Algorithm Aversion – Why People Don’t Follow The Model!

Algorithm Aversion - Why People Don't Follow The Model! by Jack Vogel, Ph.D., Alpha Architect

There are many studies showing that models beat experts, including the meta-study “Clinical versus mechanical prediction: A meta-analysis” by Grove et al. (2000).

However, given this knowledge that models beat experts, forecasters still prefer to use the human (expert) prediction as opposed to using the model.

Why is this?

A recent paper by Dietvorst et al. (2014), titled “Algorithm...

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