I remember in the early 2000’s we were doing work with Apple grocery stores. They still hand reconciled receipts and we, in our naïve thinking, decided we could statistically identify items that unexpectedly pair. Then we could align these items physically in the stores.
If you have x in your cart you are also likely to have y.
The work was academically interesting and economically interesting, but it was also the first glimpses of what I would watch evolve into: a weapon wielded against not for consumers.
Every budgeting app that claims to help someone get a handle on their finances is just a data harvester for risk models.
Tremendously important article. Thank you.
I remember in the early 2000’s we were doing work with Apple grocery stores. They still hand reconciled receipts and we, in our naïve thinking, decided we could statistically identify items that unexpectedly pair. Then we could align these items physically in the stores.
If you have x in your cart you are also likely to have y.
The work was academically interesting and economically interesting, but it was also the first glimpses of what I would watch evolve into: a weapon wielded against not for consumers.
Every budgeting app that claims to help someone get a handle on their finances is just a data harvester for risk models.
And you are absolutely correct on the budgeting apps.
Thank you. i am currently taping an entire course on the history of the credit card. that should be out next week. i know you would enjoy that.
I look forward to watching.