Are machines better stock analysts than human beings? Find out here.
This is weird and interesting. The idea that eliminating a systematic bias would lead to less accurate beliefs about the future is just strange. Frank said it might have implications for behavioural finance generally:
“But algos, despite the metaphors we use about them, are not human brains. The fact that you are getting a similar bias suggests what is generating the bias is not the structure of the brain, but something else. It may tell us something about the nature of statistics and the way that we process information.”
So, perhaps recency bias helps us, as forecasters, to latch onto new trends as they form and to follow momentum, even as it gives a tendency to overreact to new information. Hence, greater accuracy overall, but some bias, too. “Width” refers to the fact that a lot of different kinds of information can affect financial markets or earnings results: economic, political, cultural, technological and so on.
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