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The deeper problem with a standardized approach to auditing, though, is that it enables auditors to abdicate their primary responsibility as processors of information.
Now, if one believes that markets are efficient processors of information, that would seem to suggest that those are the only statistical releases carrying actual information.
"At a time of great enthusiasm for machine learning and data mining, it's worth remembering that human beings can be excellent processors of information if they are given the right tools to leverage their intelligence," Karger says.
Prior work suggests that institutional investors are better collectors and processors of information than are other investors (e.g., Bushee and Goodman 2007; Solomon and Soltes 2015) and are better corporate monitors (e.g., Gillan and Starks 2000; Bushee 2004).
Overall, the findings from dozens of empirical studies indicate that humans are relatively poor processors of information and form biases and inferences that systematically distort perception [ 26].
Similar(55)
The human body, after all, can be seen as a phenomenal processor of information complexity.
Gradually the individual came to be viewed as a processor of information.
Just like computing, then, the human mind may evolve into a smaller repository, but faster processor, of information – so long as we still have access to the cloud.
"Prior to our Constitution, almost all forms of government relied on a single processor of information, be it a king or a khan or a tsar.
True enough, Blockhead is a particularly inefficient processor of information; but it is at least a processor of information, and that in combination with the behavior that is produced as a result of the processing of information might well be taken to be sufficient grounds for the attribution of some level of intelligence to Blockhead.
Where it gets tricky is when the state requires a passive processor of information like Google to actively interfere with the ability of users to call up information that other people don't want them to see.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com