Similarity/Likeability: Statistical Error Project discussion
Business Finance
Attached you will find the word document that needs to be filled out.
The descriptions and examples of the error are not to be plagiarized from peers or the internet.
I have included the definition for each error and you need to add the following:
- A description of each
- An example of each
I have included a sample entry below to better explain the process and what I expect. Please make sure that description and examples are clearly described.
Statistical Error: Algorithm Aversion
Definition: Evidence-based algorithms more accurately predict the future than do human forecasters. Yet when forecasters are deciding whether to use a human forecaster or a statistical algorithm, they often choose the human forecaster.
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Description: We like to rely on human judgment. people more quickly lose confidence in algorithmic than human forecasters after seeing them make the same mistake. Example: An example is people who don’t leave during hurricanes. Even though there is sophisticated analysis detailing weather patterns and the likelihood of a storm hitting a particular area, some people ‘go with their gut’ and stay at home. |
