Behavioral Predictive Modeling in Economics (Studies in Computational Intelligence, 897) - Softcover

Softcover

ISBN 10: 3030497305 ISBN 13: 9783030497309

Publisher: Springer, 2021

Synopsis

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. 

About this title

From the Back Cover

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. 

Edition details

• Publisher: Springer
• Publication date: 2021
• Language: English
• ISBN 10: 3030497305
• ISBN 13: 9783030497309
• Binding: Paperback
• Number of pages: 460
• Editor: Sriboonchitta Songsak, Kreinovich Vladik, Yamaka Woraphon