Dumb Agent Theory Outside The Financial Markets
USS Scorpion (SSN-589) was a nuclear submarine of the United States Navy lost at sea on June 5, 1968. While a public search did not yield any clues as to its location, Dr. John Craven, the Chief Scientist of the U.S. Navy's Special Projects Division, decided to employ the Bayesian search theory in order to establish its location. This involved formulating different hypotheses as to its location and using a probability distribution to combine the information and find the point of highest probability. The different hypotheses were taken from various independent sources, such as mathematicians, submarine specialists, and salvage men. The point Craven found ended up being 220 yards from the actual position of the sunken vessel.
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Famous quotes containing the words dumb, agent, theory, financial and/or markets:
“And I am dumb to tell the lover’s tomb
How at my sheet goes the same crooked worm.”
—Dylan Thomas (1914–1953)
“The childless experts on child raising also bring tears of laughter to my eyes when they say, “I love children because they’re so honest.” There is not an agent in the CIA or the KGB who knows how to conceal the theft of food, how to fake being asleep, or how to forge a parent’s signature like a child.”
—Bill Cosby (20th century)
“No theory is good unless it permits, not rest, but the greatest work. No theory is good except on condition that one use it to go on beyond.”
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“Creditor. One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions.”
—Ambrose Bierce (1842–1914)
“When the great markets by the sea shut fast
All that calm Sunday that goes on and on:
When even lovers find their peace at last,
And Earth is but a star, that once had shone.”
—James Elroy Flecker (1884–1919)