Introduced formally by the renowned economist Robert Shiller in January 2017, narrative economics studies the impact of popular narratives and stories on economic fluctuations in the context of human interests and emotions. Professor Shiller is one of few economists to have predicted both the Great Recession of 2007–2009 and the dot-com crash. The term “narrative” refers to stories or ideas, particularly those of human interest and emotion that are spread through human communication. The human brain has been found to be highly attuned to narratives, whether factual or not, to justify ongoing decisions, actions, and even prejudices. Stories motivate and connect activities to deeply felt values and needs.
Narrative modeling is determining the narrative from human communication. Simply put, a narrative model summarizes and categorizes the narrative and associated emotion parameters. Narrative modeling is more challenging compared to sentiment analysis—the determination of positive, negative, or neutral sentiment in a piece of text. Narrative modeling involves emotion analysis, topic modeling, ER (entity-relation) extraction, and subject modeling. Andreea Kremm and Mohammed Ibraaz Syed describe the use of emotion analysis, entity relationship extraction, and topic modeling in modeling narratives from written human communication and share some of the work they’ve done in these areas.
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Andreea Kremm is the founder of Netex Group, an international business service provider with over 700 employees in nine countries. Andreea has over 20 years of experience successfully implementing solutions for international online businesses, drawing on her expertise in computer science and psychology. Andreea holds a master’s degree in psychology from the University of Roehampton in London and is currently a PhD student in Psychology at Northcentral University in Arizona.
Mohammed Ibraaz Syed recently completed his master’s degree in applied economics at UCLA, where he focused on utilizing data science and machine learning techniques to solve economic problems. One of his primary research interests is applying artificial intelligence (AI) algorithms to extract narratives from a corpus of text. Previously, Ibraaz worked at the World Bank, providing analysis of the bank’s existing work and developing databases that have been used to draw inferences and implications for improving the bank’s activities. Ibraaz holds a BA in economics and a BSc in mathematics from the University of Maryland, College Park.
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