Google tried to prove that big data analytics can predict the spread of the flu, and it was hailed with fanfars all around the world when they published an HR article in 2008 or 2009. The algorithm failed because it fine-tooted on the past and couldn't know that. It didn't do well, and then the silently without fun far buried it. So I'm just writing a book on machine learning and fast and frugal heuristics,. focusing on fast and fudgetal trees and so on.
Psychologist and author Gerd Gigerenzer of the Max Planck Institute for Human Development talks about his book Gut Feelings with EconTalk host Russ Roberts. Gigerenzer argues for the power of simple heuristics--rules of thumb--over more complex models when making real-world decisions. He argues that many results in behavioral economics that appear irrational can be understood as sensible ways of coping with complexity.