Superforecasting

Author: Philip E. Tetlock
Publisher: Crown
ISBN: 9780804136709
Size: 19.13 MB
Format: PDF, Kindle
View: 42

A New York Times Bestseller An Economist Best Book of 2015 "The most important book on decision making since Daniel Kahneman's Thinking, Fast and Slow." —Jason Zweig, The Wall Street Journal Everyone would benefit from seeing further into the future, whether buying stocks, crafting policy, launching a new product, or simply planning the week’s meals. Unfortunately, people tend to be terrible forecasters. As Wharton professor Philip Tetlock showed in a landmark 2005 study, even experts’ predictions are only slightly better than chance. However, an important and underreported conclusion of that study was that some experts do have real foresight, and Tetlock has spent the past decade trying to figure out why. What makes some people so good? And can this talent be taught? In Superforecasting, Tetlock and coauthor Dan Gardner offer a masterwork on prediction, drawing on decades of research and the results of a massive, government-funded forecasting tournament. The Good Judgment Project involves tens of thousands of ordinary people—including a Brooklyn filmmaker, a retired pipe installer, and a former ballroom dancer—who set out to forecast global events. Some of the volunteers have turned out to be astonishingly good. They’ve beaten other benchmarks, competitors, and prediction markets. They’ve even beaten the collective judgment of intelligence analysts with access to classified information. They are "superforecasters." In this groundbreaking and accessible book, Tetlock and Gardner show us how we can learn from this elite group. Weaving together stories of forecasting successes (the raid on Osama bin Laden’s compound) and failures (the Bay of Pigs) and interviews with a range of high-level decision makers, from David Petraeus to Robert Rubin, they show that good forecasting doesn’t require powerful computers or arcane methods. It involves gathering evidence from a variety of sources, thinking probabilistically, working in teams, keeping score, and being willing to admit error and change course. Superforecasting offers the first demonstrably effective way to improve our ability to predict the future—whether in business, finance, politics, international affairs, or daily life—and is destined to become a modern classic. From the Hardcover edition.

Superforecasting

Author: Philip Tetlock
Publisher: Random House
ISBN: 9781448166596
Size: 17.74 MB
Format: PDF, ePub
View: 58

WINNER OF THE CMI MANAGEMENT FUTURES BOOK OF THE YEAR AWARD What if we could improve our ability to predict the future? Everything we do involves forecasts about how the future will unfold. Whether buying a new house or changing job, designing a new product or getting married, our decisions are governed by implicit predictions of how things are likely to turn out. The problem is, we're not very good at it. In a landmark, twenty-year study, Wharton professor Philip Tetlock showed that the average expert was only slightly better at predicting the future than a layperson using random guesswork. Tetlock's latest project – an unprecedented, government-funded forecasting tournament involving over a million individual predictions – has since shown that there are, however, some people with real, demonstrable foresight. These are ordinary people, from former ballroom dancers to retired computer programmers, who have an extraordinary ability to predict the future with a degree of accuracy 60% greater than average. They are superforecasters. In Superforecasting, Tetlock and his co-author Dan Gardner offer a fascinating insight into what we can learn from this elite group. They show the methods used by these superforecasters which enable them to outperform even professional intelligence analysts with access to classified data. And they offer practical advice on how we can all use these methods for our own benefit – whether in business, in international affairs, or in everyday life.

Superforecasting

Author: Philip Tetlock
Publisher:
ISBN: 184794714X
Size: 17.56 MB
Format: PDF
View: 25

'This marvelous book tells an exciting story of ordinary people beating experts in a very serious game. It is also a manual on how to think clearly about an uncertain world. Read it.' - Daniel Kahneman When it comes to making predictions about the future, the average expert is about as accurate as a dart-throwing chimpanzee. This was the much-publicised conclusion of the largest and most comprehensive analysis of expert predictions ever undertaken, completed by Philip Tetlock in 2005 after almost twenty years' work. In the course of his research, Tetlock considered 27,450 forecasts made by hundreds of experts who make a career out of forecasting political or economic events. The results were damning. Not only was the average success rate of the experts roughly equivalent to that of someone making random guesses, but Tetlock discovered that the more 'pre-eminent' the experts were, the less accurate their predictions tended to be. In Seeing Further, Philip Tetlock and Dan Gardner show that our desire for meaningful predictions about the future is far from futile, however. Based on an ongoing, multi-million dollar 'forecasting tournament', the authors offer compelling evidence for ways in which we are able to improve our foresight and make more accurate predictions. Using the approach they term as the 'fox' style of thinking, Tetlock and Gardner show how a few simple training exercises can improve the average person's ability to predict the future by a staggering 20 per cent. At the end of the first year of the forecasting tournament, the 'Good Judgement' team using these exercises was beating all other teams by 30 to 60 per cent. The importance of accurate forecasting cannot be underestimated. It can spell the difference between prosperity and penury, progress and collapse, even peace and war. This is a crucial and enlightening exploration of a topic which will never cease to be relevant.

The Signal And The Noise

Author: Nate Silver
Publisher: Penguin
ISBN: 9781101595954
Size: 20.43 MB
Format: PDF, ePub
View: 49

One of Wall Street Journal's Best Ten Works of Nonfiction in 2012 New York Times Bestseller “Not so different in spirit from the way public intellectuals like John Kenneth Galbraith once shaped discussions of economic policy and public figures like Walter Cronkite helped sway opinion on the Vietnam War…could turn out to be one of the more momentous books of the decade.” —New York Times Book Review "Nate Silver's The Signal and the Noise is The Soul of a New Machine for the 21st century." —Rachel Maddow, author of Drift "A serious treatise about the craft of prediction—without academic mathematics—cheerily aimed at lay readers. Silver's coverage is polymathic, ranging from poker and earthquakes to climate change and terrorism." —New York Review of Books Nate Silver built an innovative system for predicting baseball performance, predicted the 2008 election within a hair’s breadth, and became a national sensation as a blogger—all by the time he was thirty. He solidified his standing as the nation's foremost political forecaster with his near perfect prediction of the 2012 election. Silver is the founder and editor in chief of FiveThirtyEight.com. Drawing on his own groundbreaking work, Silver examines the world of prediction, investigating how we can distinguish a true signal from a universe of noisy data. Most predictions fail, often at great cost to society, because most of us have a poor understanding of probability and uncertainty. Both experts and laypeople mistake more confident predictions for more accurate ones. But overconfidence is often the reason for failure. If our appreciation of uncertainty improves, our predictions can get better too. This is the “prediction paradox”: The more humility we have about our ability to make predictions, the more successful we can be in planning for the future. In keeping with his own aim to seek truth from data, Silver visits the most successful forecasters in a range of areas, from hurricanes to baseball, from the poker table to the stock market, from Capitol Hill to the NBA. He explains and evaluates how these forecasters think and what bonds they share. What lies behind their success? Are they good—or just lucky? What patterns have they unraveled? And are their forecasts really right? He explores unanticipated commonalities and exposes unexpected juxtapositions. And sometimes, it is not so much how good a prediction is in an absolute sense that matters but how good it is relative to the competition. In other cases, prediction is still a very rudimentary—and dangerous—science. Silver observes that the most accurate forecasters tend to have a superior command of probability, and they tend to be both humble and hardworking. They distinguish the predictable from the unpredictable, and they notice a thousand little details that lead them closer to the truth. Because of their appreciation of probability, they can distinguish the signal from the noise. With everything from the health of the global economy to our ability to fight terrorism dependent on the quality of our predictions, Nate Silver’s insights are an essential read. From the Trade Paperback edition.

The Signal And The Noise

Author: Nate Silver
Publisher: Penguin UK
ISBN: 9781846147531
Size: 14.53 MB
Format: PDF, Docs
View: 59

Every time we choose a route to work, decide whether to go on a second date, or set aside money for a rainy day, we are making a prediction about the future. Yet from the global financial crisis to 9/11 to the Fukushima disaster, we often fail to foresee hugely significant events. In The Signal and the Noise, the New York Times' political forecaster and statistics guru Nate Silver explores the art of prediction, revealing how we can all build a better crystal ball. In his quest to distinguish the true signal from a universe of noisy data, Silver visits hundreds of expert forecasters, in fields ranging from the stock market to the poker table, from earthquakes to terrorism. What lies behind their success? And why do so many predictions still fail? By analysing the rare prescient forecasts, and applying a more quantitative lens to everyday life, Silver distils the essential lessons of prediction. We live in an increasingly data-driven world, but it is harder than ever to detect the true patterns amid the noise of information. In this dazzling insider's tour of the world of forecasting, Silver reveals how we can all develop better foresight in our everyday lives.

Superforecasting

Author: Instaread
Publisher: Instaread
ISBN: 9781944195489
Size: 20.66 MB
Format: PDF, Mobi
View: 67

Superforecasting by Philip E. Tetlock and Dan Gardner | Key Takeaways, Analysis & Review Preview: Superforecasting: The Art and Science of Prediction is a nonfiction book about the accuracy of forecasting. It recounts the efforts of Philip E. Tetlock, a professor of psychology and marketing at the Wharton School of Business of the University of Pennsylvania, to create accurate measurements of the accuracy of forecasting, and to study the people and conditions that create the most accurate forecasts… PLEASE NOTE: This is key takeaways and analysis of the book and NOT the original book. Inside this Instaread of Superforecasting:Overview of the bookImportant PeopleKey TakeawaysAnalysis of Key Takeaways

Expert Political Judgment

Author: Philip E. Tetlock
Publisher: Princeton University Press
ISBN: 9781400830312
Size: 17.42 MB
Format: PDF, Kindle
View: 88

The intelligence failures surrounding the invasion of Iraq dramatically illustrate the necessity of developing standards for evaluating expert opinion. This book fills that need. Here, Philip E. Tetlock explores what constitutes good judgment in predicting future events, and looks at why experts are often wrong in their forecasts. Tetlock first discusses arguments about whether the world is too complex for people to find the tools to understand political phenomena, let alone predict the future. He evaluates predictions from experts in different fields, comparing them to predictions by well-informed laity or those based on simple extrapolation from current trends. He goes on to analyze which styles of thinking are more successful in forecasting. Classifying thinking styles using Isaiah Berlin's prototypes of the fox and the hedgehog, Tetlock contends that the fox--the thinker who knows many little things, draws from an eclectic array of traditions, and is better able to improvise in response to changing events--is more successful in predicting the future than the hedgehog, who knows one big thing, toils devotedly within one tradition, and imposes formulaic solutions on ill-defined problems. He notes a perversely inverse relationship between the best scientific indicators of good judgement and the qualities that the media most prizes in pundits--the single-minded determination required to prevail in ideological combat. Clearly written and impeccably researched, the book fills a huge void in the literature on evaluating expert opinion. It will appeal across many academic disciplines as well as to corporations seeking to develop standards for judging expert decision-making.