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Data Science for Institutional and Organizational Economics

Author

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  • Prüfer, Jens

    (Tilburg University, TILEC)

  • Prüfer, Patricia

    (Tilburg University, TILEC)

Abstract

To what extent can data science methods – such as machine learning, text analysis, or sentiment analysis – push the research frontier in the social sciences? This chapter briefly describes the most prominent data science techniques that lend themselves to analyses of institutional and organizational governance structures. The authors elaborate on several examples applying data science to analyze legal, political, and social institutions and sketch how specific data science techniques can be used to study important research questions that could not (to the same extent) be studied without these techniques. They conclude by comparing the main strengths and limitations of computational social science with traditional empirical research methods and its relation to theory.
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Suggested Citation

  • Prüfer, Jens & Prüfer, Patricia, 2018. "Data Science for Institutional and Organizational Economics," Discussion Paper 2018-011, Tilburg University, Tilburg Law and Economic Center.
    • Handle: RePEc:tiu:tiutil:4392ac65-4fb6-4e9a-a92d-5da46339c7a9
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    References listed on IDEAS

    as
    1. Alessandro Acquisti & Curtis Taylor & Liad Wagman, 2016. "The Economics of Privacy," Journal of Economic Literature, American Economic Association, vol. 54(2), pages 442-492, June.
    2. Claude Ménard & Mary M. Shirley, 2018. "A Research Agenda for New Institutional Economics," Post-Print hal-02046587, HAL.
    3. Sendhil Mullainathan & Jann Spiess, 2017. "Machine Learning: An Applied Econometric Approach," Journal of Economic Perspectives, American Economic Association, vol. 31(2), pages 87-106, Spring.
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    6. Jens Prüfer & Christoph Schottmüller, 2021. "Competing with Big Data," Journal of Industrial Economics, Wiley Blackwell, vol. 69(4), pages 967-1008, December.
    7. Hal R. Varian, 2014. "Big Data: New Tricks for Econometrics," Journal of Economic Perspectives, American Economic Association, vol. 28(2), pages 3-28, Spring.
    8. Rios-Morales, Ruth & Gamberger, Dragan & Smuc, Tom & Azuaje, Francisco, 2009. "Innovative methods in assessing political risk for business internationalization," Research in International Business and Finance, Elsevier, vol. 23(2), pages 144-156, June.
    9. Claude Ménard & Mary M. Shirley (ed.), 2018. "A Research Agenda for New Institutional Economics," Books, Edward Elgar Publishing, number 17960.
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    Cited by:

    1. Jens Prüfer & Patricia Prüfer, 2020. "Data science for entrepreneurship research: studying demand dynamics for entrepreneurial skills in the Netherlands," Small Business Economics, Springer, vol. 55(3), pages 651-672, October.

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    More about this item

    Keywords

    data science; maching learning; institutions; text analysis;
    All these keywords.

    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C87 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Econometric Software
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • K0 - Law and Economics - - General

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