4 ms·
> It is fair to criticize the prospective Equifax system and the concerns around pervasive data collection are valid. But the Chinese system is in a whole diffe
by hakfoo 8y ago
> It is fair to criticize the prospective Equifax system and the concerns around pervasive data collection are valid. But the Chinese system is in a whole different, far more evil league.
I think calling it outright 'evil' is unfair.
The Chinese model at least comes from a well-intentioned place. It's a ham-fisted version of the "nudge" programs you see in places like insurance plans, with a bolder underlying goal to create a better society. Their definition of "better" may not be yours, but the goal is not inherently malicious.
The American take of this will have the exact same flaws-- the data will eventually be mishandled, the models will have holes you can drive a bus through-- but it's justified in the sake of "we'll get slightly more accurate pricing for credit and insurance".
- cinquemb 8y agoPersonally, I find the push to allocating resources based on this kind of data interesting and could possibly be more efficient than the way it has been. That being said, since these systems are abstraction on debt, the failure mode at the margins means that companies that become reliant on funds from these loans will be increasingly sensitive to people at the margins who will be denied such loans. I also find it interesting that the public will also have increasingly more access to the data to be able to retroactively understand the factors that determine the go/no go (especially as these systems become increasingly automated). Combined with the above, it will be increasingly possible to create ways to dirty the waters in the signals for a variety of desired outcomes for 3rd party actors.