X

Artificial Intelligence for Economics

By Prof. Adway Mitra, Prof. Dripto Bakshi, Prof. Palash Dey   |   IIT Kharagpur
Learners enrolled: 5637   |  Exam registration: 418
ABOUT THE COURSE:
AI/ML are increasingly being used in various disciplines of science, technology and humanities. They have a wide scope of application in Economics, a subject which has profound influence on the workings of modern society. This course aims to inform students of the key ideas of AI/ML and how they can be applied in the domain of Economics & Finance. The course will include various use-cases based on modern research papers, while also equipping them with the necessary theoretical tools for the same. These will include relevant algorithms in Artificial Intelligence including optimization and search, Machine Learning including predictive algorithms for different types of data, Game Theory and Mechanism Design.

INTENDED AUDIENCE:
UG/PG/PhD students of AI/ML with interest in Economics.
UG/PG/PhD students of Economics with interest in AI/ML

PREREQUISITES:
Basic Engineering/UG level Mathematics and Statistics
Basic Economics, AI or ML will be useful but not necessary.

INDUSTRY SUPPORT:
Finance and Banking, Online Retail and E-commerce, Energy, transportation and logistics, Government and Public Policy
Summary
Course Status : Completed
Course Type : Elective
Language for course content : English
Duration : 8 weeks
Category :
  • Computer Science and Engineering
Credit Points : 2
Level : Postgraduate
Start Date : 22 Jul 2024
End Date : 13 Sep 2024
Enrollment Ends : 05 Aug 2024
Exam Registration Ends : 16 Aug 2024
Exam Date : 22 Sep 2024 IST

Note: This exam date is subject to change based on seat availability. You can check final exam date on your hall ticket.


Page Visits



Course layout

Week 1:  Motivating Applications of AI/ML in Economics & Politics. Basic ideas of AI/ML, formulating / deciphering real life problems using these techniques. - DB

Week 2: 
Optimization and Search techniques (unconstrained and constrained optimization, concept of pareto-optimality, heuristic search, game tree) - AM

Week 3: 
Basic Predictive Algorithms (Linear Regression, Decision Trees, Random Forests, Bayesian classifier), Neural Networks, Time Series Prediction - AM

Week 4: 
Causality and Attribution (Shapley value analysis of predictive models, Granger Causality, Causal Graphical Models and do-Calculus, Randomized Control Trials) - AM Put-call, Hedging - DB

Week 5: 
Introduction to Game Theory (Cooperative and noncooperative Game Theory, dilemma problems), Bayesian Games, Mechanism Design with Economics applications - DB

Week 6: 
Auction Theory (Vickrey, Myerson Auctions), Case studies of auctions, advertising strategies on the internet - PD

Week 7: 
Case Studies: i) Learning Theory for Economics ii) Customer Behavior Analysis for Recommender Systems - PD(i) DB(ii)

Week 8: 
Case studies: i) Reinforcement Learning in Finance, ii) Multi-agent simulation of economic systems, Econo-physics - AM

Books and references

Mullainathan, Sendhil, and Jann Spiess. 2017. "Machine Learning: An Applied Econometric Approach." Journal of Economic Perspectives, 31 (2): 87-106.

Athey, Susan, and Guido W. Imbens. "Machine learning methods that economists should know about." Annual Review of Economics 11 (2019): 685-725.

Goulet Coulombe, Philippe, et al. "How is machine learning useful for macroeconomic forecasting?." Journal of Applied Econometrics 37.5 (2022): 920-964.

Instructor bio

Prof. Adway Mitra

IIT Kharagpur
Prof. Adway Mitra is an assistant professor at the Centre of Excellence in AI. He works in the domain of Machine Learning and its applications in climate, remote sensing and modeling of physical processes. He designed and launched the course “Machine Learning for Earth System Sciences” in IIT Kharagpur, that is offered in every Spring Semester since 2020.


Prof. Dripto Bakshi

Prof. Dripto Bakshi is an Assistant Professor in the Humanities and Social Science Department, IIT Kharagpur. He specializes in Game Theory and Economics of Conflict


Prof. Palash Dey

Prof. Palash Dey is an Assistant Professor in the Department of Computer Science and Engineering at Indian Institute of Technology, Kharagpur since 2018. Before joining IIT Kharagpur, he was a post-doctoral INSPIRE faculty in TIFR, Mumbai for one year. He finished his Ph.D. and M.E. from the Department of Computer Science and Automation at Indian Institute of Science, Bangalore in 2017 and 2013 respectively. Prior to that, he finished his B.E. from the Department of Computer Science and Engineering at Jadavpur University in 2010. His primary field of research is algorithmic game theory. He is broadly interested in theoretical computer science.

Course certificate

The course is free to enroll and learn from. But if you want a certificate, you have to register and write the proctored exam conducted by us in person at any of the designated exam centres.
The exam is optional for a fee of Rs 1000/- (Rupees one thousand only).
Date and Time of Exams: 
22 September 2024 Morning session 9am to 12 noon; Afternoon Session 2pm to 5pm.
Registration url: Announcements will be made when the registration form is open for registrations.
The online registration form has to be filled and the certification exam fee needs to be paid. More details will be made available when the exam registration form is published. If there are any changes, it will be mentioned then.
Please check the form for more details on the cities where the exams will be held, the conditions you agree to when you fill the form etc.

CRITERIA TO GET A CERTIFICATE

Average assignment score = 25% of average of best 6 assignments out of the total 8 assignments given in the course.
Exam score = 75% of the proctored certification exam score out of 100

Final score = Average assignment score + Exam score

YOU WILL BE ELIGIBLE FOR A CERTIFICATE ONLY IF AVERAGE ASSIGNMENT SCORE >=10/25 AND EXAM SCORE >= 30/75. If one of the 2 criteria is not met, you will not get the certificate even if the Final score >= 40/100.

Certificate will have your name, photograph and the score in the final exam with the breakup.It will have the logos of NPTEL and IIT Kharagpur .It will be e-verifiable at nptel.ac.in/noc.

Only the e-certificate will be made available. Hard copies will not be dispatched.

Once again, thanks for your interest in our online courses and certification. Happy learning.

- NPTEL team


MHRD logo Swayam logo

DOWNLOAD APP

Goto google play store

FOLLOW US