The Importance of Applying Mathematical Models in Decision Making

***This is a complimentary Masterclass open to all. Register to understand more about the program and find out how you can take part in upcoming Masterclasses.***

Covid-19 has shown us the vast impact that mathematical models can have on our society. We are also starting to see that same potential in the climate debate. Understanding a mathematical model is one thing, but understanding its limitations and risks is even more important. 

Depending on the field of application, their output and influence ranges from spectacular (physics, astronomy, weather) to much more limited (medicines, epidemiology), to even outright dangerous (the financial system). When human creators forget that models are human-made, model application becomes potentially dangerous.

In this Masterclass, we investigate the (mis)use of models beyond the usual clichés, and we will delve deeper into the formulas and algorithms that they consist of. We will also try to understand what we can expect from artificial intelligence or large-scale language models like ChatGPT.  We will take you back to the essence of decision-making and the role models can or should play there - alongside humans.

We will discuss:

  • The philosophy of models and science
  • How to interpret model outcomes
  • Models and their use in (shared) decision making
  • Models and ethics
  • How we as humans should best deal with each other and the models in practice

Meaningful use of models is only possible when all people involved share a certain view on how such models can possibly be useful. This is important for business leaders, but of course also for policy-makers and their advisors.

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The Importance of Applying Mathematical Models in Decision Making
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The Importance of Applying Mathematical Models in Decision Making

MAY 30, 2023

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***This is a complimentary Masterclass open to all. Register to understand more about the program and find out how you can take part in upcoming Masterclasses.***

Covid-19 has shown us the vast impact that mathematical models can have on our society. We are also starting to see that same potential in the climate debate. Understanding a mathematical model is one thing, but understanding its limitations and risks is even more important. 

Depending on the field of application, their output and influence ranges from spectacular (physics, astronomy, weather) to much more limited (medicines, epidemiology), to even outright dangerous (the financial system). When human creators forget that models are human-made, model application becomes potentially dangerous.

In this Masterclass, we investigate the (mis)use of models beyond the usual clichés, and we will delve deeper into the formulas and algorithms that they consist of. We will also try to understand what we can expect from artificial intelligence or large-scale language models like ChatGPT.  We will take you back to the essence of decision-making and the role models can or should play there - alongside humans.

We will discuss:

  • The philosophy of models and science
  • How to interpret model outcomes
  • Models and their use in (shared) decision making
  • Models and ethics
  • How we as humans should best deal with each other and the models in practice

Meaningful use of models is only possible when all people involved share a certain view on how such models can possibly be useful. This is important for business leaders, but of course also for policy-makers and their advisors.

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If you would like more information on the series or would like to register a group get in touch with egeisinger@tcb.org. You can view upcoming and previous Masterclasses from the series below. 

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