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UID:submissions.pasc-conference.org_PASC24_sess110@linklings.com
SUMMARY:MS6F - Advances of Deep Learning in Economics
DESCRIPTION:Minisymposium\n\nThis minisymposium, "Advances of Deep Learnin
 g in Economics," focuses on the intersection of economic research and comp
 utational methods. Esteemed speakers, including Douglas Araujo from the Ba
 nk of International Settlements, Jonathan Payne from Princeton University,
  Aleksandra Friedl from the Ifo Institute, and Adam Zhang from the Univers
 ity of Minnesota, will share their ground-breaking work. Araujo's presenta
 tion, "Benchmarking economic reasoning in artificial intelligence models,"
  leverages insights from the large language model benchmarking literature 
 and the social economics literature to inform the design of benchmarking t
 ests. Payne's talk, "Deep Learning Solutions to Master Equations for Conti
 nuous Time Heterogeneous Agent Macroeconomic Models," applies deep learnin
 g to understand the complexities of continuous time models featuring rich 
 heterogeneity. Friedl will discuss "Green energy transition: decarbonisati
 on of developing countries and the role of technological spillovers," high
 lighting deep learning's efficacy in solving high-dimensional climate econ
 omics models. Lastly, Zhang's "Before and After Target Date Investing: The
  General Equilibrium Implications of Retirement Saving Dynamics" explores 
 financial innovation's equilibrium effects using a unique machine learning
  approach. This symposium exemplifies the profound impact of computational
  methods, particularly deep learning, on advancing economic modeling and a
 nalysis, promising new insights in econometrics, macroeconomics, and finan
 ce.\n\nThe General Equilibrium Implications of Retirement Saving Dynamics\
 n\nThis paper quantifies the general equilibrium effects of financial inno
 vation that increases access to equity markets. I study an overlapping gen
 erations model with both idiosyncratic and aggregate risk, solved with mac
 hine learning techniques. A benchmark economy with limited stock market pa
 rticipa...\n\n\nAdam Zhang (University of Minnesota, Department of Finance
 )\n---------------------\nBenchmarking Economic Reasoning in Artificial In
 telligence Models\n\nA theory-informed test of reasoning in artificial int
 elligence (AI) combines three sequential steps to consider correct answers
  as the result of a reasoning process as opposed to luck of probabilistic 
 word matching. The first step is information filtering, where an AI model 
 that reasons must disting...\n\n\nDouglas Araujo (Bank for International S
 ettlements)\n---------------------\nDeep Learning Solutions to Master Equa
 tions for Continuous Time Heterogeneous Agent Macroeconomic Models\n\nWe p
 ropose new global solution algorithms for continuous time heterogeneous ag
 ent economies with aggregate shocks.We first approximate the state space s
 o the master equation becomes a high, but finite, dimensional partial diff
 erential equation. We then approximate the value function using neural net
 ...\n\n\nJonathan Payne and Zhouzhou Gu (Princeton University), Mathieu La
 urière (New York University), and Sebastian Merkel (University of Exeter)\
 n---------------------\nGreen Energy Transition: Decarbonisation of Develo
 ping Countries and the Role of Technological Spillovers\n\nThe green energ
 y transition is necessary within the next few decades to mitigate climate 
 change.\nIn the paper, I explore the effectiveness of carbon pricing and t
 he role of technological spillovers in\nachieving decarbonization, with a 
 particular focus on the challenges faced by developing countries....\n\n\n
 Aleksandra Friedl (ifo Institut)\n\nDomain: Applied Social Sciences and Hu
 manities, Computational Methods and Applied Mathematics\n\nSession Chairs:
  Aleksandra Friedl (ifo Institut), Simon Scheidegger (University of Lausan
 ne), and Yucheng Yang (University of Zurich)
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