Related papers: Staring at Economic Aggregators through Informatio…
Aggregation functions are generally defined and used to combine several numerical values into a single one, so that the final result of the aggregation takes into account all the individual values in a given manner. Such functions are…
In their seminal 1928 work, Charles Cobb and Paul Douglas empirically validated the Cobb-Douglas production function through statistical analysis of U.S. economic data from 1899 to 1923. While this established the function's theoretical…
Organizations like U.S. Census Bureau rely on non-exhaustive surveys to estimate industry-level production functions in years in which a full Census is not conducted. When analyzing data from non-census years, we propose selecting an…
Even though the forecasting literature agrees that aggregating multiple predictions of some future outcome typically outperforms the individual predictions, there is no general consensus about the right way to do this. Most common…
Bregman divergences are a class of distance-like comparison functions which play fundamental roles in optimization, statistics, and information theory. One important property of Bregman divergences is that they cause two useful formulations…
More than thirty years ago, Charnes, Cooper and Schinnar (1976) established an enlightening contact between economic production functions (EPFs) -- a cornerstone of neoclassical economics -- and information theory, showing how a…
In the analysis of large/big data sets, aggregation (replacing values of a variable over a group by a single value) is a standard way of reducing the size (complexity) of the data. Data analysis programs provide different aggregation…
Distributed data aggregation is an important task, allowing the decentralized determination of meaningful global properties, that can then be used to direct the execution of other applications. The resulting values result from the…
In recent years, data has played an increasingly important role in the economy as a good in its own right. In many settings, data aggregators cannot directly verify the quality of the data they purchase, nor the effort exerted by data…
The aggregate Cobb-Douglas production function stands as a central element in the renowned Solow-Swan model in economics, providing a crucial theoretical framework for comprehending the determinants of economic growth. This model not only…
The term of big data was used since 1990s, but it became very popular around 2012. A recent definition of this term says that big data are information assets characterized by high volume, velocity, variety and veracity that need special…
This study explores a new mathematical operator, symbolized as $\cupplus$, for information aggregation, aimed at enhancing traditional methods by directly amalgamating probability distributions. This operator facilitates the combination of…
Humans are the most effective integrators and producers of information, directly and through the use of information-processing inventions. As these inventions become increasingly sophisticated, the substantive role of humans in processing…
Each production establishment is assumed to have, at any given time, a unique combination of capital and labor (a Leontief function), but the aggregate output at that same time must still be modeled with a Cobb-Douglas function (or a CES,…
Forecasts support decision making in a variety of applications. Statistical models can produce accurate forecasts given abundant training data, but when data is sparse, rapidly changing, or unavailable, statistical models may not be able to…
We consider the problem of combining data from observational and experimental sources to make causal conclusions. This problem is increasingly relevant, as the modern era has yielded passive collection of massive observational datasets in…
Most of the econometric and econophysics models have been borrowed from the statistical physics, and as a cosequence, a new interdisciplinary science called econophysics has emerged. In this paper we planned to extend the analogy between…
We consider a heterogeneous agent-based economic model where economic agents have strictly bounded rationality and where income allocation strategies evolve through selective imitation. Income is calculated by a Cobb-Douglas type production…
Our computational economic analysis investigates the relationship between inequality, mobility and the financial accumulation process. Extending the baseline model by Levy et al., we characterise the economic process through stylised return…
A general information equilibrium model in the case of ideal information transfer is defined and then used to derive the relationship between supply (information destination) and demand (information source) with the price as the detector of…