by martingale
Fri Oct 31st, 2008 at 02:37:25 AM EST
I think this is a legitimate question. Does the Anglo Disease concept
deserve a Wikipedia entry, and if so, why isn't it there yet?
by martingale
Wed Sep 24th, 2008 at 01:45:06 AM EST
It's common these days to condemn the finance industry for all sorts of
outrageous practices. The Gods know that they deserve it, and it's been
most of a century since people were broadly receptive to new ideas on
this topic anyway. Yet in their zeal to pour scorn, commentators can
sometimes try too hard. One such commentator is Nassim Taleb,
whose essay "The
Fourth Quadrant: A Map Of The Limits Of Statistics" is a good example
of throwing the baby out with the bathwater.
I find it difficult to characterize the essay in a single sentence.
Taleb is a former computer trader, and his expertise applies to
commenting on the
probabilistic and statistical methods that are used in the finance
industry.
Yet I find it's a hodge podge of rhetorical tricks,
various analogies, and sundry
mathematical claims as well as free advice. While the overall aim
is certainly well meaning, I can't say I'm actually convinced by the
details.
That's also not to say that all's well in the way statistics is
used in practice. But it's ridiculous to scapegoat a tool to spite an
industry.
