A paradigm for assessing the scope and performance of predictive analytics

Jeffrey Prince

Information Economics and Policy, 2019, vol. 47, issue C, 7-13

Abstract: In this paper, I outline possibilities and limitations for the scope and performance of predictive analytics within a simple paradigm. I do this by first bifurcating predictive analytics into two categories, passive and active. I contrast this categorization with current alternatives and highlight its relative merits in terms of clarity in boundaries, as well as appropriate methods for different types of prediction. I then describe the range of suitable applications, as well as the possibilities and limitations with regard to prediction accuracy, for each type of prediction. I conclude with a discussion of key ways in which an understanding of this paradigm can be valuable.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eee:iepoli:v:47:y:2019:i:c:p:7-13

DOI: 10.1016/j.infoecopol.2019.05.004

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