Algorithmic VS. Statistical View

The paragraph below summarizes the distinction between algorithmic and statistical perspective of models: While the data modeling culture assumes that data are generated by an underlying stochastic process, the algorithmic tradition makes no assumptions about the processes that generate data. The algorithmic tradition seeks to uncover patterns in data to identify the processes that produce … More Algorithmic VS. Statistical View

On the Relevant Dimension(s) of Product vs. Utility

“A feature which distinguishes our approach is the consideration of multi-dimensional models. How can we assess an appropriate dimension for modelling a particular market? At one level, we could list all potentially relevant attributes of the product. But consumers may evaluate products according to only a few attributes, or according to a real-valued function of … More On the Relevant Dimension(s) of Product vs. Utility