Hurray for Simplicity
In a great book excerpt, we learn that simple shortcuts are better at explaining the economy than statisticians’ extensive econometric models.
One of my favorite authors, Nassim Taleb, just posted an excerpt from a book that really caught my attention. It’s a small excerpt that tells a story about a statistician who tried to prove that statistical short cuts were costing businesses a bundle. He wanted to prove that companies should use state of the art extensive econometric models. Horror of horrors, he found out that the simple methods actually worked better.
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