[Link] How to see into the future (Financial Times)

fortyeridania

How to see into the future, by Tim Harford

The article may be gated. (I have a subscription through my school.)

It is mainly about two things: the differing approaches to forecasting taken by Irving Fisher, John Maynard Keynes, and Roger Babson; and Philip Tetlock's Good Judgment Project.

Key paragraph:

So what is the secret of looking into the future? Initial results from the Good Judgment Project suggest the following approaches. First, some basic training in probabilistic reasoning helps to produce better forecasts. Second, teams of good forecasters produce better results than good forecasters working alone. Third, actively open-minded people prosper as forecasters.

But the Good Judgment Project also hints at why so many experts are such terrible forecasters. It’s not so much that they lack training, teamwork and open-mindedness – although some of these qualities are in shorter supply than others. It’s that most forecasters aren’t actually seriously and single-mindedly trying to see into the future. If they were, they’d keep score and try to improve their predictions based on past errors. They don’t.

How to see into the future, by Tim Harford

The article may be gated. (I have a subscription through my school.)

It is mainly about two things: the differing approaches to forecasting taken by Irving Fisher, John Maynard Keynes, and Roger Babson; and Philip Tetlock's Good Judgment Project.

Key paragraph:

So what is the secret of looking into the future? Initial results from the Good Judgment Project suggest the following approaches. First, some basic training in probabilistic reasoning helps to produce better forecasts. Second, teams of good forecasters produce better results than good forecasters working alone. Third, actively open-minded people prosper as forecasters.

But the Good Judgment Project also hints at why so many experts are such terrible forecasters. It’s not so much that they lack training, teamwork and open-mindedness – although some of these qualities are in shorter supply than others. It’s that most forecasters aren’t actually seriously and single-mindedly trying to see into the future. If they were, they’d keep score and try to improve their predictions based on past errors. They don’t.

one can simply point out that you have a telescope and this is the reason why your discovery (that contradicts a respected position) might nevertheless be correct

I don't think it was the case of "I have a telescope ergo I am correct", I think it was more of the case "Here, look into this thing and see for yourself".

I was mostly trying to talk about an "outside view", i.e. whom should a layman (who is not necessarily able to immediately replicate an experiment himself/herself) believe?

Suppose an acclaimed professor (in earlier times - a famous natural philosopher) and a grad student (or an equivalent in earlier times) are are trying to figure out something and their respective experiments produce differing results. Suppose their equipment was of the same quality. Whom being correct should a layperson bet on before further research becomes available? Would ... (read more)

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[Link] How to see into the future (Financial Times)

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[Link] How to see into the future (Financial Times)

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