Abstract
I still remember my shock when I interviewed a Chief Risk Officer of a bank about the key risk drivers she considered when underwriting credit, and one of the first things she said was that homosexuals are "obviously" risky (and hence should be avoided as borrowers).
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An important implication is that regulations prohibiting certain biases also can increase cost and therefore prices—very few things in life do not come at a cost. Then again, it is also perfectly perceivable that Martians only approved thanks to your little tweak are exceptionally good customers—be it for unexpected intrinsic reasons or because they are so grateful that they are particularly motivated to demonstrate how much they deserve credit.
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Also, job interviews illustrate this point: If an interviewer believes that an applicant is ill suited for a job (e.g., because of a bias against males with red finger nails), applicants actually do perform worse, apparently because they pick up on the interviewer’s beliefs through body language and subconsciously adjust their behavior, which once again proves that humans can be as bad or worse than biased algorithms! Read more about the impact of subconscious biases on interview and workplace performance at www.forbes.com/sites/taraswart/2018/05/21/prejudice-at-work .
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© 2019 Tobias Baer
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Baer, T. (2019). Managerial Strategies for Correcting Algorithmic Bias. In: Understand, Manage, and Prevent Algorithmic Bias. Apress, Berkeley, CA. https://doi.org/10.1007/978-1-4842-4885-0_16
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DOI: https://doi.org/10.1007/978-1-4842-4885-0_16
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