Understand, Manage, and Prevent Algorithmic Bias: A Guide for Business Users and Data Scientists

© Tobias Baer 2019

Tobias BaerUnderstand, Manage, and Prevent Algorithmic Biashttps://doi.org/10.1007/978-1-4842-4885-0_13

13. Assessing the Risk of Algorithmic Bias

Tobias Baer¹ 

(1)

Kaufbeuren, Germany

 

The last chapter laid the foundation of an informed decision on whether using an algorithm is a better or worse solution to a decision-problem than alternative approaches such as human judgment, a simple criterion, or rolling a dice. That discussion concluded with the observation that empirically, in many situations, algorithms make better decisions than alternative approaches: they make less errors (especially because human decisions often are even more biased) and can be both faster and cheaper. Introducing an algorithm to make decisions may come ...