Professor Edward Tsang, Director of CCFEA, gave an invited talk at the World Congress on Computational Intelligence, the world's biggest event in computational intelligence. The conference was held between Sunday 6th July and Friday 11th July, 2014.
Following are the title and abstract of the talk.
Economics: Computation, the missing ingredient in classical economics
In classical economics, computation is taken for granted. The implicit assumption is that, being perfectly rational, everyone can find optimal solutions given the information available. Moreover, everyone can find solutions as good as others, in more or less the same time. If these assumptions were true, then much of computer science and computational intelligence are irrelevant. In this talk, I shall explain that computational intelligence has a major role to play in economics. I shall argue that reinforcement learning, the principle behind evolutionary computation and neural network, is a better alternative to the perfect rationality assumption. Search methods and machine learning are crucial to modelling. Only when computation costs is included could economic models be brought closer to reality.
Page created and maintained by Edward Tsang; updated 2014.07.31