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Title: BIG DATA IN ECONOMIC ANALYSIS: ADVANTAGES AND CHALLENGES
Authors: BALAR Khalid and CHAABITA Rachid
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BALAR Khalid1 and CHAABITA Rachid2 1,2. Department of Economic Science and Management, Hassan II University/Faculty of Economic and Social Legal Sciences Ain Chock, Casablanca, Morocco
MLA 8 Khalid, BALAR, and CHAABITA Rachid. "BIG DATA IN ECONOMIC ANALYSIS: ADVANTAGES AND CHALLENGES." Int. j. of Social Science and Economic Research, vol. 4, no. 7, July 2019, pp. 5196-5204, ijsser.org/more2019.php?id=397. Accessed July 2019. APA Khalid, B., & Rachid, C. (2019, July). BIG DATA IN ECONOMIC ANALYSIS: ADVANTAGES AND CHALLENGES. Int. j. of Social Science and Economic Research, 4(7), 5196-5204. Retrieved from ijsser.org/more2019.php?id=397 Chicago Khalid, BALAR, and CHAABITA Rachid. "BIG DATA IN ECONOMIC ANALYSIS: ADVANTAGES AND CHALLENGES." Int. j. of Social Science and Economic Research 4, no. 7 (July 2019), 5196-5204. Accessed July, 2019. ijsser.org/more2019.php?id=397.
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Abstract: In this paper, we focus on the impact of big data in the economic field. The potential for big data and Predictive Analytics to improve outcomes is tremendous. We discuss some of the latest (and most interesting) methods currently available for analyzing and utilizing big data when the objective is improved prediction. Our discussion includes a summary of various so?called dimension reduction and machine learning methods as well as a summary of recent tools that are useful for ranking prediction models associated with the implementation of these methods. We also provide a brief empirical illustration of big data in action, in which we show that the granularity and multidimensionality of big data offers advantages to economists in identifying economic trends when they occur (nowcasting), testing the behavioral theories of previously untested agents, and creating a set of tools for manipulating and analyzing this data. However, even though these new databases and statistical techniques open up many opportunities, they also pose many challenges for economists: access to these data, the ability to replicate them, and the development of technical skills to manipulate them. Also, closer collaboration between big data companies and researchers working on Big Data would be highly beneficial for the advancement of economic discipline.

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