Philip Tetlock famously showed that hedgehogs, who focus on one main analytical tool, are less accurate than foxes, who used a wide assortment of analytical tools, on simple long-term forecasts in political economy.
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Yes - no one wants to be graded. I wasn't going to ask them.As I think about it, this is probably a great project for a journalism or econ class. Every year the class will spend some of the course researching who's predictions ought to be tracked. And then accumulate the predictions based on publicly available material. Whip it up into a nice spreadsheet and pop it into a wiki. Allow people to comment. Reserve the top comment spot for the predictor so he/she can explain why they are being misrepresented. update every term.Teaches research skills at a modest level, teaches how to find the "leading lights" and does some public good along the way.
For those who don't keep their browser on Cato Unbound reloading for each update, Bruce Bueno de Mesquita responded to Robin's follow-up and Robin in turn gave kudos that Mesquita subjected his models to tests against others, but wondered whether there was sufficient representation of "foxes" in such comparisons.
A basic problem is that no is willing to be graded. Tetlock found no one willing to participate under their own name. Another problem is that people do not make predictions that are easy to score.
So why don't we test this. There are plenty of pundits willing to predict next quarters GDP, employment data etc. Why not have a website that lists pundits and experts and their prediction accuracy? It would be a lot more fun following the advice of these people if I could look them up and see their forecast accuracy rate. This seems a worthwhile thing to do. I would use it. But I don't want to maintain it.Any takers?Could this be an on-going class project for course in journalism or economics in general ?
The CIA doesn't just "like" Bueno de Mesquita. They actually did a large test of their analysts against their people implementing his method:
Stanley Feder, "Factions and Policon: New Ways to Analyze Politics," in H. Bradford Westerfield, ed. Inside CIA's Private World: Declassified Articles from the Agency's Internal journal, 1955-1992 (New Haven: Yale University Press, 1995) (more citations of studies)
So the few people who actually care about tests already buy his services. But they are so few that he thinks it not worthwhile to clearly advertise this test. He has nothing to gain from further tests.
On a slightly different note, though, I wonder whether a futures market populated by a variety of hedgehogs (and no foxes) would do better than a futures market populated by foxes.
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"But I find it disappointing, and also a bit suspicious, that neither Cochrane nor De Mesquita express interest in helping to design better studies"
It isn't their one big area of analysis (hedgehog) so they don't care about it as much as someone who likes lots of tools (fox).
Yes - no one wants to be graded. I wasn't going to ask them.As I think about it, this is probably a great project for a journalism or econ class. Every year the class will spend some of the course researching who's predictions ought to be tracked. And then accumulate the predictions based on publicly available material. Whip it up into a nice spreadsheet and pop it into a wiki. Allow people to comment. Reserve the top comment spot for the predictor so he/she can explain why they are being misrepresented. update every term.Teaches research skills at a modest level, teaches how to find the "leading lights" and does some public good along the way.
For those who don't keep their browser on Cato Unbound reloading for each update, Bruce Bueno de Mesquita responded to Robin's follow-up and Robin in turn gave kudos that Mesquita subjected his models to tests against others, but wondered whether there was sufficient representation of "foxes" in such comparisons.
There still is Prediction Book.
A basic problem is that no is willing to be graded. Tetlock found no one willing to participate under their own name. Another problem is that people do not make predictions that are easy to score.
There used to be this site:http://www.overcomingbias.c...but it seems to be down at the moment.
So why don't we test this. There are plenty of pundits willing to predict next quarters GDP, employment data etc. Why not have a website that lists pundits and experts and their prediction accuracy? It would be a lot more fun following the advice of these people if I could look them up and see their forecast accuracy rate. This seems a worthwhile thing to do. I would use it. But I don't want to maintain it.Any takers?Could this be an on-going class project for course in journalism or economics in general ?
The CIA doesn't just "like" Bueno de Mesquita. They actually did a large test of their analysts against their people implementing his method:
Stanley Feder, "Factions and Policon: New Ways to Analyze Politics," in H. Bradford Westerfield, ed. Inside CIA's Private World: Declassified Articles from the Agency's Internal journal, 1955-1992 (New Haven: Yale University Press, 1995) (more citations of studies)
So the few people who actually care about tests already buy his services. But they are so few that he thinks it not worthwhile to clearly advertise this test. He has nothing to gain from further tests.
On a slightly different note, though, I wonder whether a futures market populated by a variety of hedgehogs (and no foxes) would do better than a futures market populated by foxes.