Tuesday, September 15, 2009

Penny for your thought

You probably have heard about this joke puzzle:
When it’s a penny for your thoughts and you put two cents in, who gets the other penny?
Having recently incurred substantial cost in exchanging INR to GBP, answer dawned on me suddenly while walking to work today. 2 cents corresponds to about 1.25 pennies. 0.25 penny is simply transaction cost of currency exchange. I feel pretty good now.

Breaking the Bias – Lessons from Bayesian Statistical Perspective

Equitable and fair institutions are the foundation of modern democracies. Bias, as referring to “inclination or prejudice against one perso...