Sentiment Analysis of Economic Text: A Lexicon-Based Approach
This provides a domain-specific tool for economists and researchers analyzing sentiment in economic documents, but it is incremental as it builds on existing lexicon-based methods.
The authors tackled the problem of sentiment analysis in economic texts by creating an Economic Lexicon (EL) with wide coverage and human-annotated sentiment scores, showing it is superior to other lexicons in domain relevance and accuracy.
We propose an Economic Lexicon (EL) specifically designed for textual applications in economics. We construct the dictionary with two important characteristics: 1) to have a wide coverage of terms used in documents discussing economic concepts, and 2) to provide a human-annotated sentiment score in the range [-1,1]. We illustrate the use of the EL in the context of a simple sentiment measure and consider several applications in economics. The comparison to other lexicons shows that the EL is superior due to its wider coverage of domain relevant terms and its more accurate categorization of the word sentiment.