Text as Data - Stanford University

Journal of Economic Literature 2019, 57(3), 535 574 IntroductionNew technologies have made available vast quantities of digital text, recording an ever-increasing share of human interac-tion, communication, and culture. For social scientists, the information encoded in text is a rich complement to the more structured kinds of data traditionally used in research, and recent years have seen an explosion of empirical economics research using text as take just a few examples: In finance, text from financial news, social media, and company filings is used to predict asset price movements and study the causal impact of new information.

recognition. Algorithms exist to efficiently parse grammatical structure, disambiguate different senses of words, distinguish key points from secondary asides, and so on. Yet virtually all analysis of text in the social sciences, like much of the text analysis in machine learning more generally, ignores the lion’s share of this complexity ...

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