Discussion Post: Decisions by Algorithm
Imagine that you are running the AAA admissions office. A business analytics professor has suggested that you could do a better job of picking students for the school if the admissions office used models to predict success and then just admit the students that score highest. Note: Humans can still be used to numerically code subjective judgments.
• What do you think of this plan? What might models do better than expert admissions officers? (focus on Camerer reading)
• What problems do you anticipate? How would you solve them?
• How can we ensure that the model maintains what makes AAA unique?
o Hint 1: Specify what measures of success the model is trying to predict for applicants. That is, what success metric is the model trying to maximize.
o Hint 2: Even if you are against using models, you still must base your write-up on this readings (and not just discuss your own opinions)!
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.