> Now consider an algorithm that predicts whether loan applicants are likely to make all their payments. It’s not good enough to have an algorithm that predicts

> Now consider an algorithm that predicts whether loan applicants are likely to make all their payments. It’s not good enough to have an algorithm that predicts the correct general rate — the 40% chance of rain in our example above. It needs to predict the rate for specific individuals across different population groups in a way that’s both accurate and fair. It's not clear to me what is meant by the term "fair" in this context. I would make the claim that an accurate prediction is fair by any reasonable definition. If you're too strict with it you will immediately run into the problem that, say, someone with a well paying career is more likely to pay their loan back than someone who works behind a checkout, but that's "unfair" because it's correlated with family wealth, intelligence, lack of genetic disease, etc. Your algorithm can't be fair in the 'equality for all' sense because if it were it would have close to zero predictive value.