“The trick is to be flexible enough to recognize that regression to the mean is only a tool; it is not a religion with immutable dogma and ceremonies. Used to make mechanical extrapolations of the past, as President Hoover or my older associates used it, regression to the mean is little more than mumbo-jumbo. Never depend upon it to come into play without constantly questioning the relevance of the assumptions that support the procedure. Francis Galton spoke wisely when he urged us to ‘revel in more comprehensive views’ than the average.” —Peter L. Bernstein
Links - 10/11/2021
Links - 10/11/2021
Links - 10/11/2021
“The trick is to be flexible enough to recognize that regression to the mean is only a tool; it is not a religion with immutable dogma and ceremonies. Used to make mechanical extrapolations of the past, as President Hoover or my older associates used it, regression to the mean is little more than mumbo-jumbo. Never depend upon it to come into play without constantly questioning the relevance of the assumptions that support the procedure. Francis Galton spoke wisely when he urged us to ‘revel in more comprehensive views’ than the average.” —Peter L. Bernstein