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research article

Socioeconomic characterization of regions through the lens of individual financial transactions

Hashemian, Behrooz
•
Massaro, Emanuele  
•
Bojic, Iva
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2017
Plos One

People are increasingly leaving digital traces of their daily activities through interacting with their digital environment. Among these traces, financial transactions are of paramount interest since they provide a panoramic view of human life through the lens of purchases, from food and clothes to sport and travel. Although many analyses have been done to study the individual preferences based on credit card transaction, characterizing human behavior at larger scales remains largely unexplored. This is mainly due to the lack of models that can relate individual transactions to macro-socioeconomic indicators. Building these models, not only can we obtain a nearly real-time information about socioeconomic characteristics of regions, usually available yearly or quarterly through official statistics, but also it can reveal hidden social and economic structures that cannot be captured by official indicators. In this paper, we aim to elucidate how macro-socioeconomic patterns could be understood based on individual financial decisions. To this end, we reveal the underlying interconnection of the network of spending leveraging anonymized individual credit/debit card transactions data, craft micro-socioeconomic indices that consists of various social and economic aspects of human life, and propose a machine learning framework to predict macro-socioeconomic indicators.

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Type
research article
DOI
10.1371/journal.pone.0187031
Web of Science ID

WOS:000416841900012

Author(s)
Hashemian, Behrooz
Massaro, Emanuele  
Bojic, Iva
Arias, Juan Murillo
Sobolevsky, Stanislav
Ratti, Carlo
Date Issued

2017

Published in
Plos One
Volume

12

Issue

11

Article Number

e0187031

Editorial or Peer reviewed

REVIEWED

Written at

EPFL

EPFL units
HERUS  
Available on Infoscience
January 15, 2018
Use this identifier to reference this record
https://infoscience.epfl.ch/handle/20.500.14299/144111
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