Comment by closewith
2 months ago
In all cases, data-driven means we establish context for our gut decisions. In the end, it's always a judgement call.
2 months ago
In all cases, data-driven means we establish context for our gut decisions. In the end, it's always a judgement call.
Robin Hanson recently related the story of a firm which actually made data-driven decisions, back in the early 80's: https://www.overcomingbias.com/p/hail-jeffrey-wernick
It went really well, and then nobody ever tried it again.
That's a counter-example. The prediction markets were used to inform gut feelings, not controlling the company, and in the end, when he wanted to stop, he stopped following the markets and shut the company.