algorithms do not solve this problem and cannot be made tohttps://twitter.com/schock/status/1403338204615426051 …
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the current credit rating system in particular is more or less dictated entirely by CRARA, but even presuming that it were not, the much less regulated systems governing, e.g., payday loans more or less optimize for the people most likely to turn over their loans multiple times.
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the purpose of these algorithms has nothing whatsoever to do with the welfare of the subjects of their analysis, and when we are talking about the set of techniques which remediate algo fairness, they simply do not work to fix the problem. the problem is capitalism.
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Such as the bias against renters vs home owners. Regardless of all other factors being the same.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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I don't think it can be accurate without class bias.
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it is broadly true that giving no-strings money to people who cannot repay it is welfare-enhancing far beyond the people who are direct recipients, but this is an entirely different problem than the one credit rating attempts to solve, which just optimizes returns to capital.
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