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If you can predict the brand of the car with the color, good for you, gods are in your favor.
For the rest of us, data is insufficient. No matter how good your algorithms are, your predictions will not be accurate. Many people wrote about this and Anand Rajaraman recognized this long time ago, in one of his blog posts.
The reason why this is important now,[...]
If you are not familiar with Praxeology, you have an excuse. After all, Economics is the youngest of all sciences! The central idea behind this science is, that human action is purposeful behavior. To quote Ludwig Von Mises:
Action is will put into operation and transformed into an agency, is aiming at ends and goals, is the ego’s meaningful response to stimuli and to the conditions of its environment, is a person’s conscious adjustment to the state of the universe that determines hi [...]
Have you heard of Apophenia? (Apophenia is the experience of seeing meaningful patterns or connections in random or meaningless data, Wikipedia). I think we are going to see Appophenia pretty soon.
With the advent of apps like Google Now, Groker, Tempo, Sherpas, Osito, SpotOn.it etc predictive intelligence seems like a trend that powers next generation apps and devices.
But what is the cost of bad inferences? false negatives[...]
Even though they are created for mobile devices, apps do not leverage the intrinsic capabilities of the available system.
There is much more to a mobile device than fancy buttons and a 4 inch display. Indisputably, it is a lifestyle device. It's part of almost all actions we undertake. We cannot say the same about laptops or desktops. This is a trend we will continue to experience with other wearable computing innovations over the next few years.
Despite being an integral part of our daily[...]