Constructive data mining: modeling consumers' expenditure in Venezuela

Julia Campos and Neil Ericsson

No 663, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Hoover and Perez (1999) advocate a constructive approach to data mining. The current paper identifies four pejorative senses of data mining and shows how Hoover and Perez's approach counters each. To assess the benefits of constructive data mining, the current paper applies a data-mining algorithm similar to Hoover and Perez's to a dataset for Venezuelan consumers' expenditure. The selected model is economically sensible and statistically satisfactory; and it illustrates how data can be highly informative, even with relatively few observations. Limitations to algorithmically based data mining provide opportunities for the researcher to contribute value added in the empirical analysis.

Keywords: Consumption (Economics); Venezuela (search for similar items in EconPapers)
Date: 2000
New Economics Papers: this item is included in nep-ecm
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Citations: View citations in EconPapers (10)

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