![]() ![]() Driscoll has a better written description of the above points, along with the guidelines.Įd Vul, Christine Harris, Piotr Winkielman, and Harold Pashler wrote an article where:ġ. It would definitely turn fewer students off than the usual package full of integrals, density functions, t-tests and p-values. access, understand, and communicate the insights of data analysis.visualize, communicate and effectively utilize the data.:) But the teaching of introductory statistics really has to convey how to: I'm sure everyone reading this blog will feel warmer and fuzzier now. Managers need to be able to access and understand the data themselves. But I do think those skills-of being able to access, understand, and communicate the insights you get from data analysis-are going to be extremely important. You also want to be able to visualize the data, communicate the data, and utilize it effectively. I think statisticians are part of it, but it's just a part. So the complimentary scarce factor is the ability to understand that data and extract value from it. Because now we really do have essentially free and ubiquitous data. People think I'm joking, but who would've guessed that computer engineers would've been the sexy job of the 1990s? The ability to take data-to be able to understand it, to process it, to extract value from it, to visualize it, to communicate it-that's going to be a hugely important skill in the next decades, not only at the professional level but even at the educational level for elementary school kids, for high school kids, for college kids. I keep saying the sexy job in the next ten years will be statisticians. The hypothesis might be that both have effects: that people suffering personal reversals might show more uncertainty aversion, and that, on top of this, everyone might tend to show more uncertainty aversion during economic downturns.Ĭould be an interesting study, although I doubt that such data are available.Ī McKinsey interview (sorry, it's behind a registration wall, but the registration is worth it if you're interested in business topics or "futurism") with Google's chief economist Hal Varian has an interesting quote: The next step would be to analyze such data to separate out, to the extent possible, effects of individual economic status and national trends. The respondents referred to econ literature on stock market trading and on wealth and economic decision making, but my impression was that Christopoulos was looking for something more psychological: something like a meta-analysis of studies of uncertainty aversion (I prefer to avoid the term "risk aversion" or even "loss aversion," for reasons I've discussed at length on this blog) over time, to see if subjects in an identical experiment show more uncertainty aversion in bad times than good. There were a couple of responses on the list, but they seemed to me to miss the point slightly. On the often-interesting judgment and decision making listserv, George Christopoulos wrote: It seems that in situations similar to the present economic situation economic agents are less willing to take risks and instead they prefer safer options.Ĭould somebody point to studies that show this negative relationship between depression /recession (or when generally when wealth resources are low) and increased (relative?) risk aversion?
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