Modelling Learning In Economics

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Computational Techniques for Modelling Learning in Economics

Thomas Brenner
Computational Techniques for Modelling Learning in Economics Book PDF

Author : Thomas Brenner
Publisher : Springer Science & Business Media
Page : 392 pages
File Size : 42,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461550297

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Computational Techniques for Modelling Learning in Economics by Thomas Brenner Pdf

Computational Techniques for Modelling Learning in Economics offers a critical overview of the computational techniques that are frequently used for modelling learning in economics. It is a collection of papers, each of which focuses on a different way of modelling learning, including the techniques of evolutionary algorithms, genetic programming, neural networks, classifier systems, local interaction models, least squares learning, Bayesian learning, boundedly rational models and cognitive learning models. Each paper describes the technique it uses, gives an example of its applications, and discusses the advantages and disadvantages of the technique. Hence, the book offers some guidance in the field of modelling learning in computation economics. In addition, the material contains state-of-the-art applications of the learning models in economic contexts such as the learning of preference, the study of bidding behaviour, the development of expectations, the analysis of economic growth, the learning in the repeated prisoner's dilemma, and the changes of cognitive models during economic transition. The work even includes innovative ways of modelling learning that are not common in the literature, for example the study of the decomposition of task or the modelling of cognitive learning.

Modelling Learning in Economics

Thomas Brenner
Modelling Learning in Economics Book PDF

Author : Thomas Brenner
Publisher : Edward Elgar Publishing
Page : 360 pages
File Size : 42,9 Mb
Release : 1999
Category : Business & Economics
ISBN : STANFORD:36105023638377

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Modelling Learning in Economics by Thomas Brenner Pdf

This is an investigation into the processes that are involved in economic learning by categorizing different ways of learning, and using mathematical models for their description. Three learning processes are covered: non-cognitive, routine-based and associative learning.

Economics with Heterogeneous Interacting Agents

Alessandro Caiani,Alberto Russo,Antonio Palestrini,Mauro Gallegati
Economics with Heterogeneous Interacting Agents Book PDF

Author : Alessandro Caiani,Alberto Russo,Antonio Palestrini,Mauro Gallegati
Publisher : Springer
Page : 205 pages
File Size : 49,9 Mb
Release : 2016-09-21
Category : Business & Economics
ISBN : 9783319440583

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Economics with Heterogeneous Interacting Agents by Alessandro Caiani,Alberto Russo,Antonio Palestrini,Mauro Gallegati Pdf

This book offers a practical guide to Agent Based economic modeling, adopting a “learning by doing” approach to help the reader master the fundamental tools needed to create and analyze Agent Based models. After providing them with a basic “toolkit” for Agent Based modeling, it present and discusses didactic models of real financial and economic systems in detail. While stressing the main features and advantages of the bottom-up perspective inherent to this approach, the book also highlights the logic and practical steps that characterize the model building procedure. A detailed description of the underlying codes, developed using R and C, is also provided. In addition, each didactic model is accompanied by exercises and applications designed to promote active learning on the part of the reader. Following the same approach, the book also presents several complementary tools required for the analysis and validation of the models, such as sensitivity experiments, calibration exercises, economic network and statistical distributions analysis. By the end of the book, the reader will have gained a deeper understanding of the Agent Based methodology and be prepared to use the fundamental techniques required to start developing their own economic models. Accordingly, “Economics with Heterogeneous Interacting Agents” will be of particular interest to graduate and postgraduate students, as well as to academic institutions and lecturers interested in including an overview of the AB approach to economic modeling in their courses.

Agent-Based Models in Economics

Domenico Delli Gatti,Giorgio Fagiolo,Mauro Gallegati,Alberto Russo
Agent Based Models in Economics Book PDF

Author : Domenico Delli Gatti,Giorgio Fagiolo,Mauro Gallegati,Alberto Russo
Publisher : Cambridge University Press
Page : 261 pages
File Size : 50,8 Mb
Release : 2018-03-22
Category : Business & Economics
ISBN : 9781108414999

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Agent-Based Models in Economics by Domenico Delli Gatti,Giorgio Fagiolo,Mauro Gallegati,Alberto Russo Pdf

The first step-by-step introduction to the methodology of agent-based models in economics, their mathematical and statistical analysis, and real-world applications.

Rational Herds

Christophe Chamley
Rational Herds Book PDF

Author : Christophe Chamley
Publisher : Cambridge University Press
Page : 420 pages
File Size : 54,5 Mb
Release : 2004
Category : Business & Economics
ISBN : 052153092X

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Rational Herds by Christophe Chamley Pdf

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Econometric Modeling in Economic Education Research

William E. Becker Jr.,Rolf A. Walstad
Econometric Modeling in Economic Education Research Book PDF

Author : William E. Becker Jr.,Rolf A. Walstad
Publisher : Springer
Page : 0 pages
File Size : 42,6 Mb
Release : 2011-10-17
Category : Business & Economics
ISBN : 9401079684

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Econometric Modeling in Economic Education Research by William E. Becker Jr.,Rolf A. Walstad Pdf

Since its establishment in the 1950s the American Economic Association's Committee on Economic Education has sought to promote improved instruction in economics and to facilitate this objective by stimulating research on the teaching of economics. These efforts are most apparent in the sessions on economic education that the Committee organizes at the Association's annual meetings. At these sessions economists interested in economic education have opportunities to present new ideas on teaching and research and also to report the findings of their research. The record of this activity can be found in the Proceedings of the American Eco nomic Review. The Committee on Economic Education and its members have been actively involved in a variety of other projects. In the early 1960s it organized the National Task Force on Economic Education that spurred the development of economics teaching at the precollege level. This in turn led to the development of a standardized research instrument, a high school test of economic understanding. This was followed later in the 1960s by the preparation of a similar test of understanding college economics. The development of these two instruments greatly facilitated research on the impact of economics instruction, opened the way for application of increasingly sophisticated statistical methods in measuring the impact of economic education, and initiated a steady stream of research papers on a subject that previously had not been explored.

Models in Microeconomic Theory

Martin J. Osborne,Ariel Rubinstein
Models in Microeconomic Theory Book PDF

Author : Martin J. Osborne,Ariel Rubinstein
Publisher : Open Book Publishers
Page : 382 pages
File Size : 54,7 Mb
Release : 2023-06-26
Category : Business & Economics
ISBN : 9781805111269

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Models in Microeconomic Theory by Martin J. Osborne,Ariel Rubinstein Pdf

Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice. The book focuses on the concepts of model and equilibrium. It states models and results precisely, and provides proofs for all results. It uses only elementary mathematics (with almost no calculus), although many of the proofs involve sustained logical arguments. It includes about 150 exercises. With its formal but accessible style, this textbook is designed for undergraduate students of microeconomics at intermediate and advanced levels.

Economic Modeling and Inference

Bent Jesper Christensen,Nicholas M. Kiefer
Economic Modeling and Inference Book PDF

Author : Bent Jesper Christensen,Nicholas M. Kiefer
Publisher : Princeton University Press
Page : 488 pages
File Size : 48,6 Mb
Release : 2021-07-13
Category : Business & Economics
ISBN : 9781400833108

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Economic Modeling and Inference by Bent Jesper Christensen,Nicholas M. Kiefer Pdf

Economic Modeling and Inference takes econometrics to a new level by demonstrating how to combine modern economic theory with the latest statistical inference methods to get the most out of economic data. This graduate-level textbook draws applications from both microeconomics and macroeconomics, paying special attention to financial and labor economics, with an emphasis throughout on what observations can tell us about stochastic dynamic models of rational optimizing behavior and equilibrium. Bent Jesper Christensen and Nicholas Kiefer show how parameters often thought estimable in applications are not identified even in simple dynamic programming models, and they investigate the roles of extensions, including measurement error, imperfect control, and random utility shocks for inference. When all implications of optimization and equilibrium are imposed in the empirical procedures, the resulting estimation problems are often nonstandard, with the estimators exhibiting nonregular asymptotic behavior such as short-ranked covariance, superconsistency, and non-Gaussianity. Christensen and Kiefer explore these properties in detail, covering areas including job search models of the labor market, asset pricing, option pricing, marketing, and retirement planning. Ideal for researchers and practitioners as well as students, Economic Modeling and Inference uses real-world data to illustrate how to derive the best results using a combination of theory and cutting-edge econometric techniques. Covers identification and estimation of dynamic programming models Treats sources of error--measurement error, random utility, and imperfect control Features financial applications including asset pricing, option pricing, and optimal hedging Describes labor applications including job search, equilibrium search, and retirement Illustrates the wide applicability of the approach using micro, macro, and marketing examples

Mathematical Modelling

C Haines,P Galbraith,W Blum,S Khan
Mathematical Modelling Book PDF

Author : C Haines,P Galbraith,W Blum,S Khan
Publisher : Elsevier
Page : 511 pages
File Size : 40,6 Mb
Release : 2007-08-01
Category : Mathematics
ISBN : 9780857099419

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Mathematical Modelling by C Haines,P Galbraith,W Blum,S Khan Pdf

This book continues the ICTMA tradition of influencing teaching and learning in the application of mathematical modelling. Each chapter shows how real life problems can be discussed during university lectures, in school classrooms and industrial research. International experts contribute their knowledge and experience by providing analysis, insight and comment whilst tackling large and complex problems by applying mathematical modelling. This book covers the proceedings from the Twelfth International Conference on the Teaching of Mathematical Modelling and Applications. Covers the proceedings from the Twelfth International Conference on the Teaching of Mathematical Modelling and Applications Continues the ICTMA tradition of influencing teaching and learning in the application of mathematical modelling Shows how real life problems can be discussed during university lectures, in school classrooms and industrial research

Machine Learning for Economics and Finance in TensorFlow 2

Isaiah Hull
Machine Learning for Economics and Finance in TensorFlow 2 Book PDF

Author : Isaiah Hull
Publisher : Apress
Page : 368 pages
File Size : 46,6 Mb
Release : 2020-11-26
Category : Computers
ISBN : 1484263723

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Machine Learning for Economics and Finance in TensorFlow 2 by Isaiah Hull Pdf

Work on economic problems and solutions with tools from machine learning. ML has taken time to move into the space of academic economics. This is because empirical work in economics is concentrated on the identification of causal relationships in parsimonious statistical models; whereas machine learning is oriented towards prediction and is generally uninterested in either causality or parsimony. That leaves a gap for both students and professionals in the economics industry without a standard reference. This book focuses on economic problems with an empirical dimension, where machine learning methods may offer something of value. This includes coverage of a variety of discriminative deep learning models (DNNs, CNNs, RNNs, LSTMs, the Transformer Model, etc.), generative machine learning models, random forests, gradient boosting, clustering, and feature extraction. You'll also learn about the intersection of empirical methods in economics and machine learning, including regression analysis, text analysis, and dimensionality reduction methods, such as principal components analysis. TensorFlow offers a toolset that can be used to setup and solve any mathematical model, including those commonly used in economics. This book is structured to teach through a sequence of complete examples, each framed in terms of a specific economic problem of interest or topic. Otherwise complicated content is then distilled into accessible examples, so you can use TensorFlow to solve workhorse models in economics and finance. What You'll Learn Define, train, and evaluate machine learning models in TensorFlow 2 Apply fundamental concepts in machine learning, such as deep learning and natural language processing, to economic and financial problems Solve workhorse models in economics and finance Who This Book Is For Students and data scientists working in the economics industry. Academic economists and social scientists who have an interest in machine learning are also likely to find this book useful.

Behavioral Predictive Modeling in Economics

Songsak Sriboonchitta,Vladik Kreinovich,Woraphon Yamaka
Behavioral Predictive Modeling in Economics Book PDF

Author : Songsak Sriboonchitta,Vladik Kreinovich,Woraphon Yamaka
Publisher : Springer Nature
Page : 445 pages
File Size : 51,5 Mb
Release : 2020-08-05
Category : Technology & Engineering
ISBN : 9783030497286

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Behavioral Predictive Modeling in Economics by Songsak Sriboonchitta,Vladik Kreinovich,Woraphon Yamaka Pdf

This book presents both methodological papers on and examples of applying behavioral predictive models to specific economic problems, with a focus on how to take into account people's behavior when making economic predictions. This is an important issue, since traditional economic models assumed that people make wise economic decisions based on a detailed rational analysis of all the relevant aspects. However, in reality – as Nobel Prize-winning research has shown – people have a limited ability to process information and, as a result, their decisions are not always optimal. Discussing the need for prediction-oriented statistical techniques, since many statistical methods currently used in economics focus more on model fitting and do not always lead to good predictions, the book is a valuable resource for researchers and students interested in the latest results and challenges and for practitioners wanting to learn how to use state-of-the-art techniques.

Complex Systems Modeling and Simulation in Economics and Finance

Shu-Heng Chen,Ying-Fang Kao,Ragupathy Venkatachalam,Ye-Rong Du
Complex Systems Modeling and Simulation in Economics and Finance Book PDF

Author : Shu-Heng Chen,Ying-Fang Kao,Ragupathy Venkatachalam,Ye-Rong Du
Publisher : Springer
Page : 307 pages
File Size : 41,9 Mb
Release : 2018-11-20
Category : Business & Economics
ISBN : 9783319996240

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Complex Systems Modeling and Simulation in Economics and Finance by Shu-Heng Chen,Ying-Fang Kao,Ragupathy Venkatachalam,Ye-Rong Du Pdf

This title brings together frontier research on complex economic systems, heterogeneous interacting agents, bounded rationality, and nonlinear dynamics in economics. The book contains the proceedings of the CEF2015 (21st Computing in Economics in Finance), held 20-22 June 2015 in Taipei, Taiwan, and addresses some of the important driving forces for various emergent properties in economies, when viewed as complex systems. The breakthroughs reported in this book are a result of an interdisciplinary approach and simulation remains the unifying theme for these papers as they deal with a wide range of topics in economics. The text is a valuable addition to the efforts in promoting the complex systems view in economic science. The computational experiments reported in the book are both transparent and replicable. Complex System Modeling and Simulation in Economics and Finance is useful for graduate courses of complex systems, with particular focus on economics and finance. At the same time it serves as a good overview for researchers who are interested in the topic.

Learning and Expectations in Macroeconomics

George W. Evans,Seppo Honkapohja
Learning and Expectations in Macroeconomics Book PDF

Author : George W. Evans,Seppo Honkapohja
Publisher : Princeton University Press
Page : 424 pages
File Size : 41,5 Mb
Release : 2012-01-06
Category : Business & Economics
ISBN : 9781400824267

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Learning and Expectations in Macroeconomics by George W. Evans,Seppo Honkapohja Pdf

A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.

Economics as an Agent-Based Complex System

H. Deguchi
Economics as an Agent Based Complex System Book PDF

Author : H. Deguchi
Publisher : Springer Science & Business Media
Page : 270 pages
File Size : 53,9 Mb
Release : 2011-06-28
Category : Business & Economics
ISBN : 9784431539575

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Economics as an Agent-Based Complex System by H. Deguchi Pdf

In agent-based modeling the focus is very much on agent-based simulation, as simulation is a very important tool for agent-based modeling. We also use agent-based simulation in this book with a stress on the mathematical foundation of agent-based modeling. We introduce two original mathematical frameworks, a theory of SLD (Social Learning Dynamics) and an axiomatic theory of economic exchange (Exchange Algebra) among agents. Exchange algebra gives bottom-up reconstruction of SNA (System of National Accountings). SLD provides the concept of indirect control of socio-economic systems to manage structural change and its stability. We also compare agent-based simulation with gaming simulation and investigate the epistemological foundation of agent-based modeling.

Feedback Economics

Robert Y. Cavana,Brian C. Dangerfield,Oleg V. Pavlov,Michael J. Radzicki,I. David Wheat
Feedback Economics Book PDF

Author : Robert Y. Cavana,Brian C. Dangerfield,Oleg V. Pavlov,Michael J. Radzicki,I. David Wheat
Publisher : Springer Nature
Page : 593 pages
File Size : 49,9 Mb
Release : 2021-06-30
Category : Business & Economics
ISBN : 9783030671907

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Feedback Economics by Robert Y. Cavana,Brian C. Dangerfield,Oleg V. Pavlov,Michael J. Radzicki,I. David Wheat Pdf

This book approaches economic problems from a systems thinking and feedback perspective. By introducing system dynamics methods (including qualitative and quantitative techniques) and computer simulation models, the respective contributions apply feedback analysis and dynamic simulation modeling to important local, national, and global economics issues and concerns. Topics covered include: an introduction to macro modeling using a system dynamics framework; a system dynamics translation of the Phillips machine; a re-examination of classical economic theories from a feedback perspective; analyses of important social, ecological, and resource issues; the development of a biophysical economics module for global modelling; contributions to monetary and financial economics; analyses of macroeconomic growth, income distribution and alternative theories of well-being; and a re-examination of scenario macro modeling. The contributions also examine the philosophical differences between the economics and system dynamics communities in an effort to bridge existing gaps and compare methods. Many models and other supporting information are provided as online supplementary files. Consequently, the book appeals to students and scholars in economics, as well as to practitioners and policy analysts interested in using systems thinking and system dynamics modeling to understand and improve economic systems around the world. "Clearly, there is much space for more collaboration between the advocates of post-Keynesian economics and system dynamics! More generally, I would like to recommend this book to all scholars and practitioners interested in exploring the interface and synergies between economics, system dynamics, and feedback thinking." Comments in the Foreword by Marc Lavoie, Emeritus Professor, University of Ottawa and University of Sorbonne Paris Nord