A few interesting sentences from "Mining for data" from CBC Canada (Full article):
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Business writer Stephen Baker says in an interview that our casual disclosure of personal data in our daily lives provides grist for computer scientists, mathematicians, programmers, and others who are mining the data to make sense of it. These people, which Baker dubs the Numerati, are modeling and predicting our behavior, and the applications borne from their efforts are dramatically influencing our lives. Baker argues, for instance, that the Numerati are to a certain degree accountable for the global financial crisis because banks' investment decisions are based on algorithms that the Numerati designed according to their understanding of risks, or lack thereof. "It's important to understand that you can have the best math in the world, but if you don't understand human behavior, then you cannot calculate risk when it comes to market behavior," Baker asserts.
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Maybe it is promising to integrate human factors into the math-heavy data mining of nowadays.
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Business writer Stephen Baker says in an interview that our casual disclosure of personal data in our daily lives provides grist for computer scientists, mathematicians, programmers, and others who are mining the data to make sense of it. These people, which Baker dubs the Numerati, are modeling and predicting our behavior, and the applications borne from their efforts are dramatically influencing our lives. Baker argues, for instance, that the Numerati are to a certain degree accountable for the global financial crisis because banks' investment decisions are based on algorithms that the Numerati designed according to their understanding of risks, or lack thereof. "It's important to understand that you can have the best math in the world, but if you don't understand human behavior, then you cannot calculate risk when it comes to market behavior," Baker asserts.
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Maybe it is promising to integrate human factors into the math-heavy data mining of nowadays.
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