Big data, risk management discussed at Statistics Day meet

The Reserve Bank today said upcoming topics like big data and risk management were discussed at the 10th Statistics Day conference here.
"The massive new information base at micro-level is waiting to be fully exploited for public policy," an RBI statement issued today after the conference said.
The multi-dimensional data in the presence of multiple actors in the financial and other domains makes enough interesting cases for big data analytics in both global and Indian context, it said.
As part of the conference, there was a panel discussion in which National Statistical Commission Chairman R B Barman IIT-Bombay Professor D Ramakrishnan, Yogesh Simmhan of IISc Bengaluru's Department of Computational & Data Sciences and SBI chief economic advisor S K Ghosh took part.

"The panel discussed various ways to unleash the power of big data, which can help in unveiling the different phenomenon at ease - the privacy issues were also flagged in this regard," the statement said.
The discussion concluded with the potential applications of big data in central banks, it said, without elaborating.
Nobel Prize winning economist Lars Peter Hansen delivered the keynote address on Ambiguity Aversion and Model Misspecification.
He said statistics has dual role in constructing a dynamic economic model, where researchers depict economic actors coping with uncertainty and deduce the consequences inside a model, whereas unknown parameter estimation and model implications are assessed outside the model, according to the statement.