Guttag, J.V.: A Framework for understanding sources of harm throughout the machine learning life cycle. In: Proceedings of the Equity and Access in Algorithms, Mechanisms, and Optimization. pp. 1\u20139. Association for Computing Machinery, New York (2021). https:\/\/doi.org\/10.1145\/3465416.3483305","DOI":"10.1145\/3465416.3483305"},{"key":"236_CR79","volume-title":"Introduction to Machine Learning","author":"E Alpaydin","year":"2020","unstructured":"Alpaydin, E.: Introduction to Machine Learning. MIT Press, Cambridge (2020)"},{"key":"236_CR80","unstructured":"Hardt, M., Price, E., Srebro, N.: Equality of Opportunity in Supervised Learning. In: Proceedings of the 30th Conference on Neural Information Processing Systems. NIPS, Barcelona, Spain (2016). http:\/\/arxiv.org\/abs\/1610.02413"},{"key":"236_CR81","doi-asserted-by":"publisher","DOI":"10.48550\/arxiv.1808.00023","author":"S Corbett-Davies","year":"2018","unstructured":"Corbett-Davies, S., Goel, S.: The measure and mismeasure of fairness: a critical review of fair machine learning. arXiv. (2018). https:\/\/doi.org\/10.48550\/arxiv.1808.00023","journal-title":"arXiv."},{"key":"236_CR82","unstructured":"Gupta, P.: Balancing Bias and Variance to Control Errors in Machine Learning. Towards Data Science. https:\/\/towardsdatascience.com\/balancing-bias-and-variance-to-control-errors-in-machine-learning-16ced95724db. (2017). Accessed 23 June 2021"},{"key":"236_CR83","volume-title":"Pattern Recognition and Machine Learning","author":"C Bishop","year":"2006","unstructured":"Bishop, C.: Pattern Recognition and Machine Learning. Springer, New York (2006)"},{"key":"236_CR84","unstructured":"Gelman, A., Carlin, J., Stern, H., Dunson, D., Vehtari, A., Rubin, D.: Bayesian Data Analysis. CRC Press (2021)"},{"key":"236_CR85","doi-asserted-by":"publisher","DOI":"10.1002\/9780470746684","volume-title":"Decision Theory: Principles and Approaches","author":"G Parmigiani","year":"2009","unstructured":"Parmigiani, G., Inoue, L.: Decision Theory: Principles and Approaches. Wiley, Hoboken (2009)"},{"key":"236_CR86","doi-asserted-by":"publisher","first-page":"332","DOI":"10.1257\/jel.38.2.332","volume":"38","author":"C Starmer","year":"2000","unstructured":"Starmer, C.: Developments in non-expected utility theory: the hunt for a descriptive theory of choice under risk. J. Econ. Lit. 38, 332\u2013382 (2000). https:\/\/doi.org\/10.1257\/jel.38.2.332","journal-title":"J. Econ. Lit."},{"key":"236_CR87","first-page":"459","volume":"86","author":"T Gillis","year":"2019","unstructured":"Gillis, T., Spiess, J.: Big data and discrimination. Univ. Chic. Law Rev. 86, 459\u2013487 (2019)","journal-title":"Univ. Chic. Law Rev."},{"key":"236_CR88","doi-asserted-by":"publisher","first-page":"42","DOI":"10.2139\/ssrn.3569083","volume":"80","author":"N Aggarwal","year":"2021","unstructured":"Aggarwal, N.: The norms of algorithmic credit scoring. Camb. Law J. 80, 42\u201373 (2021). https:\/\/doi.org\/10.2139\/ssrn.3569083","journal-title":"Camb. Law J."},{"key":"236_CR89","doi-asserted-by":"publisher","unstructured":"Jagtiani, J., Lemieux, C.: Do Fintech lenders penetrate areas that are underserved by traditional banks? (2018). https:\/\/doi.org\/10.21799\/frbp.wp.2018.13","DOI":"10.21799\/frbp.wp.2018.13"},{"key":"236_CR90","unstructured":"Board of Governors of the Federal Reserve System: Report to the Congress on Credit Scoring and Its Effects on the Availability and Affordability of Credit. (2007)"},{"key":"236_CR91","unstructured":"Experian Boost: Boost Your Score Instantly. www.experian.co.uk\/consumer\/experian-boost.html. (2021). Accessed 24 June 2021"},{"key":"236_CR92","doi-asserted-by":"publisher","first-page":"110","DOI":"10.1080\/17521440.2020.1760454","volume":"14","author":"J Truby","year":"2020","unstructured":"Truby, J., Brown, R., Dahdal, A.: Banking on AI: mandating a proactive approach to AI regulation in the financial sector. Law Financial Markets Rev. 14, 110\u2013120 (2020). https:\/\/doi.org\/10.1080\/17521440.2020.1760454","journal-title":"Law Financial Markets Rev."},{"key":"236_CR93","unstructured":"Brainard, L.: What are we learning about artificial intelligence in financial services? https:\/\/www.bis.org\/review\/r181114g.htm (2018). Accessed 25 Oct 2022"},{"key":"236_CR94","doi-asserted-by":"publisher","first-page":"405","DOI":"10.1007\/s10657-020-09662-6","volume":"50","author":"A Gautier","year":"2020","unstructured":"Gautier, A., Ittoo, A., Van Cleynenbreugel, P.: AI algorithms, price discrimination and collusion: a technological, economic and legal perspective. Eur. J. Law Econ. 50, 405\u2013435 (2020). https:\/\/doi.org\/10.1007\/s10657-020-09662-6","journal-title":"Eur. J. Law Econ."},{"key":"236_CR95","doi-asserted-by":"publisher","unstructured":"Kallus, N., Zhou, A.: Fairness, Welfare, and Equity in Personalized Pricing. In: Proceedings of the 2021 ACM Conference on Fairness, Accountability, and Transparency. pp. 296\u2013314. Association for Computing Machinery, New York (2021). https:\/\/doi.org\/10.1145\/3442188.3445895","DOI":"10.1145\/3442188.3445895"},{"key":"236_CR96","doi-asserted-by":"publisher","first-page":"1923","DOI":"10.1287\/mnsc.2020.3772","volume":"68","author":"X Chen","year":"2022","unstructured":"Chen, X., Owen, Z., Pixton, C., Simchi-Levi, D.: A statistical learning approach to personalization in revenue management. Manage. Sci. 68, 1923\u20131937 (2022). https:\/\/doi.org\/10.1287\/mnsc.2020.3772","journal-title":"Manage. Sci."},{"key":"236_CR97","doi-asserted-by":"publisher","DOI":"10.1086\/720793","author":"J-P Dub\u00e9","year":"2022","unstructured":"Dub\u00e9, J.-P., Misra, S.: Personalized pricing and consumer welfare. J. Polit. Econ. (2022). https:\/\/doi.org\/10.1086\/720793","journal-title":"J. Polit. Econ."},{"key":"236_CR98","doi-asserted-by":"publisher","unstructured":"Abrardi, L., Cambini, C., Rondi, L.: The economics of artificial intelligence: a survey. (2019). https:\/\/doi.org\/10.2139\/ssrn.3425922","DOI":"10.2139\/ssrn.3425922"},{"key":"236_CR99","doi-asserted-by":"publisher","first-page":"5549","DOI":"10.2139\/ssrn.2972985","volume":"67","author":"G Ban","year":"2021","unstructured":"Ban, G., Keskin, N.B.: Personalized dynamic pricing with machine learning: high dimensional features and heterogeneous elasticity. Manage. Sci. 67, 5549\u20135568 (2021). https:\/\/doi.org\/10.2139\/ssrn.2972985","journal-title":"Manage. Sci."},{"key":"236_CR100","doi-asserted-by":"publisher","first-page":"71","DOI":"10.1007\/978-3-030-02330-0_5","volume-title":"Disrupting Finance: FinTech and Strategy in the 21st Century","author":"D Cortis","year":"2019","unstructured":"Cortis, D., Debattista, J., Debono, J., Farrell, M.: InsurTech. In: Lynn, T., Mooney, J.G., Rosati, P., Cummins, M. (eds.) Disrupting Finance: FinTech and Strategy in the 21st Century, pp. 71\u201384. Springer, Cham (2019). https:\/\/doi.org\/10.1007\/978-3-030-02330-0_5"},{"key":"236_CR101","doi-asserted-by":"publisher","first-page":"2282","DOI":"10.3390\/jtaer16060126","volume":"16","author":"S Azzolina","year":"2021","unstructured":"Azzolina, S., Razza, M., Sartiano, K., Weitschek, E.: Price discrimination in the online airline market: an empirical study. J. Theor. Appl. Electron. Commer. Res. 16, 2282\u20132303 (2021). https:\/\/doi.org\/10.3390\/jtaer16060126","journal-title":"J. Theor. Appl. Electron. Commer. Res."},{"key":"236_CR102","doi-asserted-by":"publisher","first-page":"683","DOI":"10.1093\/yel\/yex015","volume":"36","author":"C Townley","year":"2017","unstructured":"Townley, C., Morrison, E., Yeung, K.: Big data and personalized price discrimination in EU competition law. Yearb. Eur. Law. 36, 683\u2013748 (2017). https:\/\/doi.org\/10.1093\/yel\/yex015","journal-title":"Yearb. Eur. Law."},{"key":"236_CR103","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-642-20548-4","volume-title":"Insurance Economics","author":"P Zweifel","year":"2012","unstructured":"Zweifel, P.: Insurance Economics. Springer, Heidelberg (2012)"},{"key":"236_CR104","doi-asserted-by":"publisher","unstructured":"Tirole, J.: Digital economies: the challenges for society. In: Economics for the Common Good. Princeton University Press, Princeton (2018). https:\/\/doi.org\/10.1515\/9781400889143-017","DOI":"10.1515\/9781400889143-017"},{"key":"236_CR105","doi-asserted-by":"publisher","first-page":"689","DOI":"10.1086\/261775","volume":"99","author":"DW Diamond","year":"1991","unstructured":"Diamond, D.W.: Monitoring and reputation: the choice between bank loans and directly placed debt. J. Polit. Econ. 99, 689\u2013721 (1991). https:\/\/doi.org\/10.1086\/261775","journal-title":"J. Polit. Econ."},{"key":"236_CR106","unstructured":"Vanston, N.: Trust and Reputation in Financial Services. (2012)"},{"key":"236_CR107","unstructured":"Reddy, Y.: Society, Economic Policies, and the Financial Sector. https:\/\/www.bis.org\/events\/agm2012\/sp120624.pdf (2012). Accessed 25 Oct 2022"},{"key":"236_CR108","unstructured":"Heinemeier Hansson, D.: https:\/\/twitter.com\/dhh\/status\/1192540900393705474. (2019). Accessed 18 August 2022"},{"key":"236_CR109","unstructured":"Wozniak, S.: https:\/\/twitter.com\/stevewoz\/status\/1193330241478901760. (2019). Accessed 18 August 2022"},{"key":"236_CR110","unstructured":"Department of Financial Services: Report on Apple Card Investigation. (2021)"},{"key":"236_CR111","doi-asserted-by":"publisher","DOI":"10.48550\/arxiv.2106.07758","author":"S Verma","year":"2021","unstructured":"Verma, S., Lahiri, A., Dickerson, J.P., Lee, S.-I.: Pitfalls of explainable ML: an industry perspective. arXiv (2021). https:\/\/doi.org\/10.48550\/arxiv.2106.07758","journal-title":"arXiv"},{"key":"236_CR112","doi-asserted-by":"publisher","DOI":"10.48550\/arxiv.1702.08608","author":"F Doshi-Velez","year":"2017","unstructured":"Doshi-Velez, F., Kim, B.: Towards a rigorous science of interpretable machine learning. arXiv. (2017). https:\/\/doi.org\/10.48550\/arxiv.1702.08608","journal-title":"arXiv."},{"key":"236_CR113","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.artint.2018.07.007","volume":"267","author":"T Miller","year":"2019","unstructured":"Miller, T.: Explanation in artificial intelligence: insights from the social sciences. Artif. Intell. 267, 1\u201338 (2019). https:\/\/doi.org\/10.1016\/j.artint.2018.07.007","journal-title":"Artif. Intell."},{"key":"236_CR114","doi-asserted-by":"publisher","first-page":"206","DOI":"10.1038\/s42256-019-0048-x","volume":"1","author":"C Rudin","year":"2019","unstructured":"Rudin, C.: Stop explaining black box machine learning models for high stakes decisions and use interpretable models instead. Nat. Mach. Intell. 1, 206\u2013215 (2019). https:\/\/doi.org\/10.1038\/s42256-019-0048-x","journal-title":"Nat. Mach. Intell."},{"key":"236_CR115","doi-asserted-by":"publisher","first-page":"23","DOI":"10.1007\/978-3-030-28954-6_2","volume-title":"Explainable AI: Interpreting, Explaining and Visualizing Deep Learning","author":"A Weller","year":"2019","unstructured":"Weller, A.: Transparency: motivations and challenges. In: Samek, W., Montavon, G., Vedaldi, A., Hansen, L.K., M\u00fcller, K.-R. (eds.) Explainable AI: Interpreting, Explaining and Visualizing Deep Learning, pp. 23\u201340. Springer, Cham (2019). https:\/\/doi.org\/10.1007\/978-3-030-28954-6_2"},{"key":"236_CR116","doi-asserted-by":"publisher","first-page":"18","DOI":"10.3390\/e23010018","volume":"23","author":"P Linardatos","year":"2020","unstructured":"Linardatos, P., Papastefanopoulos, V., Kotsiantis, S.: Explainable AI: a review of machine learning interpretability methods. Entropy 23, 18 (2020). https:\/\/doi.org\/10.3390\/e23010018","journal-title":"Entropy"},{"key":"236_CR117","volume-title":"Privacy is Power","author":"C V\u00e9liz","year":"2020","unstructured":"V\u00e9liz, C.: Privacy is Power. Bantam Press, London (2020)"},{"key":"236_CR118","unstructured":"The Behavioural Insights Team: The Perception of Fairness of Algorithms and Proxy Information in Financial Services. (2019)"},{"key":"236_CR119","volume-title":"The Age of Surveillance Capitalism","author":"S Zuboff","year":"2019","unstructured":"Zuboff, S.: The Age of Surveillance Capitalism. Profile Books Ltd., London (2019)"},{"key":"236_CR120","doi-asserted-by":"publisher","first-page":"37","DOI":"10.5325\/jinfopoli.9.2019.0037","volume":"9","author":"D Susser","year":"2019","unstructured":"Susser, D.: Notice after notice-and-consent: why privacy disclosures are valuable even if consent frameworks aren\u2019t. J. Inf. Policy 9, 37 (2019). https:\/\/doi.org\/10.5325\/jinfopoli.9.2019.0037","journal-title":"J. Inf. Policy"},{"key":"236_CR121","doi-asserted-by":"publisher","DOI":"10.14763\/2019.2.1410","author":"D Susser","year":"2019","unstructured":"Susser, D., Roessler, B., Nissenbaum, H.: Technology, autonomy, and manipulation. Internet Policy Rev. (2019). https:\/\/doi.org\/10.14763\/2019.2.1410","journal-title":"Internet Policy Rev."},{"key":"236_CR122","doi-asserted-by":"publisher","first-page":"118","DOI":"10.1080\/1369118x.2016.1186713","volume":"20","author":"K Yeung","year":"2017","unstructured":"Yeung, K.: \u2018Hypernudge\u2019: big data as a mode of regulation by design. Inf. Commun. Soc. 20, 118\u2013136 (2017). https:\/\/doi.org\/10.1080\/1369118x.2016.1186713","journal-title":"Inf. Commun. Soc."},{"key":"236_CR123","doi-asserted-by":"publisher","unstructured":"Susser, D.: Invisible Influence: Artificial Intelligence and the Ethics of Adaptive Choice Architectures. In: Proceedings of the 2019 AAAI\/ACM Conference on AI, Ethics, and Society. pp. 403\u2013408. Association for Computing Machinery, Honolulu (2019). https:\/\/doi.org\/10.1145\/3306618.3314286","DOI":"10.1145\/3306618.3314286"},{"key":"236_CR124","doi-asserted-by":"publisher","DOI":"10.1093\/oxfordhb\/9780199680832.013.8","volume-title":"The Oxford Handbook of Law, Regulation and Technology","author":"M D\u00fcwell","year":"2017","unstructured":"D\u00fcwell, M.: Human dignity and the ethics and regulation of technology. In: Brownsword, R., Scotford, E., Yeung, K. (eds.) The Oxford Handbook of Law, Regulation and Technology. Oxford University Press, Oxford (2017). https:\/\/doi.org\/10.1093\/oxfordhb\/9780199680832.013.8"},{"key":"236_CR125","doi-asserted-by":"publisher","first-page":"1","DOI":"10.3389\/frai.2021.705164","volume":"4","author":"A Laitinen","year":"2021","unstructured":"Laitinen, A., Sahlgren, O.: AI systems and respect for human autonomy. Front. Artif. Intell. 4, 1\u201314 (2021). https:\/\/doi.org\/10.3389\/frai.2021.705164","journal-title":"Front. Artif. Intell."},{"key":"236_CR126","doi-asserted-by":"publisher","first-page":"629","DOI":"10.1007\/s13347-018-0317-3","volume":"31","author":"J Danaher","year":"2018","unstructured":"Danaher, J.: Toward an ethics of AI assistants: an initial framework. Philos. Technol. 31, 629\u2013653 (2018). https:\/\/doi.org\/10.1007\/s13347-018-0317-3","journal-title":"Philos. Technol."},{"key":"236_CR127","doi-asserted-by":"publisher","DOI":"10.1017\/bpp.2021.12","author":"S Shahab","year":"2021","unstructured":"Shahab, S., Lades, L.K.: Sludge and transaction costs. Behav. Public Policy. (2021). https:\/\/doi.org\/10.1017\/bpp.2021.12","journal-title":"Behav. Public Policy."},{"key":"236_CR128","unstructured":"Benartzi, S.: How digital tools and behavioral economics will save retirement. https:\/\/hbr.org\/2017\/12\/how-digital-tools-and-behavioral-economics-will-save-retirement (2017). Accessed 23 July 2022"},{"key":"236_CR129","doi-asserted-by":"publisher","first-page":"3341","DOI":"10.1111\/acfi.12471","volume":"60","author":"CW Cai","year":"2020","unstructured":"Cai, C.W.: Nudging the financial market? A review of the nudge theory. Account. Finance. 60, 3341\u20133365 (2020). https:\/\/doi.org\/10.1111\/acfi.12471","journal-title":"Account. Finance."},{"key":"236_CR130","doi-asserted-by":"publisher","DOI":"10.1016\/j.clsr.2020.105436","volume":"38","author":"PJ van de Waerdt","year":"2020","unstructured":"van de Waerdt, P.J.: Information asymmetries: recognizing the limits of the GDPR on the data-driven market. Comput. Law Secur. Rev. 38, 105436 (2020). https:\/\/doi.org\/10.1016\/j.clsr.2020.105436","journal-title":"Comput. Law Secur. Rev."},{"key":"236_CR131","unstructured":"Deloitte United States: Audit Committee Practices Report. https:\/\/www2.deloitte.com\/us\/en\/pages\/center-for-board-effectiveness\/articles\/audit-committee-practices-report.html. (2022). Accessed 24 October 2022"},{"key":"236_CR132","unstructured":"FTC: Complaint for Permanent Injunction and Other Relief in Federal Trade Commission v. Equifax Inc. (2019)"},{"key":"236_CR133","unstructured":"Oven, C., Galligan, M.: A New Chapter in Cyber. https:\/\/corpgov.law.harvard.edu\/2022\/08\/01\/a-new-chapter-in-cyber\/ (2022). Accessed 24 October 2022"},{"key":"236_CR134","doi-asserted-by":"publisher","DOI":"10.1017\/9781108680844.010","volume-title":"The Cambridge Handbook of the Law of Algorithms","author":"R Nunn","year":"2020","unstructured":"Nunn, R.: Discrimination in the age of algorithms. In: Barfield, W. (ed.) The Cambridge Handbook of the Law of Algorithms. Cambridge University Press, Cambridge (2020). https:\/\/doi.org\/10.1017\/9781108680844.010"},{"key":"236_CR135","unstructured":"Centre for Data Ethics and Innovation: Interim report: Review into bias in algorithmic decision-making. https:\/\/www.gov.uk\/government\/publications\/interim-reports-from-the-centre-for-data-ethics-and-innovation\/interim-report-review-into-bias-in-algorithmic-decision-making (2020). Accessed 24 Oct 2022"},{"key":"236_CR136","unstructured":"Kelly, S., Mirpourian, M.: Algorithmic Bias, Financial Inclusion, and Gender: A primer on opening up new credit to women in emerging economies. (2021)"},{"key":"236_CR137","unstructured":"Lattimore, F., O\u2019Callaghan, S., Paleologos, Z., Reid, A., Santow, E., Sargeant, H., Andrew Thomsen: Using artificial intelligence to make decisions: Addressing the problem of algorithmic bias. (2020)"},{"key":"236_CR138","doi-asserted-by":"publisher","first-page":"109","DOI":"10.2139\/ssrn.2819182","volume":"52","author":"A Selbst","year":"2018","unstructured":"Selbst, A.: Disparate impact in big data policing. Georgia Law Rev. 52, 109\u2013195 (2018). https:\/\/doi.org\/10.2139\/ssrn.2819182","journal-title":"Georgia Law Rev."},{"key":"236_CR139","doi-asserted-by":"publisher","first-page":"31","DOI":"10.1109\/mts.2017.2697080","volume":"36","author":"A Koene","year":"2017","unstructured":"Koene, A.: Algorithmic bias: addressing growing concerns. IEEE Technol. Soc. Mag. 36, 31\u201332 (2017). https:\/\/doi.org\/10.1109\/mts.2017.2697080","journal-title":"IEEE Technol. Soc. Mag."},{"key":"236_CR140","first-page":"811","volume":"106","author":"D Hellman","year":"2020","unstructured":"Hellman, D.: Measuring algorithmic fairness. Va Law Rev. 106, 811\u2013866 (2020)","journal-title":"Va Law Rev."},{"key":"236_CR141","doi-asserted-by":"publisher","unstructured":"Kleinberg, J., Ludwig, J., Mullainathan, S., Sunstein, C.: Discrimination in the Age of Algorithms. NBER Working Paper Series. (2019). https:\/\/doi.org\/10.3386\/w25548","DOI":"10.3386\/w25548"},{"key":"236_CR142","doi-asserted-by":"publisher","unstructured":"Bartlett, R., Morse, A., Stanton, R., Wallace, N.: Consumer-Lending Discrimination in the FinTech Era. NBER Working Paper Series. (2019). https:\/\/doi.org\/10.3386\/w25943","DOI":"10.3386\/w25943"},{"key":"236_CR143","doi-asserted-by":"publisher","first-page":"44","DOI":"10.1162\/artl_a_00336","volume":"27","author":"A Birhane","year":"2021","unstructured":"Birhane, A.: The impossibility of automating ambiguity. Artif. Life 27, 44\u201361 (2021). https:\/\/doi.org\/10.1162\/artl_a_00336","journal-title":"Artif. Life"},{"key":"236_CR144","doi-asserted-by":"publisher","DOI":"10.1111\/1468-2230.12759","author":"J Adams-Prassl","year":"2022","unstructured":"Adams-Prassl, J., Binns, R., Kelly-Lyth, A.: Directly discriminatory algorithms. Modern Law Rev. (2022). https:\/\/doi.org\/10.1111\/1468-2230.12759","journal-title":"Modern Law Rev."},{"key":"236_CR145","doi-asserted-by":"publisher","first-page":"5","DOI":"10.1111\/jofi.13090","volume":"77","author":"A Fuster","year":"2022","unstructured":"Fuster, A., Goldsmith-Pinkham, P., Ramadorai, T., Walther, A.: Predictably unequal? The effects of machine learning on credit markets. J. Financ. 77, 5\u201347 (2022). https:\/\/doi.org\/10.1111\/jofi.13090","journal-title":"J. Financ."},{"key":"236_CR146","doi-asserted-by":"publisher","first-page":"239","DOI":"10.1007\/s43681-020-00026-z","volume":"1","author":"BK Hassani","year":"2021","unstructured":"Hassani, B.K.: Societal bias reinforcement through machine learning: a credit scoring perspective. AI Ethics. 1, 239\u2013247 (2021). https:\/\/doi.org\/10.1007\/s43681-020-00026-z","journal-title":"AI Ethics."},{"key":"236_CR147","unstructured":"Binns, R.: Fairness in Machine Learning: Lessons from Political Philosophy. In: Proceedings of Machine Learning Research, Conference on Fairness, Accountability, and Transparency (2018). pp. 149\u2013159. Association for Computing Machinery, New York (2021). http:\/\/arxiv.org\/abs\/1712.03586"},{"key":"236_CR148","first-page":"649","volume":"88","author":"A Xiang","year":"2021","unstructured":"Xiang, A.: Reconciling legal and technical approaches to algorithmic bias. Tenn. Law Rev. 88, 649 (2021)","journal-title":"Tenn. Law Rev."},{"key":"236_CR149","unstructured":"Xiang, A., Raji, I.D.: On the Legal Compatibility of Fairness Definitions. In: Workshop on Human-Centric Machine Learning at the 33rd Conference on Neural Information Processing Systems. Association for Computing Machinery, Vancouver, Canada (2019). http:\/\/arxiv.org\/abs\/1912.00761"},{"key":"236_CR150","doi-asserted-by":"publisher","unstructured":"Corbett-Davies, S., Pierson, E., Feller, A., Goel, S., Huq, A.: Algorithmic Decision Making and the Cost of Fairness. In: Proceedings of the 23rd ACM SIGKDD International Conference on Knowledge Discovery and Data Mining. pp. 797\u2013806. Association for Computing Machinery, Halifax (2017). https:\/\/doi.org\/10.1145\/3097983.3098095","DOI":"10.1145\/3097983.3098095"},{"key":"236_CR151","doi-asserted-by":"publisher","unstructured":"Kleinberg, J., Mullainathan, S., Raghavan, M.: Inherent Trade-Offs in the Fair Determination of Risk Scores. In: Proceedings of the 2018 ACM International Conference on Measurement and Modeling of Computer Systems. Association for Computing Machinery, New York (2016). https:\/\/doi.org\/10.1145\/3219617.3219634","DOI":"10.1145\/3219617.3219634"},{"key":"236_CR152","doi-asserted-by":"publisher","unstructured":"Verma, S., Rubin, J.: Fairness definitions explained. In: Proceedings of the International Workshop on Software Fairness. pp. 1\u20137. Association for Computing Machinery, Gothenburg (2018). https:\/\/doi.org\/10.1145\/3194770.3194776","DOI":"10.1145\/3194770.3194776"},{"key":"236_CR153","doi-asserted-by":"publisher","unstructured":"Dwork, C., Hardt, M., Pitassi, T., Reingold, O., Zemel, R.: Fairness Through Awareness. In: Proceedings of the 3rd Innovations in Theoretical Computer Science Conference. pp. 214\u2013226. Association for Computing Machinery, Cambridge, MA (2012). https:\/\/doi.org\/10.1145\/2090236.2090255","DOI":"10.1145\/2090236.2090255"},{"key":"236_CR154","doi-asserted-by":"publisher","first-page":"153","DOI":"10.1089\/big.2016.0047","volume":"5","author":"A Chouldechova","year":"2017","unstructured":"Chouldechova, A.: Fair prediction with disparate impact: a study of bias in recidivism prediction instruments. Big Data. 5, 153\u2013163 (2017). https:\/\/doi.org\/10.1089\/big.2016.0047","journal-title":"Big Data."},{"key":"236_CR155","doi-asserted-by":"publisher","first-page":"136","DOI":"10.1145\/3433949","volume":"64","author":"SA Friedler","year":"2021","unstructured":"Friedler, S.A., Scheidegger, C., Venkatasubramanian, S.: The (im)possibility of fairness: different value systems require different mechanisms for fair decision making. Commun. ACM 64, 136\u2013143 (2021). https:\/\/doi.org\/10.1145\/3433949","journal-title":"Commun. ACM"},{"key":"236_CR156","first-page":"2122","volume":"128","author":"SG Mayson","year":"2019","unstructured":"Mayson, S.G.: Bias in, bias out. Yale Law J. 128, 2122\u20132473 (2019)","journal-title":"Yale Law J."},{"key":"236_CR157","unstructured":"Ho, D.E., Xiang, A.: Affirmative Algorithms: The Legal Grounds for Fairness as Awareness. Univ. Chic. Law Rev. Online, (2020)"},{"key":"236_CR158","doi-asserted-by":"publisher","first-page":"529","DOI":"10.1007\/s43681-021-00067-y","volume":"1","author":"MSA Lee","year":"2021","unstructured":"Lee, M.S.A., Floridi, L., Singh, J.: Formalising trade-offs beyond algorithmic fairness: lessons from ethical philosophy and welfare economics. AI Ethics. 1, 529\u2013544 (2021). https:\/\/doi.org\/10.1007\/s43681-021-00067-y","journal-title":"AI Ethics."},{"key":"236_CR159","doi-asserted-by":"publisher","first-page":"259","DOI":"10.1002\/bsl.2465","volume":"38","author":"J Skeem","year":"2020","unstructured":"Skeem, J., Lowenkamp, C.: Using algorithms to address trade-offs inherent in predicting recidivism. Behav. Sci. Law. 38, 259\u2013278 (2020). https:\/\/doi.org\/10.1002\/bsl.2465","journal-title":"Behav. Sci. Law."},{"key":"236_CR160","doi-asserted-by":"publisher","unstructured":"Pitt-Watson, D., Mann, H.: The purposeful corporation, and the role of the finance industry. (2018). https:\/\/doi.org\/10.5871\/jba\/010s5.125","DOI":"10.5871\/jba\/010s5.125"},{"key":"236_CR161","unstructured":"Nesta: AI Governance Database. https:\/\/www.nesta.org.uk\/data-visualisation-and-interactive\/ai-governance-database\/ (2020). Accessed 24 October 2022."},{"key":"236_CR162","doi-asserted-by":"publisher","first-page":"389","DOI":"10.1038\/s42256-019-0088-2","volume":"1","author":"A Jobin","year":"2019","unstructured":"Jobin, A., Ienca, M., Vayena, E.: The global landscape of AI ethics guidelines. Nat. Mach. Intell. 1, 389\u2013399 (2019). https:\/\/doi.org\/10.1038\/s42256-019-0088-2","journal-title":"Nat. Mach. Intell."},{"key":"236_CR163","unstructured":"Fink, L.: Purpose & Profit. https:\/\/corpgov.law.harvard.edu\/2019\/01\/23\/purpose-profit\/ (2019). Accessed 20 July 2022."},{"key":"236_CR164","doi-asserted-by":"publisher","first-page":"537","DOI":"10.1093\/oxfordhb\/9780190067397.013.9","volume-title":"The Oxford Handbook of Ethics of AI","author":"M Le Bui","year":"2020","unstructured":"Le Bui, M., Noble, S.U.: We\u2019re missing a moral framework of justice in artificial intelligence. In: Dubber, M., Pasquale, F., Das, S. (eds.) The Oxford Handbook of Ethics of AI, pp. 537\u2013553. Oxford University Press, Oxford (2020). https:\/\/doi.org\/10.1093\/oxfordhb\/9780190067397.013.9"},{"key":"236_CR165","doi-asserted-by":"publisher","first-page":"218","DOI":"10.1162\/daed_a_01911","volume":"151","author":"I Gabriel","year":"2022","unstructured":"Gabriel, I.: Towards a theory of justice for artificial intelligence. D\u00e6dalus J. Am. Acad. Arts Sci. 151, 218 (2022). https:\/\/doi.org\/10.1162\/daed_a_01911","journal-title":"D\u00e6dalus J. Am. Acad. Arts Sci."}],"container-title":["AI and Ethics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s43681-022-00236-7.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s43681-022-00236-7\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s43681-022-00236-7.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,10,9]],"date-time":"2024-10-09T08:09:47Z","timestamp":1728461387000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s43681-022-00236-7"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,11,21]]},"references-count":165,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2023,11]]}},"alternative-id":["236"],"URL":"https:\/\/doi.org\/10.1007\/s43681-022-00236-7","relation":{},"ISSN":["2730-5953","2730-5961"],"issn-type":[{"value":"2730-5953","type":"print"},{"value":"2730-5961","type":"electronic"}],"subject":[],"published":{"date-parts":[[2022,11,21]]},"assertion":[{"value":"30 September 2022","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"4 November 2022","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"21 November 2022","order":3,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}}]}}