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Model misspecification

Towards risk-aware artificial intelligence and machine learning systems: An overview

Zhang et al. (2022)

Sub-category
Risk Domain

AI systems that fail to perform reliably or effectively under varying conditions, exposing them to errors and failures that can have significant consequences, especially in critical applications or areas that require moral reasoning.

"Models that are misspecified are known to give rise to inaccurate parameter estimations, inconsistent error terms, and erroneous predictions. All these factors put together will lead to poor prediction performance on unseen data and biased consequences when making decisions [68]."(p. 6)

Other risks from Zhang et al. (2022) (6)