Discovering the Discovered
An interesting article in the New York Times (2/5) titled Pity the Scientist Who Discovers the Discovered:
"IN 1996, Rakesh Vohra, a professor at Northwestern University, and his colleague Dean Foster published 'A Randomized Rule for Selecting Forecasts,' a paper in the journal Operations Research. It illustrated how a random investor could outperform a group of professional stock pickers simply by following a "buy and hold" investment strategy.
It was important research, the authors believed, until they learned that the same discovery had been made at least 16 times since the 1950's. And no one, Dr. Vohra said, ever realized they were not doing original work."
link
"IN 1996, Rakesh Vohra, a professor at Northwestern University, and his colleague Dean Foster published 'A Randomized Rule for Selecting Forecasts,' a paper in the journal Operations Research. It illustrated how a random investor could outperform a group of professional stock pickers simply by following a "buy and hold" investment strategy.
It was important research, the authors believed, until they learned that the same discovery had been made at least 16 times since the 1950's. And no one, Dr. Vohra said, ever realized they were not doing original work."
link
posted by metamerist at
9:41 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home