Computers are making more and more decisions for us, and increasingly so in areas that require human judgment. Google tells us what to search, Amazon recommends what we should buy, and in the not so distant future, driverless cars will take us where we want to go. Has the time come to trust our money to a robot?
In an era of big data and machines to make sense of it all, machines can have an inherent advantage over humans in making financial and investment decisions. A robot should be considered seriously in situations where there is sufficient data from which it can learn, and the frequency of decisions favors unemotional decision-making over human judgment.
This session will contrast humans and machines in several parts of the investment landscape and describe problem areas where machines have already made significant inroads and where they are heading.
Vasant Dhar is professor, Stern School of Business and Center for Data Science at New York University, and founder of SCT Capital Management. He created the Adaptive Quant Trading (AQT) program, a data-driven learning machine that trades the world’s most liquid futures contracts systematically. Dhar has written over 100 research articles and dozens of opinion editorials in media including the Financial Times, Wall Street Journal, Forbes, and Wired Magazine. He is editor-in-chief of the Big Data journal.
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