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Data Engineering for Cognitive Economics

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  • Andrew Caplin

Abstract

Cognitive economics studies imperfect information and decision-making mistakes. A central scientific challenge is that these can't be identified in standard choice data. Overcoming this challenge calls for data engineering, in which new data forms are introduced to separately identify preferences, beliefs, and other model constructs. I present applications to traditional areas of economic research, such as wealth accumulation, earnings, and consumer spending. I also present less traditional applications to assessment of decision-making skills, and to human-AI interactions. Methods apply both to individual and to collective decisions. I make the case for broader application of data engineering beyond cognitive economics. It allows symbiotic advances in modeling and measurement. It cuts across existing boundaries between disciplines and styles of research.

Suggested Citation

  • Andrew Caplin, 2025. "Data Engineering for Cognitive Economics," Journal of Economic Literature, American Economic Association, vol. 63(1), pages 164-196, March.
    • Handle: RePEc:aea:jeclit:v:63:y:2025:i:1:p:164-96
    DOI: 10.1257/jel.20241351
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    More about this item

    JEL classification:

    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G50 - Financial Economics - - Household Finance - - - General
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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