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Machine Learning for Economists: An Introduction

Sonan Memon

No 2021:33, PIDE Knowledge Brief from Pakistan Institute of Development Economics

Abstract: Machine Learning (henceforth ML) refers to the set of algorithms and computational methods which enable computers to learn patterns from training data without being explicitly programmed to do so.[1] ML uses training data to learn patterns by estimating a mathematical model and making predictions in out of sample based on new or unseen input data. ML has the tremendous capacity to discover complex, flexible and crucially generalisable structure in training data.

Keywords: Machine Learning; Economists; Introduction (search for similar items in EconPapers)
Pages: 8 pages
Date: 2021
New Economics Papers: this item is included in nep-big, nep-cmp and nep-ecm
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