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Data Science in Economics

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  • Saeed Nosratabadi
  • Amir Mosavi
  • Puhong Duan
  • Pedram Ghamisi

Abstract

This paper provides the state of the art of data science in economics. Through a novel taxonomy of applications and methods advances in data science are investigated. The data science advances are investigated in three individual classes of deep learning models, ensemble models, and hybrid models. Application domains include stock market, marketing, E-commerce, corporate banking, and cryptocurrency. Prisma method, a systematic literature review methodology is used to ensure the quality of the survey. The findings revealed that the trends are on advancement of hybrid models as more than 51% of the reviewed articles applied hybrid model. On the other hand, it is found that based on the RMSE accuracy metric, hybrid models had higher prediction accuracy than other algorithms. While it is expected the trends go toward the advancements of deep learning models.

Suggested Citation

  • Saeed Nosratabadi & Amir Mosavi & Puhong Duan & Pedram Ghamisi, 2020. "Data Science in Economics," Papers 2003.13422, arXiv.org.
    • Handle: RePEc:arx:papers:2003.13422
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    References listed on IDEAS

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    Cited by:

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    5. David G. Green, 2023. "Emergence in complex networks of simple agents," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 18(3), pages 419-462, July.
    6. Saeed Nosratabadi & Nesrine Khazami & Marwa Ben Abdallah & Zoltan Lackner & Shahab S. Band & Amir Mosavi & Csaba Mako, 2020. "Social Capital Contributions to Food Security: A Comprehensive Literature Review," Papers 2012.03606, arXiv.org.
    7. Cheng Zhang & Nilam Nur Amir Sjarif & Roslina Ibrahim, 2023. "Deep learning models for price forecasting of financial time series: A review of recent advancements: 2020-2022," Papers 2305.04811, arXiv.org, revised Sep 2023.
    8. Oliver Hümbelin & Lukas Hobi & Robert Fluder, 2021. "Rich Cities, Poor Countryside? Social Structure of the Poor and Poverty Risks in Urban and Rural Places in an Affluent Country. An Administrative Data based Analysis using Random Forest," University of Bern Social Sciences Working Papers 40, University of Bern, Department of Social Sciences, revised 10 Nov 2021.
    9. Petr Suler & Zuzana Rowland & Tomas Krulicky, 2021. "Evaluation of the Accuracy of Machine Learning Predictions of the Czech Republic’s Exports to the China," JRFM, MDPI, vol. 14(2), pages 1-30, February.
    10. Yong-Chao Su & Cheng-Yu Wu & Cheng-Hong Yang & Bo-Sheng Li & Sin-Hua Moi & Yu-Da Lin, 2021. "Machine Learning Data Imputation and Prediction of Foraging Group Size in a Kleptoparasitic Spider," Mathematics, MDPI, vol. 9(4), pages 1-16, February.
    11. Marcus Vinicius Santos & Fernando Morgado-Dias & Thiago C. Silva, 2023. "Oil Sector and Sentiment Analysis—A Review," Energies, MDPI, vol. 16(12), pages 1-29, June.
    12. Liang She & Jianyuan Wang & Yifan Bo & Yangyan Zeng, 2022. "MACA: Multi-Agent with Credit Assignment for Computation Offloading in Smart Parks Monitoring," Mathematics, MDPI, vol. 10(23), pages 1-18, December.
    13. ErLe Du & Meng Ji, 2021. "Analyzing the regional economic changes in a high-tech industrial development zone using machine learning algorithms," PLOS ONE, Public Library of Science, vol. 16(6), pages 1-18, June.
    14. Urko Aguirre-Larracoechea & Cruz E. Borges, 2021. "Imputation for Repeated Bounded Outcome Data: Statistical and Machine-Learning Approaches," Mathematics, MDPI, vol. 9(17), pages 1-27, August.
    15. Mei-Li Shen & Cheng-Feng Lee & Hsiou-Hsiang Liu & Po-Yin Chang & Cheng-Hong Yang, 2021. "An Effective Hybrid Approach for Forecasting Currency Exchange Rates," Sustainability, MDPI, vol. 13(5), pages 1-29, March.
    16. Judit Oláh & Eszter Krisán & Anna Kiss & Zoltán Lakner & József Popp, 2020. "PRISMA Statement for Reporting Literature Searches in Systematic Reviews of the Bioethanol Sector," Energies, MDPI, vol. 13(9), pages 1-35, May.
    17. Steve J. Bickley & Benno Torgler, 2021. "Behavioural Economics, What Have we Missed? Exploring “Classical” Behavioural Economics Roots in AI, Cognitive Psychology, and Complexity Theory," CREMA Working Paper Series 2021-21, Center for Research in Economics, Management and the Arts (CREMA).
    18. Lin, Yong & Wang, Renyu & Gong, Xingyue & Jia, Guozhu, 2022. "Cross-correlation and forecast impact of public attention on USD/CNY exchange rate: Evidence from Baidu Index," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 604(C).
    19. Amirhosein Mosavi & Yaser Faghan & Pedram Ghamisi & Puhong Duan & Sina Faizollahzadeh Ardabili & Ely Salwana & Shahab S. Band, 2020. "Comprehensive Review of Deep Reinforcement Learning Methods and Applications in Economics," Mathematics, MDPI, vol. 8(10), pages 1-42, September.
    20. Teddy Lazebnik & Tzach Fleischer & Amit Yaniv-Rosenfeld, 2023. "Benchmarking Biologically-Inspired Automatic Machine Learning for Economic Tasks," Sustainability, MDPI, vol. 15(14), pages 1-9, July.

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