Quote of the Day

Dawes observed that the complex statistical algorithm adds little or no value. One can do just as well by selecting a set of scores that have some validity for predicting the outcome and adjusting the values to make them comparable (by using standard scores or ranks). A formula that combines these predictors with equal weights is likely to be just as accurate in predicting new cases as the multiple-regression formula that was optimal in the original sample. More recent research went further: formulas that assign equal weights to all the predictors are often superior, because they are not affected by accidents of sampling.

- Daniel Kahneman, Thinking, Fast and Slow