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.

Language
Englisch

Bibliographic citation
Journal: IZA World of Labor ; ISSN: 2054-9571 ; Year: 2018 ; Bonn: Institute of Labor Economics (IZA)

Classification
Wirtschaft
Large Data Sets: Modeling and Analysis
Subject
Big Data
machine learning
prediction
causal inference

Event
Geistige Schöpfung
(who)
Hersh, Jonathan
Harding, Matthew
Event
Veröffentlichung
(who)
Institute of Labor Economics (IZA)
(where)
Bonn
(when)
2018

DOI
doi:10.15185/izawol.451
Handle
Last update
10.03.2025, 11:41 AM CET

Data provider

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Object type

  • Artikel

Associated

  • Hersh, Jonathan
  • Harding, Matthew
  • Institute of Labor Economics (IZA)

Time of origin

  • 2018

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