Friday, December 12, 2014

Peer Averages...Half-Baked Chicken ???


From A Letter To The Editor:
"Dumb Clucks" ?
(... on average?)
The Economist
     (11/29/2014)

"Sir:
  
I agree that "averages should not be the sole basis for making policy decisions".  Your article reminded me of a sign that was posted outside the office door of a visiting African scholar.  Putting the matter succinctly, it read, ....

"A statistician is a fellow who says that if you ate a chicken and I ate nothing, we each ate, on average, half a chicken."  
                         
                              - Lawrence Mohr, 
                              Professor Emeritus 
                           University of Michigan


("Chicken Little"... fried, half-baked, or robust?) 


14 comments:

  1. I don't know many credit union members that raved about the average level of service they received at the credit union!

    Although, I root for the Redskins and would be happy with average!

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  2. I read all of Jim Blaine's rantings and on average I would say they are pretty good.

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  3. Me thinks he "damns with faint praise".

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  4. Say what you want about Chicken Little, but you can never say he has not been transparent.

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  5. The comment about blog is just plain mean!

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  6. Question:

    On Average how many times have the Robust Economists at NCUA been correct with their predictions about the direction of interest rates?

    Answer:

    {Empty Set}

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  7. The "mean" comment made my day...

    Now feel confident (within one standard deviant!) that someone exists out there with a lower sense of humor than me... robustly lower!!!!!!

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  8. I am happy to admit that I am a deviant, but I have never been average or mean!

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  9. Standard deviants are ok, it's the substandard deviants which cause the variance...

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  10. It is the substandard deviants that caused the variance which lead to the mean reversion.

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  11. Fear I'm in a dialogue with a standard deviant suffering from kurtosis... having a pointy, "peaked" head and a "chubby" tail...

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  12. Uncertain that Chubby adequately describes my mean distribution between my peak and my base? It is all about the base! Not sure if broad beamed does my base a proper justice. One could suggest that the relationship between peak and base is more platykurtic than leptokurtic!

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  13. Was trying to be polite. The correct "robust" statistical term is "fat tails"...

    Was trying to avoid skewing anyone...

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  14. If the Robust Economists at NCUA understood the implications of fat tails, they would stop skewing credit union management with overbearing regulations including the soon to be proposed again RBC.

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