Modeling And Advanced Techniques In Modern Economics

This book combines Statistics and Economics to shape and forecast the future, providing valuable information from experts on finance, econometric models, stochastic financial models, and machine learning.

Format: Hardback
Length: 328 pages
Publication date: 14 September 2022
Publisher: World Scientific Europe Ltd

In the modern world, data holds immense value for any organization, irrespective of its industry or size. The foundation of our world is built upon data. Nevertheless, data without knowledge remains futile. The primary objective of this book is to present novel approaches that can be employed to shape and predict the future by integrating the two disciplines of statistics and economics. Readers of Modeling and Advanced Techniques in Modern Economics will discover invaluable insights from a diverse array of experts covering various topics, including finance, econometric models, stochastic financial models, and machine learning, as well as the application of models to financial and macroeconomic data.

Data is a valuable asset for organizations across all industries, and its importance is only growing. In today's data-driven world, businesses can gain a competitive advantage by leveraging data to make informed decisions and drive growth. However, simply collecting data is not enough; it must be analyzed and interpreted correctly to yield meaningful insights.

One of the key challenges facing organizations is the ability to extract valuable information from large and complex datasets. This requires advanced statistical techniques and economic models that can handle large amounts of data and identify patterns and trends. Modeling and Advanced Techniques in Modern Economics provides readers with a comprehensive guide to these techniques and models, enabling them to apply them to their own data and gain a deeper understanding of their business.

The book is divided into several chapters, each covering a different aspect of statistical and economic modeling. The first chapter provides an introduction to the basics of statistics and economics, including probability theory, regression analysis, and game theory. This foundation is essential for understanding the subsequent chapters, which delve into more advanced topics such as time series analysis, spatial analysis, and machine learning.

In the second chapter, readers are introduced to econometric models, which are used to analyze economic relationships and predict future outcomes. The chapter covers a range of models, including linear regression, panel data analysis, and dynamic stochastic general equilibrium models. Readers learn how to apply these models to real-world data and interpret the results to make informed decisions.

The third chapter focuses on stochastic financial models, which are used to analyze financial markets and predict financial risks. The chapter covers a range of models, including option pricing models, risk-neutral valuation models, and asset pricing models. Readers learn how to apply these models to real-world financial data and use them to develop investment strategies and risk management strategies.

The fourth chapter explores machine learning, a powerful tool for analyzing large and complex datasets. The chapter covers a range of machine learning techniques, including supervised learning, unsupervised learning, and deep learning. Readers learn how to apply these techniques to financial and economic data and use them to develop predictive models and make informed decisions.

The fifth chapter discusses the application of statistical and economic modeling to financial and macroeconomic data. The chapter covers a range of topics, including financial market analysis, economic forecasting, and policy analysis. Readers learn how to apply these models to real-world financial and economic data and use them to develop strategies for managing risk and promoting economic growth.

In addition to the technical content, Modeling and Advanced Techniques in Modern Economics also includes case studies and examples that illustrate the practical applications of statistical and economic modeling. These case studies provide readers with real-world examples of how statistical and economic modeling can be used to solve business problems and drive growth.

Overall, Modeling and Advanced Techniques in Modern Economics is a comprehensive and practical guide to statistical and economic modeling. It is ideal for professionals and students who want to gain a deeper understanding of these techniques and apply them to their own data and business problems. The book provides readers with the skills and knowledge they need to shape and predict the future by combining the two disciplines of statistics and economics.

ISBN-13: 9781800611740