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An adaptation of a prototype recursive model for evaluating and predicting micro-macro economic data in Botswana

Botswana Journal of Economics

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Field Value
 
Title An adaptation of a prototype recursive model for evaluating and predicting micro-macro economic data in Botswana
 
Creator Mwitondi, KS
 
Subject Data mining
data over-fitting
data recycling
EM algorithm
neural networks
knowledge extraction from data
supervised learning
unsupervised learning.
 
Description Naturally arising patterns in data are known to present potential sources of useful information at both micro and macro-economic levels. We carry out unsupervised and supervised modelling of
Botswana's macro-economic data attributes obtained from disparate sources. Both techniques, commonly used to detect inherent patterns in data, have adjustable parameters which inevitably vary across applications. Thus, we propose a sequential unsupervised-supervised modelling approach in which Exploratory Data Analysis (EDA) is used to detect basic structures in data which are then passed on an algorithm based on the Expectation-Maximisation (EM) mechanics. The EM convergent values are then used to guide data labelling before applying the neural networks model. We demonstrate how future economic structures may be detected, monitored and managed by iteratively focusing on conditional checks of a generic algorithm. For the purposes of modelling robustness, we propose setting up an integrated data repository and source that would provide data-based guidelines to policy makers in addressing the country's economic issues while providing economic researchers access to data and/or information resources. Outstanding issues are identified and discussed and potential future directions are clearly highlighted.

Key words: Data mining, data over-fitting, data recycling, EM algorithm, neural networks, knowledge extraction from data, supervised learning, unsupervised learning.
 
Publisher The Botswana Economics Association
 
Date 2011-03-08
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://www.ajol.info/index.php/boje/article/view/64203
10.4314/boje.v7i11.64203
 
Source Botswana Journal of Economics; Vol. 7 No. 11 (2010); 49-64
1810-0163
1810-0163
 
Language eng
 
Relation https://www.ajol.info/index.php/boje/article/view/64203/51998