Simulation - The Challenge for Data Science - J. Doyne Farmer

Explore the challenges and opportunities in simulation science for data analysis in this thought-provoking lecture by J. Doyne Farmer at the Alan Turing Institute. Delve into the limitations of machine learning and the potential of simulation models for addressing complex problems like policy analysis. Learn about innovative methods for parameter estimation and initialization in simulation models, drawing inspiration from meteorology. Discover how solving these cutting-edge data science problems could elevate simulation science to rival machine learning in usefulness. Gain insights into complexity economics, financial systems, and technological progress from an expert in the field. Examine topics such as heterogeneity, unemployment, standard economic theory, rational expectations, and the concept of complexity in economics.

Intro
The Financial System
Heterogeneity
Unemployment
Economics
Standard Economic Theory
Rational Expectations
Adding Frictions
The Alternative
Beauty Contest
Balancing a Pole
Complexity
Complexity Economics