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A Bibliometric Insight To Machine Learning Applications For Decision-Making

Author

Listed:
  • Ivona Serafimovska

    (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia)

  • Bojan Kitanovikj

    (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia)

  • Filip Peovski

    (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia)

Abstract

Using a multi-method bibliometric analysis of published documents from Web of Science and Scopus in the last 34 years, this comprehensive study investigates how machine learning improves advanced decision-making while adhering to the PRISMA guidelines. This study's main goal is to make the methodological patterns, thematic directions, and intellectual structure of research at the nexus of machine learning and decision-making visible. The results show that the U.S., China, India, Germany, and the U.K. are leading a rapidly expanding, cooperative research landscape with a strong emphasis on management, marketing, and finance. Tree-based models, support vector machines, deep learning, reinforcement learning, and explainable artificial intelligence are examples of frequently used algorithms. The field is moving toward applications in big data environments, ethical considerations, and increased interpretability. Digital transformation, competitive intelligence, and strategic planning are highlighted in influential works. This synthesis offers direction for developing more transparent machine learning models and practical frameworks for their use in decision-making, serving both academics and practitioners.

Suggested Citation

  • Ivona Serafimovska & Bojan Kitanovikj & Filip Peovski, 2025. "A Bibliometric Insight To Machine Learning Applications For Decision-Making," Proceedings of the International Conference "Economic and Business Trends Shaping the Future" 015, Faculty of Economics-Skopje, Ss Cyril and Methodius University in Skopje.
  • Handle: RePEc:aoh:conpro:2025:i:6:p:204-217
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    File URL: https://repository.ukim.mk/bitstream/20.500.12188/34495/1/0015%20A%20BIBLIOMETRIC%20INSIGHT%20TO%20MACHINE%20LEARNING%20APPLICATIONS%20FOR.pdf
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    References listed on IDEAS

    as
    1. Donthu, Naveen & Kumar, Satish & Mukherjee, Debmalya & Pandey, Nitesh & Lim, Weng Marc, 2021. "How to conduct a bibliometric analysis: An overview and guidelines," Journal of Business Research, Elsevier, vol. 133(C), pages 285-296.
    2. Sendhil Mullainathan & Jann Spiess, 2017. "Machine Learning: An Applied Econometric Approach," Journal of Economic Perspectives, American Economic Association, vol. 31(2), pages 87-106, Spring.
    3. Ajay Agrawal & Joshua S. Gans & Avi Goldfarb, 2019. "Artificial Intelligence: The Ambiguous Labor Market Impact of Automating Prediction," Journal of Economic Perspectives, American Economic Association, vol. 33(2), pages 31-50, Spring.
    4. Niclas Hoffmann & Robert Stahlbock & Stefan Voß, 2020. "A decision model on the repair and maintenance of shipping containers," Journal of Shipping and Trade, Springer, vol. 5(1), pages 1-21, December.
    5. Miika Kumpulainen & Marko Seppänen, 2022. "Combining Web of Science and Scopus datasets in citation-based literature study," Scientometrics, Springer;Akadémiai Kiadó, vol. 127(10), pages 5613-5631, October.
    6. Dušan Nikolić & Dragan Ivanović & Lidija Ivanović, 2024. "An open-source tool for merging data from multiple citation databases," Scientometrics, Springer;Akadémiai Kiadó, vol. 129(7), pages 4573-4595, July.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis

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