I recently gave an interview with Russ Roberts at EconTalk, which was fun and which has generated a lot of interesting feedback for me. I had no idea so many people listened to that podcast. Turns out it’ll eventually add up to something like 50,000, with half of those people listening this week. Cool!
One thing Russ and I talked about is still on my mind. Namely, how many problems are the direct result of people pretending to understand something, or exaggerating the certainty of an uncertain quantity. People just don’t acknowledge errorbars when they should!
What up, people?
Part of the problem exists because when we model something, the model typically just comes out with a single answer, usually a number, and it seems so certain to us, so tangible, even when we know that slightly different starting conditions or inputs to our models would have resulted in a different number.
So for example, an SAT score. We know that…