The Real Work of Data Science by Ron S. Kenett & Thomas C. Redman

Author:Ron S. Kenett & Thomas C. Redman
Language: eng
Format: epub
ISBN: 9781119570769
Publisher: Wiley
Published: 2019-04-15T00:00:00+00:00

Solid Scientific Footings

To develop a deeper appreciation for a scientific framework for handling bias in decision making, data scientists should study the groundbreaking work of two psychologists: Amos Tversky and Daniel Kahneman. Tversky died from leukemia in 1996 at a relatively young age, while Kahneman was awarded the 2002 Nobel Prize in Economics. They established behavioral economics, a new domain of great importance to data science. See Lewis (2017) for a popular description of the work.

A brief summary: we know now that decision‐makers are affected by several mechanisms that blur their ability to properly interpret data‐driven reports, including:

base rate neglect

overconfidence

anchoring

representativeness

availability

regression toward the mean

spurious correlation

framing.

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