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Book part
Publication date: 1 January 2004

Artificial intelligence is a consortium of data-driven methodologies which includes artificial neural networks, genetic algorithms, fuzzy logic, probabilistic belief…

Abstract

Artificial intelligence is a consortium of data-driven methodologies which includes artificial neural networks, genetic algorithms, fuzzy logic, probabilistic belief networks and machine learning as its components. We have witnessed a phenomenal impact of this data-driven consortium of methodologies in many areas of studies, the economic and financial fields being of no exception. In particular, this volume of collected works will give examples of its impact on the field of economics and finance. This volume is the result of the selection of high-quality papers presented at a special session entitled “Applications of Artificial Intelligence in Economics and Finance” at the “2003 International Conference on Artificial Intelligence” (IC-AI ’03) held at the Monte Carlo Resort, Las Vegas, NV, USA, June 23–26 2003. The special session, organised by Jane Binner, Graham Kendall and Shu-Heng Chen, was presented in order to draw attention to the tremendous diversity and richness of the applications of artificial intelligence to problems in Economics and Finance. This volume should appeal to economists interested in adopting an interdisciplinary approach to the study of economic problems, computer scientists who are looking for potential applications of artificial intelligence and practitioners who are looking for new perspectives on how to build models for everyday operations.

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Applications of Artificial Intelligence in Finance and Economics
Type: Book
ISBN: 978-1-84950-303-7

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Book part
Publication date: 1 January 2004

Abstract

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Applications of Artificial Intelligence in Finance and Economics
Type: Book
ISBN: 978-1-84950-303-7

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Book part
Publication date: 1 January 2004

Vincent A. Schmidt and Jane M. Binner

Divisia component data is used in the training of an Aggregate Feedforward Neural Network (AFFNN), a general-purpose connectionist system designed to assist with data…

Abstract

Divisia component data is used in the training of an Aggregate Feedforward Neural Network (AFFNN), a general-purpose connectionist system designed to assist with data mining activities. The neural network is able to learn the money-price relationship, defined as the relationships between the rate of growth of the money supply and inflation. Learned relationships are expressed in terms of an automatically generated series of human-readable and machine-executable rules, shown to meaningfully and accurately describe inflation in terms of the original values of the Divisia component dataset.

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Applications of Artificial Intelligence in Finance and Economics
Type: Book
ISBN: 978-1-84950-303-7

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Book part
Publication date: 2 November 2009

Vincent A. Schmidt and Jane M. Binner

This chapter introduces a mechanism for generating a series of rules that characterize the money-price relationship for the United States, defined as the relationship…

Abstract

This chapter introduces a mechanism for generating a series of rules that characterize the money-price relationship for the United States, defined as the relationship between the rate of growth of the money supply and inflation. Monetary Services Indicator (MSI) component data is used to train a selection of candidate feedforward neural networks. The selected network is mined for rules, expressed in human-readable and machine-executable form. The rule and network accuracy are compared, and expert commentary is made on the readability and reliability of the extracted rule set. The ultimate goal of this research is to produce rules that meaningfully and accurately describe inflation in terms of the MSI component dataset.11Paper cleared for public release AFRL/WS–07–0848.

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Measurement Error: Consequences, Applications and Solutions
Type: Book
ISBN: 978-1-84855-902-8

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Book part
Publication date: 1 January 2004

Jane M. Binner, Graham Kendall and Alicia Gazely

This work applies state-of-the-art artificial intelligence forecasting methods to provide new evidence of the comparative performance of statistically weighted Divisia…

Abstract

This work applies state-of-the-art artificial intelligence forecasting methods to provide new evidence of the comparative performance of statistically weighted Divisia indices vis-à-vis their simple sum counterparts in a simple inflation forecasting experiment. We develop a new approach that uses co-evolution (using neural networks and evolutionary strategies) as a predictive tool. This approach is simple to implement yet produces results that outperform stand-alone neural network predictions. Results suggest that superior tracking of inflation is possible for models that employ a Divisia M2 measure of money that has been adjusted to incorporate a learning mechanism to allow individuals to gradually alter their perceptions of the increased productivity of money. Divisia measures of money outperform their simple sum counterparts as macroeconomic indicators.

Details

Applications of Artificial Intelligence in Finance and Economics
Type: Book
ISBN: 978-1-84950-303-7

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Book part
Publication date: 1 January 2004

Jane M. Binner, Thomas Elger, Birger Nilsson and Jonathan A. Tepper

The purpose of this study is to contrast the forecasting performance of two non-linear models, a regime-switching vector autoregressive model (RS-VAR) and a recurrent…

Abstract

The purpose of this study is to contrast the forecasting performance of two non-linear models, a regime-switching vector autoregressive model (RS-VAR) and a recurrent neural network (RNN), to that of a linear benchmark VAR model. Our specific forecasting experiment is U.K. inflation and we utilize monthly data from 1969 to 2003. The RS-VAR and the RNN perform approximately on par over both monthly and annual forecast horizons. Both non-linear models perform significantly better than the VAR model.

Details

Applications of Artificial Intelligence in Finance and Economics
Type: Book
ISBN: 978-1-84950-303-7

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Book part
Publication date: 2 November 2009

Abstract

Details

Measurement Error: Consequences, Applications and Solutions
Type: Book
ISBN: 978-1-84855-902-8

To view the access options for this content please click here
Book part
Publication date: 2 November 2009

Abstract

Details

Measurement Error: Consequences, Applications and Solutions
Type: Book
ISBN: 978-1-84855-902-8

To view the access options for this content please click here
Book part
Publication date: 2 November 2009

Abstract

Details

Measurement Error: Consequences, Applications and Solutions
Type: Book
ISBN: 978-1-84855-902-8

To view the access options for this content please click here
Book part
Publication date: 1 January 2004

Abstract

Details

Applications of Artificial Intelligence in Finance and Economics
Type: Book
ISBN: 978-1-84950-303-7

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