Neural Networks in Economics: A Selective Review

Xiaohong Chen, Luis Hoderlein and Jonas Lieber
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Xiaohong Chen: Yale University
Luis Hoderlein: Yale University
Jonas Lieber: Imperial College London

No 2539, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: The "deep learning revolution" has led to remarkable success of neural networks in applications across a wide range of fields, such as computer vision, speech recognition, natural language processing, code generation, protein structure prediction, image and video generation, and dynamic control. This review introduces neural networks to economists. Recent advances and challenges in approximation theory, neural network architecture, computation, econometric theory and practice are presented. Finally, we survey the rapidly evolving applications of modern neural networks and Large Language Models in economic research.

Pages: 129 pages
Date: 2026-06-01
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