Are Machine Learning (ML) algorithms superior to traditional econometric models for GDP nowcasting in a time series setting? Based on our evaluation of all models from both classes ever used in ...

Discover how the Luhn Algorithm verifies credit card accuracy, supports secure transactions, and helps prevent errors in inputting Social Security numbers.

Probabilistic models, such as hidden Markov models or Bayesian networks, are commonly used to model biological data. Much of their popularity can be attributed to the existence of efficient and robust ...

Learn how prior probability informs economic theory and decision-making in Bayesian statistics. Understand its role before collecting new data.