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by swimfar
2206 days ago
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We can't predict how one person will react to a situation. But sometimes we can estimate, on average, how a large group of people will react. Even a lot of engineering deals with similar types of uncertainty. We build huge structures out of metal, concrete, and wood on top of soils and other geological materials, often with the assumption they they are all homogeneous with constant material properties through the structure (they aren't). However, we can do this because the variations in properties tend to average out as the material sample gets larger. If we try to make the same assumption on very small scales, we find that there is a lot more uncertainty and our predictions aren't going to be as accurate. We see this in physics and many other scientific fields as well. |
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Here's a concrete example of a paper [1] that just came out, attempting to impact COVID19 policy, from a very "respectable" set of academics at Yale -- that is based on a flat out fabricated economic model:
We focus primarily on the moderate scenario. That is, our baseline assumption is that diminishing returns play a larger role than accelerating returns (so that α ≤ 1) but not so large that they lead to α < 0. We stress that U depends both on the variation in economic value attached to different activities and on the model governing the disease transmission
Translation: we made some equations that makes the BAD thing BAD and the GOOD thing GOOD.
[1] https://www.medrxiv.org/content/10.1101/2020.05.19.20107045v...