Intro to Real Estate Finance
Algorithmic bias refers to systematic and unfair discrimination that occurs when algorithms produce results that are prejudiced due to flawed assumptions in the machine learning process. This can lead to outcomes that disadvantage certain groups of people, especially when big data and analytics are used in decision-making within industries like real estate. Understanding this bias is crucial, as it impacts property valuations, loan approvals, and market predictions, often reinforcing existing inequalities.
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