Laplace's Demon vs. Kahneman: What corporate AI departments need to leard from Decision Science

April 16, 2024

Speaker: Beaumont Vance (WestCap)

Abstract:

Like medieval mountain villages, decision science and data science have operated separately and developed solutions with very different orientations with very little sharing between the two. Over in the Data Science Village, the citizens have only heard vague rumors about things like cognitive bias and systems thinking. As AI sweeps across disciplines, these two approaches have informed the deployment of AI. In the DataScience/Analytics world, especially in large corporations, the use of AI has headed towards the creation of a Laplace's Demon, hoping that mapping all data will lead to perfect prediction and decisions. Decision Science can and should deploy AI in a better informed, more robust manner which includes the human element of cognitive bias (which Data Science ignores at great peril). But because of the popularity of the data science approach, applications for AI in Decision Science are not as obvious. This talk will explore the differences between the two approaches and where AI could possibly enhance the speed and effectiveness of Decision Science.