By Stephen Bruestle, PhD. (Economics)
Host: SoBigData.IT - KDD Lab, ISTI-CNR, Pisa, Italy
Most economists do not use clustering. We like to identify a small, fixed number of parameters. And, clustering has many parameters.
Economics will have to change to stay relevant. Developments in data and data science make clustering more practical. Businesses are relying more on clustering. Economists should do the same.
My idea is simple. I will use clustering to solve an economics problem. Specifically, I will use clustering to define markets.