At "The Trouble With Robo-Lending", WSJ, Nov. 13, 2010 Amir Bhidé wisely notes, contrary to the seductive memes of statistical model religionists, that:
and that:
Wait until "Robo-Medicine" hits, where on-the-spot judgments about medical care get replaced with statistical models of treatment, for example, in the form of electronic medical records-hosted "decision support" based on "comparative effectiveness research."
We apparently have not yet learned our lessons from the financial crisis regarding statistical legerdemain in fields where statistics should never replace human judgment. It's only money.
However, the fundamental truths within the adage "there are three kinds of lies: lies, damned lies, and statistics" will become exceedingly and painfully clear from the medical mayhem that results when Robo-Medicine replaces Dr. Welby.
-- SS
"High-touch gave way to high-tech. Statistical models that took no heed of specific circumstances replaced the bankers' on-the-spot judgments"
and that:
"Robo-lending and the securitization it facilitates lead to the misallocation of capital and economic instability."
Wait until "Robo-Medicine" hits, where on-the-spot judgments about medical care get replaced with statistical models of treatment, for example, in the form of electronic medical records-hosted "decision support" based on "comparative effectiveness research."
We apparently have not yet learned our lessons from the financial crisis regarding statistical legerdemain in fields where statistics should never replace human judgment. It's only money.
However, the fundamental truths within the adage "there are three kinds of lies: lies, damned lies, and statistics" will become exceedingly and painfully clear from the medical mayhem that results when Robo-Medicine replaces Dr. Welby.
-- SS