What is your take on machine learning as an applied method in economic research. is it a game changer or will it not impact your approach to research?
Dear Preuss,
I think ML is a game changer. It can change the approaches to deal with economic problems. Some research papers/books I have found interesting related on this. They are given below.
1. Carbonneau, R., Laframboise, K., & Vahidov, R. (2008). Application of machine learning techniques for supply chain demand forecasting. European Journal of Operational Research, 184(3), 1140-1154.
2. Lohr, S. (2012). The age of big data. New York Times, 11(2012).
3. Lanzi, P. L. (2000). Learning classifier systems: from foundations to applications (No. 1813). Springer Science & Business Media.
4. Fan, W., & Bifet, A. (2013). Mining big data: current status, and forecast to the future. ACM sIGKDD Explorations Newsletter, 14(2), 1-5.
5. Krollner, B., Vanstone, B., & Finnie, G. (2010). Financial time series forecasting with machine learning techniques: A survey.
6. Einav, L., & Levin, J. (2014). The data revolution and economic analysis. Innovation Policy and the Economy, 14(1), 1-24.
7. Holland, J. H., & Miller, J. H. (1991). Artificial adaptive agents in economic theory. The American economic review, 81(2), 365-370.
8. Jordan, M. I., & Mitchell, T. M. (2015). Machine learning: Trends, perspectives, and prospects. Science, 349(6245), 255-260.
Thanks,
Sobhan
Dear Preuss,
I think ML is a game changer. It can change the approaches to deal with economic problems. Some research papers/books I have found interesting related on this. They are given below.
1. Carbonneau, R., Laframboise, K., & Vahidov, R. (2008). Application of machine learning techniques for supply chain demand forecasting. European Journal of Operational Research, 184(3), 1140-1154.
2. Lohr, S. (2012). The age of big data. New York Times, 11(2012).
3. Lanzi, P. L. (2000). Learning classifier systems: from foundations to applications (No. 1813). Springer Science & Business Media.
4. Fan, W., & Bifet, A. (2013). Mining big data: current status, and forecast to the future. ACM sIGKDD Explorations Newsletter, 14(2), 1-5.
5. Krollner, B., Vanstone, B., & Finnie, G. (2010). Financial time series forecasting with machine learning techniques: A survey.
6. Einav, L., & Levin, J. (2014). The data revolution and economic analysis. Innovation Policy and the Economy, 14(1), 1-24.
7. Holland, J. H., & Miller, J. H. (1991). Artificial adaptive agents in economic theory. The American economic review, 81(2), 365-370.
8. Jordan, M. I., & Mitchell, T. M. (2015). Machine learning: Trends, perspectives, and prospects. Science, 349(6245), 255-260.
Thanks,
Sobhan
This is interesting question. My current research and development focus is Intelligent Predictive Security (INPRESEC) – exploring the paradigm shift in Information Security and Privacy with Artificial Intelligence and Machine Learning. Based on really good results we have achieved and trying to find analogy with area you asked about, I trust it can be real game changer.
Additionally, to contribute link to paper I have just found and which you may find useful:
- "The Impact of Machine Learning on Economics" by Susan Athey from Stanford: http://www.nber.org/chapters/c14009.pdf.
It will be a game changer , but it needs time. Machine learning is mainly intelligen system , but it can not come up with the idea like game theory itself. For getting trends , yeah it will be pretty awesome but for new discory, invention or relation... it needs time.
thank you all for your thoughts. Indeed I agree with you all and carrying out research myself in economics and business by using ML as a method to analyze qualitative and quantitative data, I think it is a really powerful tool. It will be interesting in seeing how the publishing community will think about it and when journals will except this new method.
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