A New Horizon in Econometrics: Big Data and Machine Learning

Big data and machine learning begun to be interested in econometrics for only past few years while they have been widely used in different areas of science for many years. This growing interest has led to the use of machine learning algorithms and methods in the field of econometrics. In this study, the concept of big data, features of big data, its advantages, challenges and the relationship between big data and machine learning were investigated. The role and importance of big data and machine learning in econometrics were researched and the developments in related literature were investigated. In addition, the difference between machine learning and econometrics was also emphasized