Artificial Neuro Network (ANN) Applications in Economics: A Survey of Emprical Literature and Its Using on Economic Studies

Abstract

Neural networks are increasingly being used in real-world business applications and, in some cases, such as fraud detection, they have already become the method of choice. Their use for risk assessment is also growing and they have been employed to visualize complex databases for marketing segmentation. This boom in applications covers a wide range of business interests from finance management, through forecasting,to production. Neural networks can be utilized in both macro- and micro economic analysis, with clear potential to improve the timeliness and quality of economic forecasting. A form of artificial intelligence, neural networks provides significant potential in economic applications by increasing the flexibility of the process ofeconomic forecasting. In this paper, by surveying empirical literature and its using on economics studies artificial neuro network applications have been analyzed. This is anew and developing approach in economics studies. It can be useful to apply on relative areas of economics like labor economics and the other economical problems. Economists can make a forecasting using by ANN on economics studies in the near future.