Reminds me of a quote I read somewhere about simulation models (specifically referring to Agent Based Modelling) saying that (heavily paraphrasing): "A lot of models are great random number generators"... or "garbage in, garbage out".
I suspect a lot of these people doing "big data models" are as you say, ignoring the importance of having solid assumptions.
Oh well, that's exactly in part what brought down the financial collapse: A bunch of kids get a formula (Blach-Scholes) and believe blindly in its magic powers so they apply it to everything. Fast forward several years and we've got what everybody knows.
I suspect a lot of these people doing "big data models" are as you say, ignoring the importance of having solid assumptions.
Oh well, that's exactly in part what brought down the financial collapse: A bunch of kids get a formula (Blach-Scholes) and believe blindly in its magic powers so they apply it to everything. Fast forward several years and we've got what everybody knows.