If you know an estimator has high variance, you can intentionally introduce bias by choosing a simpler hypothesis, and thereby lower expected variance while raising expected bias; sometimes total error is lower, hence the “bias-variance tradeoff”. Keep in mind that while statistic bias might be useful, cognitive biases are not.
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This post is part of a series rerunning Eliezer Yudkowsky’s old posts so those interested can (re-)read and discuss them. The previous post was Statistical Bias, and you can use the sequence_reruns tag or rss feed to follow the rest of the series.
Sequence reruns are a community-driven effort. You can participate by re-reading the sequence post, discussing it, posting the next day’s sequence reruns post, summarizing forthcoming articles on the wiki, or creating exercises. Go here for more details, or to discuss the Rerunning the Sequences series.
[SEQ RERUN] Useful Statistical Biases
Today’s post, Useful Statistical Biases was originally published on April 1, 2007. A summary (from the LW wiki):
Discuss the post here (rather than in the comments of the original post).
This post is part of a series rerunning Eliezer Yudkowsky’s old posts so those interested can (re-)read and discuss them. The previous post was Statistical Bias, and you can use the sequence_reruns tag or rss feed to follow the rest of the series.
Sequence reruns are a community-driven effort. You can participate by re-reading the sequence post, discussing it, posting the next day’s sequence reruns post, summarizing forthcoming articles on the wiki, or creating exercises. Go here for more details, or to discuss the Rerunning the Sequences series.