2009
DOI: 10.2991/ijcis.2009.2.2.4
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Global Approximations to Cost and Production Functions using Artificial Neural Networks

Abstract: The estimation of cost and production functions in economics usually relies on standard specifications which are less that satisfactory in numerous situations. However, instead of fitting the data with a pre-specified model, Artificial Neural Networks (ANNs) let the data itself serve as evidence to support the model's estimation of the underlying process. In this context, the proposed approach combines the strengths of economics, statistics and machine learning research and the paper proposes a global approxim… Show more

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Cited by 3 publications
(3 citation statements)
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“…As a commonly used nonlinear function approximation tool, artificial neural network has shown great advantages in forecasting, pattern identification, optimization techniques, and signal processing for its nonlinear, flexible, and valid self-organization properties. A variety of problem areas are modeled using ANN [19][20][21] and in many instances, ANN has provided superior results compared to the conventional modeling techniques.…”
Section: Artificial Neural Network Artificial Neural Networkmentioning
confidence: 99%
“…As a commonly used nonlinear function approximation tool, artificial neural network has shown great advantages in forecasting, pattern identification, optimization techniques, and signal processing for its nonlinear, flexible, and valid self-organization properties. A variety of problem areas are modeled using ANN [19][20][21] and in many instances, ANN has provided superior results compared to the conventional modeling techniques.…”
Section: Artificial Neural Network Artificial Neural Networkmentioning
confidence: 99%
“…ANNs have been often used to approximate nonlinear functions, exhibiting significant benefits for prediction, signal processing, optimization, and pattern identification purposes, in light of their valid and flexible nonlinear self-organization characteristics. ANNs are employed to model a wide range of problems [73][74][75] and have yielded more significant outcomes than conventional models in several cases. e present work adopted a typical feed-forward BP NN that had sigmoid hidden neurons along with linear output neurons, as shown in Figure 3.…”
Section: Nn Modelmentioning
confidence: 99%
“…A variety of problem areas are modeled using ANN [35][36][37] and, in many instances, ANN has provided superior results compared to the conventional modeling techniques. 38 It is published by several researchers that ANN performs excellently on pattern recognition tasks and its potential advantages have been addressed in the literature.…”
Section: Artificial Neural Networkmentioning
confidence: 99%