Hello, I am looking for someone to write an essay on Why Quants Dont know Everything. It needs to be at least 750 words.
According to Felix Salmon, for any discipline or industry, the rise of quants happens in four stages:
Pre-disruption – Any industry is ripe for quantitative analysis wherever there may be huge amounts of data that has never been mined. There is untapped potential and realizations in the data, and what it may tell us. This prospect for quantification qualifies an industry to be in a pre-disruption stage.
Disruption – After the industry has been identified for quantification, the next step is to collect and collate all the data available and start analyzing the data. This is where the algorithms start to take over. For example, the moment you start to receive targeted and personalized offers for credit cards and other financial services, solely based on computations, according to your finances and credit worthiness, instead of a relationship with your bank. This is a common phenomenon which leaves most of us wondering “How do the banks get my number and why do they think I will need a credit card, or a personal loan?” etc.
Overshoot – This is when people stop thinking like people and start thinking like machines. Analytics spend hours doing calculations, forming algorithms and come up with readable, identifiable data sheets or metrics charts which can be further processed in the synthesis phase.
Synthesis – It is the practice of marrying quantitative insights with old-fashioned subjective experience. Once you have the quantified data for the relevant industry, analytics would do brainstorming based on their experience with consumers as to how the stats could be applied to which consumer group and how the consumers can be identifies as prospective users of upcoming products.
b) There are many industries which are not yet quantified and given a chance they can flourish with the right analysis. One of the industries which will be ripe for the next breakthrough