Standard deviations: flawed assumptions, tortured data, and other ways to lie with statistics

Description

As Nobel Prize winning economist Ronald Coase once cynically observed, If you torture data long enough, it will confess. Lying with statistics is a time-honored con. InStandard Deviations, economics professor Gary Smith walks us through the various tricks and traps that people use to back up their own crackpot theories. Sometimes, the unscrupulous deliberately try to mislead us. Other times, the well-intentioned are blissfully unaware of the mischief they are committing. Today, data is so plentiful that researchers spend precious little time distinguishing between good, meaningful indicators and total rubbish. Not only do others use data to fool us, we fool ourselves. With the breakout success of Nate Silver sThe Signal and the Noise, the once humdrum subject of statistics has never been hotter. Drawing on breakthrough research in behavioral economics by luminaries like Daniel Kahneman and Dan Ariely and taking to task some of the conclusions of Freakonomics author Steven D. Levitt, Standard Deviations demystifies the science behind statistics and makes it easy to spot the fraud all around. "