Nobel Prize in Economics: 2022

 Computational models of economic processes

This year's Nobel Prize in Economics went to Ben Bernanke, Douglas Diamond, and Philip Dybvig. This paper is only a small summary of their lifetime research which focused on many aspects of economic cycles and the roles of banking in crises.

We are in the era of very large #ML models of natural language. Extensive data sets describing processes might give rise to a field like computational economics, given that scientists have been working on theoretical models for decades. Of course, building generative models similar to #GPT will not be easy. But, those models could be applied to predicting future economic conditions, which might be tremendously important for the decision-makers. The Journal of Computational Economics will probably describe those large models first.

#computationaleconomics #economics #nobelprize #AI #deeplearning #research #banking #economy #modeling #simulation

https://www.nobelprize.org/uploads/2022/10/popular-economicsciencesprize2022-2.pdf