Machine Learning: An Applied Econometric Approach
Sendhil Mullainathan,Jann Spiess +1 more
Reads0
Chats0
TLDR
This work presents a way of thinking about machine learning that gives it its own place in the econometric toolbox, and aims to make them conceptually easier to use by providing a crisper understanding of how these algorithms work, where they excel, and where they can stumble.Abstract:
Machines are increasingly doing “intelligent” things. Face recognition algorithms use a large dataset of photos labeled as having a face or not to estimate a function that predicts the pre...read more
Citations
More filters
Journal ArticleDOI
Coming of Age: Renovation Premiums in Housing Markets
TL;DR: In this article , the authors rely on novel textual analysis of real estate listings and identify renovated dwellings in a dataset of Norwegian transactions to estimate the renovation premium in an urban housing market.
Journal ArticleDOI
Practical Insights Into Applying Double LASSO
Finnian Lattimore,C. Robinson +1 more
Journal ArticleDOI
Machine learning-based prediction model for postoperative delirium in non-cardiac surgery
Dong Yun Lee,Ah Ran Oh,Jungchan Park,Seung-Hwa Lee,Byung Hee Choi,Kwangmo Yang,Ha Yeon Kim,Rae Woong Park +7 more
TL;DR: In this article , a prediction model for post-operative delirium in patients undergoing non-cardiac surgery is presented. But the model is based on an extreme gradient boosting algorithm.
Journal ArticleDOI
Bibliometric analysis of the published literature on machine learning in economics and econometrics
TL;DR: In this article , the authors identify different properties of published documents about machine learning in economics and econometrics and therefore draw a detailed picture of recent publications from bibliometric analysis perspectives.
Journal ArticleDOI
When corporate culture matters: The case of stakeholder violations
TL;DR: In this article , a longitudinal sample of monetary penalties imposed on US-listed firms for stakeholder violations was used to examine whether and how a strong corporate culture influences stakeholder violation.
References
More filters
Journal ArticleDOI
The Elements of Statistical Learning: Data Mining, Inference, and Prediction
TL;DR: The Elements of Statistical Learning: Data Mining, Inference, and Prediction as discussed by the authors is a popular book for data mining and machine learning, focusing on data mining, inference, and prediction.
Journal ArticleDOI
Problems with Instrumental Variables Estimation when the Correlation between the Instruments and the Endogenous Explanatory Variable is Weak
TL;DR: In this article, the use of instruments that explain little of the variation in the endogenous explanatory variables can lead to large inconsistencies in the IV estimates even if only a weak relationship exists between the instruments and the error in the structural equation.
Journal Article
On Model Selection Consistency of Lasso
Peng Zhao,Bin Yu +1 more
TL;DR: It is proved that a single condition, which is called the Irrepresentable Condition, is almost necessary and sufficient for Lasso to select the true model both in the classical fixed p setting and in the large p setting as the sample size n gets large.
Journal ArticleDOI
Clinical versus actuarial judgment
TL;DR: Research comparing these two approaches to decision-making shows the actuarial method to be superior, factors underlying the greater accuracy of actuarial methods, sources of resistance to the scientific findings, and the benefits of increased reliance on actuarial approaches are discussed.
Book
A Distribution-Free Theory of Nonparametric Regression
TL;DR: How to Construct Nonparametric Regression Estimates * Lower Bounds * Partitioning Estimates * Kernel Estimates * k-NN Estimates * Splitting the Sample * Cross Validation * Uniform Laws of Large Numbers