Our news and views relating to Data Analytics, Big Data, Machine Learning, and the world of Credit.
Bringing automation into the credit assessment process through credit scoring brings about significant benefits. Some of these benefits include:
This blog was originally published on 13 March 2019 and updated on 3 April 2019.
For a while, we have been running a blog series on cognitive biases and logical fallacies that data scientists should avoid. In this final blog on the subject, we look at some of the other logical fallacies and how they might crop up in data analytics.
For a while, we have been running a blog series on cognitive biases and logical fallacies that data scientists should avoid. In philosophy there are a host of informal logical fallacies – essentially errors in thinking – that crop up every day. In this series we have looked at the practice of data science to determine how these same fallacies also occur. Today we will be looking at fallacies and their manifestation in credit: The Monte-Carlo fallacy and the Hot-hand fallacy with some studies in the credit world.