Application of machine learning algorithms in economic analysis
This article explores the application of machine learning algorithms in economic sciences, focusing on data analysis, forecasting, and risk management. These tasks require high computational accuracy and large-scale data processing, making classical systems time-consuming and costly. The study highl...
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| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
General Association of Economists from Romania
2024-05-01
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| Series: | Theoretical and Applied Economics |
| Subjects: | |
| Online Access: |
https://store.ectap.ro/suplimente/Theoretical_and_Applied_Economics_2024_Special_Issue_Autumn.pdf#page=129
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| Summary: | This article explores the application of machine learning algorithms in economic sciences,
focusing on data analysis, forecasting, and risk management. These tasks require high computational
accuracy and large-scale data processing, making classical systems time-consuming and costly. The
study highlights the role of cloud computing in overcoming these challenges by offering scalable
resources and enhanced computational power. Cloud-based machine learning can increase the speed
and efficiency of economic analysis, outperforming traditional methods. The research follows a library
study methodology to identify key computational challenges in economics and how cloud-based
machine learning can provide superior solutions. The study aims to show that cloud computing enables
faster and more accurate economic forecasting, particularly in areas like income management and
risk analysis. Additionally, the article investigates the short-term feasibility of implementing cloudbased
machine learning methods and raises questions about how this approach can improve the
accuracy and speed of economic analyses. The findings suggest that cloud computing is a viable
alternative to classical methods in addressing complex economic problems, offering significant
advantages in financial resource management and risk analysis. |
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| ISSN: | 1841-8678 1844-0029 |