New probabilistic models could help manage unstructured data
An ERC project has been granted jointly to Imperial College (London) and BGSE in the field of text analytics. Started back in Sept 2020, and will last for 5 years.
The amount of data generated each day is overwhelming. Most of it is unstructured, meaning that it cannot easily be stored in databases. It is therefore more difficult to analyse and is not searchable. Common examples of unstructured data include text files, transaction data, images and web browsing histories.
The EU-funded UnStruct project plans to build novel probabilistic models that link unstructured data directly to relevant economic parameters. Studies will focus on three main themes: how information about economic conditions is dispersed amongst agents, and how they aggregate it through interactions; the evolution of an economy hit by multiple shocks; and transaction payments between firms.
Stephen Hansen, Laura Battaglia, Yabra Muvdi.