I recently came across an interesting thread, “Is data mining still a sin against the norms of econometrics?”, from the Advanced Business Analytics LinkedIn Discussion Group. The point of departure for the dialog is a paper entitled “Three attitudes towards data mining”, written by couple of academic econometricians.
The data mining “attitudes” range from the extremes that DM techniques are to be avoided like the plague, to one where “data mining is essential and that the only hope that we have of using econometrics to uncover true economic relationships is to be found in the intelligent mining of data.” The authors note that machine learning phobia is currently the norm in economics research.
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