ML, Forecasting, and Market Design

February 12, 2018
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(This article was originally published at No Hesitations, and syndicated at StatsBlogs.)

Nice stuff from Milgrom and Tadelis. Improved forecasting via improved machine learning in turn helps improve our ability to design effective markets -- better anticipating consumer/producer demand/supply movements, more finely segmenting and targeting consumers/producers, more accurately setting auction reserve prices, etc. Presumably full density forecasts, not just the point forecasts on which ML tends to focus, should soon move to center stage.
http://www.nber.org/chapters/c14008.pdf



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