The art of quantitative prediction is reshaping business. Technology evolves -> Sensors increase and improve -> Big data grows exponentially -> Development of mathematical models -> Resource allocation based on algorithms.
Being ten microseconds ahead is the distinctive competitive advantage in the unfolding, real-time, algorithm eco system.
In an interesting TEDtalk, Kevin Slavin explains how algorithms affect our everyday lives. Algorithms can make our lives better by recommending the right movies, but can also cause financial ruin.
Our financial system has become increasingly dependent on quants - math wizzards and computer programmers in the engine room of our financial system - trying to quantify human (economic) behaviour with mathematical models.
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