What If the Algorithms Are Wrong?
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Algorithms are everywhere…
“Algorithms decide who gets a loan, who gets a job interview, who gets insurance and much more — but they don’t automatically make things fair. Mathematician and data scientist Cathy O’Neil coined a term for algorithms that are secret, important and harmful: “weapons of math destruction.” Learn more about the hidden agendas behind the formulas.”
“Algorithms are opinions embedded in code. It’s really different from what you think most people think of algorithms. They think algorithms are objective and true and scientific. That’s a marketing trick. It’s also a marketing trick to intimidate you with algorithms, to make you trust and fear algorithms because you trust and fear mathematics. A lot can go wrong when we put blind faith in big data…”
This video is about 15 minutes and well worth every second to watch.
Important Info & Dates
February 5, 2019: This is the last day to submit comments to Federal Agencies concerning raising the minimum threshold for appraisals from $250,000 to $400,000. As of this writing, 292 comments have been received. Come up folks, there are 70,000 plus appraisers in this country, and less than 1% have commented. Please comment and encourage others to comment. Share on social media (Facebook, LinkedIn, Twitter, Instagram, SnapChat, etc.) with your friends and family.
Last Call for our February 7 & 8th conference: The CE portion of our Conference, Stats Graphs And Data Science 1, presented by George Dell is February 7 & 8th. If you are planning on attending, make sure you are registered and have downloaded the necessary software. Download link will be emailed to you after registration. Attending the class automatically registers you to attend our dinner meeting, even if you are not a member of VaCAP!
Our dinner meeting will be held on the evening of February 7th. A cash bar social hour will follow the CE class and our dinner meeting should begin around 6:30 PM. If you are a paid member of VaCAP and are attending the dinner meeting only, please make sure you have registered.
February 7, 2019: Oral Arguments in Louisiana Real Estate Appraisal Board vs FTC, February 7th. Oral arguments are scheduled for February 7th in New Orleans in the En Banc Courtroom. The outcome is unknown, but either way, the appraisal profession will change as a result. We will update everyone as we hear any news.
February 8, 2019: The Appraisal Standards Board Public Meeting in Scottsdale, AZ. The deadline to comment to the ASB on the third exposure draft for the proposed 2020-2021 USPAP was February 1st. Comments will be accepted at the Public Meeting in Arizona.
February 12, 2019: Virginia Real Estate Appraisal Board Meeting. The meeting will be held at 10:00 at DPOR offices in Richmond. The hybrid appraisal committee should report to the full board on their findings and recommendations. It is important for comments to be heard at this meeting as well. Please plan on attending. See the meeting on Town Hall.