Blogging the Bookshelf

Blogging my bookshelf – one book at a time

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Entries Tagged as 'Big Data'

More Data Means More Noise – “The Signal and the Noise: The Art and Science of Prediction”, Nate Silver

November 21st, 2012 · Comments Off on More Data Means More Noise – “The Signal and the Noise: The Art and Science of Prediction”, Nate Silver · Data, Prediction, Statistical Inference, Statistics

As there is an exponential increase in the amount of available information, there is likewise an exponential increase in the number of hypotheses to investigate. For instance, the U.S. government now publishes data on about 45,000 economic statistics. If you want to test for relationships between all combinations of two pairs of these statistics—is there […]

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In Medicine, Stupid Models Kill People – “The Signal and the Noise: The Art and Science of Prediction”, Nate Silver

November 20th, 2012 · Comments Off on In Medicine, Stupid Models Kill People – “The Signal and the Noise: The Art and Science of Prediction”, Nate Silver · Data, Prediction, Statistical Inference, Statistics

Much of the most thoughtful work on the use and abuse of statistical models and the proper role of prediction comes from people in the medical profession. That is not to say there is nothing on the line when an economist makes a prediction, or a seismologist does. But because of medicine’s intimate connection with […]

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The Diminishing Returns of Additional Information – “The Signal and the Noise: The Art and Science of Prediction”, Nate Silver

November 13th, 2012 · Comments Off on The Diminishing Returns of Additional Information – “The Signal and the Noise: The Art and Science of Prediction”, Nate Silver · Causation and Correlation, Data, Modelling, Statistical Inference, Statistics

Our biological instincts are not always very well adapted to the information rich modern world. Unless we work actively to become aware of the biases we introduce, the returns to additional information may be minimal—or diminishing.

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