How the Best Forecasters Predict Events Such as Election Outcomes

How the Best Forecasters Predict Events Such as Election Outcomes

3 years ago
Anonymous $RGO3jP_V_c

https://www.scientificamerican.com/article/how-the-best-forecasters-predict-events-such-as-election-outcomes/

The classic interview question that every applicant dreads: tell me about a time when you changed your mind. Most interviewees launch into some canned story about a sudden revelation—an aha moment of transformative insight—intended to demonstrate the candidate’s candor, open-mindedness and analytic skills. The interviewer nods along as they consider if the story is memorable and thoughtful enough to score the candidate that job offer.

But is suddenly changing your mind really a mark of insight? Major revelations make for memorable stories, but our research shows they rarely represent how the best analytic minds revise their beliefs. Rather than doing a 180, those who excel at making accurate predictions tend to change their beliefs gradually. They revise their predictions to reflect new information, but they do so slowly, comparing it with the information they had before.