http://www.wired.com/techbiz/it/magazine/17-03/wp_quant?currentPage=all
The contents of the article shouldn't be news to anyone who is familiar with the sort of assumptions made in financial models. More importantly, it shouldn't be news that a lot second-rate hacks simply blindly applied this approach without bothering to understand the flaws. The article is however, a good case study of bad statistical modelling and its consequences.
Something worth reading
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Something worth reading
The scientific method," Thomas Henry Huxley once wrote, "is nothing but the normal working of the human mind." That is to say, when the mind is working; that is to say further, when it is engaged in corrrecting its mistakes. Taking this point of view, we may conclude that science is not physics, biology, or chemistry—is not even a "subject"—but a moral imperative drawn from a larger narrative whose purpose is to give perspective, balance, and humility to learning.
Neil Postman
(The End of Education)
Anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that my ignorance is just as good as your knowledge
Isaac Aasimov
Neil Postman
(The End of Education)
Anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that my ignorance is just as good as your knowledge
Isaac Aasimov
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Technomancer - Posts: 2379
- Joined: Fri Jun 13, 2003 11:47 am
- Location: Tralfamadore
I appreciate this. General articles have been mentioning this model off hand for a while, but naturally none of them ever give the actual formula, much less a cogent analysis of its problems.
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uc pseudonym - Posts: 15506
- Joined: Tue Jun 10, 2003 4:00 am
- Location: Tanzania
Having been forced to fiddle with the copula by my thesis supervisor, I'm familiar with how sensitive it can be to mismatched models. My basic opinion was that it was a waste of time to apply it to the problem we had.
The scientific method," Thomas Henry Huxley once wrote, "is nothing but the normal working of the human mind." That is to say, when the mind is working; that is to say further, when it is engaged in corrrecting its mistakes. Taking this point of view, we may conclude that science is not physics, biology, or chemistry—is not even a "subject"—but a moral imperative drawn from a larger narrative whose purpose is to give perspective, balance, and humility to learning.
Neil Postman
(The End of Education)
Anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that my ignorance is just as good as your knowledge
Isaac Aasimov
Neil Postman
(The End of Education)
Anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that my ignorance is just as good as your knowledge
Isaac Aasimov
-
Technomancer - Posts: 2379
- Joined: Fri Jun 13, 2003 11:47 am
- Location: Tralfamadore
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