Open Thoughts on Analytics
MAR 13, 2012 8:30am ET

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Then BI and Data Science Thinking Are Flawed, Too

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I just finished an informative read entitled “Everything is Obvious: *Once You Know the Answer – How Common Sense Fails Us,” by social scientist Duncan Watts.

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Comments (5)
Steve,

Great post, very interesting. Coincidentally I was watching an episode of NOVA last night called Mind Over Money all about how people make bad financial decisions, "irrational exuberance" and all that. They ran a bunch of experiments on students, bidding up doomed assets etc. and decided that there's something in the primitive brain and subcortex that contributes to the greed and envy of fast money, even when a person knows it can't go up past a certain point.

That would seem to fit into Watts' thesis.

Posted by Jim E | Tuesday, March 13 2012 at 1:47PM ET
Great post Steve, This book is really an eye opener! After reading it you really realize the flaws in "Gut feeling" and intuition...
Posted by Peter E | Thursday, March 15 2012 at 4:06AM ET
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