Artikel
Big Data in economics
Big Data refers to data sets of much larger size, higher frequency, and often more personalized information. Examples include data collected by smart sensors in homes or aggregation of tweets on Twitter. In small data sets, traditional econometric methods tend to outperform more complex techniques. In large data sets, however, machine learning methods shine. New analytic approaches are needed to make the most of Big Data in economics. Researchers and policymakers should thus pay close attention to recent developments in machine learning techniques if they want to fully take advantage of these new sources of Big Data.
- Sprache
-
Englisch
- Erschienen in
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Journal: IZA World of Labor ; ISSN: 2054-9571 ; Year: 2018 ; Bonn: Institute of Labor Economics (IZA)
- Klassifikation
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Wirtschaft
Large Data Sets: Modeling and Analysis
- Thema
-
Big Data
machine learning
prediction
causal inference
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hersh, Jonathan
Harding, Matthew
- Ereignis
-
Veröffentlichung
- (wer)
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Institute of Labor Economics (IZA)
- (wo)
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Bonn
- (wann)
-
2018
- DOI
-
doi:10.15185/izawol.451
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Hersh, Jonathan
- Harding, Matthew
- Institute of Labor Economics (IZA)
Entstanden
- 2018
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