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The problems and challenges created by observational data
The world of market research and insights are in the process of moving from a paradigm centred on questions to one centred on observation, for example from surveys to passive data. There are several reasons for this, such as the concerns about people’s ability to describe their own motivations and the revelations of Behavioural Economics. However, the main driver of the change has been the recent growth and abundance of observational data, making its use possible as well as desirable. However, observational data brings its own problem, including those of incomplete coverage, survivor bias, perverse incentives, and problems related to underlying bias. In this presentation, Ray will outline some of the problems and challenges and propose recommendations for dealing with them.