We are driven by our need to reduce the complexities of life…to reduce headwinds for better and faster outcomes.
Hence models were designed to aid us in the decision-making process. They work by making certain assumptions and reading past perceptible trends.
After testing success in the field of high-level mathematics, finance, algorithm trading, and psychology, they have come to dominate our day to day lives.
It’s the “Us Vs. Them” game!
I have been rather warned about the need to design my resume in a bot friendly manner if I want to fancy my chances of meeting a “human hiring manager.”
And I guess a lot of us daily deal with such circumstances as securing an admission, obtaining a loan, or getting a license.
But the moot point is — how do we make sure that simplification is not achieved by sacrificing fairness…
A lot of biases and perceptions get coded in our lives through an algorithm and mostly one has no recourse. These are black boxes and in the name of retaining the competitive edge, no underlying parameters behind making a decision are revealed.
Employing models to derive greater efficiency gains is not wrong if we remember that “a map is not the territory.”