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Data science in economics: comprehensive review of advanced machine learning and deep learning methods

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  • Nosratabadi, Saeed
  • Mosavi, Amir
  • Duan, Puhong
  • Ghamisi, Pedram
  • Filip, Ferdinand
  • Band, Shahab S.
  • Reuter, Uwe
  • Gama, Joao
  • Gandomi, Amir H.

Abstract

This paper provides a state-of-the-art investigation of advances in data science in emerging economic applications. The analysis was performed on novel data science methods in four individual classes of deep learning models, hybrid deep learning models, hybrid machine learning, and ensemble models. Application domains include a wide and diverse range of economics research from the stock market, marketing, and e-commerce to corporate banking and cryptocurrency. Prisma method, a systematic literature review methodology, was used to ensure the quality of the survey. The findings reveal that the trends follow the advancement of hybrid models, which, based on the accuracy metric, outperform other learning algorithms. It is further expected that the trends will converge toward the advancements of sophisticated hybrid deep learning models.

Suggested Citation

  • Nosratabadi, Saeed & Mosavi, Amir & Duan, Puhong & Ghamisi, Pedram & Filip, Ferdinand & Band, Shahab S. & Reuter, Uwe & Gama, Joao & Gandomi, Amir H., 2020. "Data science in economics: comprehensive review of advanced machine learning and deep learning methods," MetaArXiv haf2v, Center for Open Science.
    • Handle: RePEc:osf:metaar:haf2v
    DOI: 10.31219/osf.io/haf2v
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    Cited by:

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    7. 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.
    8. 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.
    9. 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.
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    11. 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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    13. 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.
    14. Di Wu & Zhenning Xu & Seung Bach, 2023. "Using Google Trends to predict and forecast avocado sales," Journal of Marketing Analytics, Palgrave Macmillan, vol. 11(4), pages 629-641, December.
    15. Cui, Xiwen & Yu, Xiaoyu & Niu, Dongxiao, 2024. "The ultra-short-term wind power point-interval forecasting model based on improved variational mode decomposition and bidirectional gated recurrent unit improved by improved sparrow search algorithm a," Energy, Elsevier, vol. 288(C).
    16. 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).
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    18. 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.
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    20. 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.
    21. Meir Russ, 2021. "Knowledge Management for Sustainable Development in the Era of Continuously Accelerating Technological Revolutions: A Framework and Models," Sustainability, MDPI, vol. 13(6), pages 1-32, March.
    22. Amir Masoud Rahmani & Efat Yousefpoor & Mohammad Sadegh Yousefpoor & Zahid Mehmood & Amir Haider & Mehdi Hosseinzadeh & Rizwan Ali Naqvi, 2021. "Machine Learning (ML) in Medicine: Review, Applications, and Challenges," Mathematics, MDPI, vol. 9(22), pages 1-52, November.
    23. 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).

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