- [Instructor] I want to begin this discussion of ethics…with a small mathematical formula.…This statement concerns the correlation coefficient…which is symbolized by the lower case r there.…What this says is…that the absolute value of the correlation of any real data,…is going to be more than zero.…It's never totally random like that.…This is going to be less than a perfect one…so you can never get things perfectly lined up.…In other words, variables are always correlated…at least a little bit but never perfectly…except in the case of maybe, mathematical co-identities.…
This statement has ethical implications…for people doing data science work…in economics, banking and finance.…Now, I'd like to go over those issues in just a few minutes.…The first thing to remember…is that your predictions will never be perfect.…That is the correlation between your predictions and reality…will never be exactly one.…You knew this but it means…that you'll always be missing something…and that a little humility is called for…when interpreting and implementing your models.…
- Examine how and why data science is applied to money.
- Interpret the benefits of algorithmic and human-in-the-loop trading.
- Evaluate how automated application reviews for loans and credit can change.
- Justify how social media can be beneficial to economics.
- Analyze the relationship between cryptocurrencies and data science.
- Interpret the ethical and technical challenges and possibilities of data science.
Skill Level Intermediate
Q: This course was updated on 05/09/2018. What changed?
A: A: We added one video on data science careers in economics, banking, and finance.