So much of our society as a whole is gearing us to maximize our salary or bonus. Basically, we just think in terms of money. Or, if not money, then, if you're in academia, it's prestige. It's a different kind of currency. And there's this unmeasured dimension of all jobs, which is whether it's improving the world.
Cathy O'NeilThere are lots of different ways that algorithms can go wrong, and what we have now is a system in which we assume because it's shiny new technology with a mathematical aura that it's perfect and it doesn't require further vetting. Of course, we never have that assumption with other kinds of technology.
Cathy O'NeilAn insurance company might say, "Tell us more about yourself so your premiums can go down." When they say that, they're addressing the winners, not the losers.
Cathy O'NeilEspecially from my experience as a quant in a hedge fund - I naively went in there thinking that I would be making the market more efficient and then was like, oh my God, I'm part of this terrible system that is blowing up the world's economy, and I don't want to be a part of that.
Cathy O'NeilWith recidivism algorithms, for example, I worry about racist outcomes. With personality tests [for hiring], I worry about filtering out people with mental health problems from jobs. And with a teacher value-added model algorithm [used in New York City to score teachers], I worry literally that it's not meaningful. That it's almost a random number generator.
Cathy O'Neil