2. Good
morning
Sydney
–
anecdote
about
first
thing
I
knew
about
Australia
as
a
kid
was
the
men;on
of
Narabeen
Beach
in
Surfin
USA
–
back
in
70s
we
oBen
learned
about
stuff
first
from
popular
culture
24. Blackadder:
There
was
one
;ny
flaw
in
the
plan.
Baldrick:
what
was
that?
Blackadder:
It
was
bollocks.
25. The
standard
economic
analysis
assumes
that
humans
are
ra;onal
cost-‐minimising
and
socially
isolated
individuals
with
stable
preferences
This
is
also
bollocks.
26. We all…
Use ‘rules of thumb’ (heuristics)
Are heavily influenced by what we
think/see others doing (norms)
Are influenced by how choices are
presented (framing)
44. BIG DATA?
Big
data?
Big
bollocks
more
like?
We
s;ll
need
human
interven;on
And
the
way
even
small
data
is
presented
triggers
biases
such
as
anchoring.
More
is
not
be[er,
in
fact
it’s
harder
to
find
the
insights.
45. Joe
Pyne
–
Frank,
does
that
long
hair
mean
you
are
a
girl?
Frank
–
Does
your
wooden
leg
mean
you
are
a
table.
*Anchoring
46. V
Nate
Siver
–
used
stats
to
prdict
US
elec;on
pre[y
accurately
Students
with
no
data
also
did
pre[y
good
just
by
looking
at
faces
47. Big
data
is
the
new
oil?
Maybe
the
new
cocaine
–
go
easy
–
once
you
pop
you
can’t
stop