Quantifying how AI Panels improve precision
AI in applications like screening job applicants had become widespread, and may contribute to unemployment especially among the young. Biases in the AIs may become baked into the job selection process, but even in their absence, reliance on a single AI is problematic. In this paper we derive a simple formula to estimate, or at least place an upper bound on, the precision of such approaches for data resembling realistic CVs: $P(q) \approx \frac{\rho n^b + q(1-\rho)}{1 + (n^b - 1)\rho}$ where $b \approx q^* + 0.8 (1 - \rho)$ and $q^*$ is $q$ clipped to $[0.07, 0.22]$ where $P(q)$ is the precision of the top $q$ quantile selected by a panel of $n$ AIs and $\rho$ is their average pairwise correlation. This equation provides a basis for considering how many AIs should be used in a Panel, depending on the importance of the decision. A quantitative discussion of the merits of using a diverse panel of AIs to support decision-making in such areas will move away from dangerous reliance on single AI systems and encourage a balanced assessment of the extent to which diversity needs to be built into the AI parts of the socioeconomic systems that are so important for our future.