Machine Learning: An Applied Econometric Approach
Sendhil Mullainathan,Jann Spiess +1 more
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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
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Book ChapterDOI
Introduction to Rare-Event Predictive Modeling for Inferential Statisticians—A Hands-On Application in the Prediction of Breakthrough Patents
TL;DR: In this paper , a machine learning approach to quantitative analysis geared towards optimizing the predictive performance is introduced, contrasting it with standard practices inferential statistics which focus on producing good parameter estimates.
Proceedings ArticleDOI
Building Actionable Personas Using Machine Learning Techniques
TL;DR: In this article , a novel distance function for K-means clustering has been developed, which can handle a mixture of feature types and to allow the importance of each feature to be varied, using a linearly weighted distance method.
Proceedings ArticleDOI
Novel Framework for Quality Crop Predictions Using Data Mining and Soft Computing Techniques
TL;DR: In this paper , an approach of smart crop predictions is presented through Data Mining and Soft Computing (DM&SC) in the field of agricultural quality crop prediction, a five-level framework is proposed namely 1) Collection of data from different repositories, 2) Pre-processing of data, 3) Appropriate Classifier Selection, 4) Prediction and Estimation 5) Draw AUC & ROC curve.
References
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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