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An Econometrician's Perspective on Big Data

Cheng HSIAO;University of Southern California;  
In light of the three features of big data, this paper analyzes the impacts of big data on econometric modeling, prediction and measuring or simulating the impacts of social policies, and discusses some specific methodological challenges in light of the availability of big data. Big data sets shed light on economic analysis and prediction. However, big data is not a panacea. No matter how many digital sensors are placed worldwide and how thorough the data are collected, as long as the world is not a deterministic world, statistical analysis based on probability theory, understanding of economics and institutional and historical backgrounds remain essential.
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