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The rapid expansion of distributed energy resources (DERs) is one of the most significant changes to electricity systems around the world. Examples of DERs include solar panels, small natural gas-fueled generators, combined heat and power…
This article proposes predictive economics as a distinct analytical perspective within economics, grounded in machine learning and centred on predictive accuracy rather than causal identification. Drawing on the instrumentalist tradition…
Processing sets or other unordered, potentially variable-sized inputs in neural networks is usually handled by aggregating a number of input tensors into a single representation. While a number of aggregation methods already exist from…
In complex systems, many different parts interact in non-obvious ways. Traditional research focuses on a few or a single aspect of the problem so as to analyze it with the tools available. To get a better insight of phenomena that emerge…
Large-scale data analysis poses both statistical and computational problems which need to be addressed simultaneously. A solution is often straightforward if the data are homogeneous: one can use classical ideas of subsampling and mean…
The Decision Support System (DSS) contains more than one antecedent and the degrees of strength of the antecedents need to be combined to determine the overall strength of the rule consequent. The membership values of the linguistic…
Representation learning produces models in different domains, such as store purchases, client transactions, and general people's behavior. However, such models for event sequences usually process each sequence in isolation, ignoring context…
A country's mix of products predicts its subsequent pattern of diversification and economic growth. But does this product mix also predict income inequality? Here we combine methods from econometrics, network science, and economic…
The state of economic theory and accumulated facts from the different branches of the economic science require to analyze the concept of the description of economy systems. The economic reality generates the problems the solution of that is…
Charles Cobb and Paul Douglas in 1928 used data from the US manufacturing sector for 1899-1922 to introduce what is known today as the Cobb-Douglas production function that has been widely used in economic theory for decades. We employ the…
Minimization of suitable statistical distances~(between the data and model densities) has proved to be a very useful technique in the field of robust inference. Apart from the class of $\phi$-divergences of \cite{a} and \cite{b}, the…
We study information elicitation in cost-function-based combinatorial prediction markets when the market maker's utility for information decreases over time. In the sudden revelation setting, it is known that some piece of information will…
We have used agent-based modeling as our numerical method to artificially simulate a dynamic real economy where agents are rational maximizers of an objective function of Cobb-Douglas type. The economy is characterised by heterogeneous…
Standard economic theory uses mathematics as its main means of understanding, and this brings clarity of reasoning and logical power. But there is a drawback: algebraic mathematics restricts economic modeling to what can be expressed only…
The past century has seen a steady increase in the need of estimating and predicting complex systems and making (possibly critical) decisions with limited information. Although computers have made possible the numerical evaluation of…
Classic economic science is reaching the limits of its explanatory powers. Complexity science uses an increasingly larger set of different methods to analyze physical, biological, cultural, social, and economic factors, providing a broader…
This paper presents a model of capital accumulation for a large number of heterogenous producer-consumers in an exchange space in which interactions depend on agents' positions. Each agent is described by his production, consumption, stock…
We study mathematical models of the collaborative solving of a two-choice discrimination task. We estimate the difference between the shared performance for a group of n observers over a single person performance. Our paper is a theoretical…
A new approach for the description of phenomena of social aggregation is suggested. On the basis of psychological concepts (as for instance social norms and cultural coordinates), we deduce a general mechanism for the social aggregation in…
A confluence of advances in the computer and mathematical sciences has unleashed unprecedented capabilities for enabling true evidence-based decision making. These capabilities are making possible the large-scale capture of data and the…