It seems like your attitude towards statistical errors is largely going to depend on the risk of making bad predictions.<p>For example, the problem with the denominator containing &quot;unknown unknowns&quot; isn&#x27;t much of an issue if you&#x27;re searching photographs or optimizing ad revenue. It&#x27;s much more important for something safety-related like building an airplane or a driverless car.<p>Finance is in the middle: not directly safety related, but modeling tail risk the wrong way could bankrupt the company.