Superforecasting

Superforecasting

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SUMMARY:

NEW YORK TIMES BESTSELLER • NAMED ONE OF THE BEST BOOKS OF THE YEAR BY THE ECONOMIST “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.

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Genre : Business & Economics
Author by : Philip E. Tetlock
Publisher : Crown
Release : 2015-09-29
File : 352 Pages
ISBN-13 : 9780804136709


Superforecasting

Superforecasting

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SUMMARY:

From one of the world's most highly regarded social scientists comes a seminal book on forecasting that shows, for the first time, how we can all get better at making predictions. 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." The authors 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, learning to think 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.

Details :

Genre : Business & Economics
Author by : Philip E. Tetlock
Publisher : Signal
Release : 2015-09-29
File : 352 Pages
ISBN-13 : 9780771070532


Superforecasting

Superforecasting

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SUMMARY:

The international bestseller 'A manual for thinking clearly in an uncertain world. Read it.' Daniel Kahneman, author of Thinking, Fast and Slow _________________________ 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. _________________________ 'The techniques and habits of mind set out in this book are a gift to anyone who has to think about what the future might bring. In other words, to everyone.' Economist 'A terrific piece of work that deserves to be widely read . . . Highly recommended.' Independent 'The best thing I have read on predictions . . . Superforecasting is an indispensable guide to this indispensable activity.' The Times

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Genre : Social Science
Author by : Philip Tetlock
Publisher : Random House
Release : 2015-09-24
File : 352 Pages
ISBN-13 : 9781448166596


Future Babble

Future Babble

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An award-winning journalist uses landmark research to debunk the whole expertprediction industry, and explores the psychology of our obsession with futurehistory.

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Genre : Economic forecasting
Author by : Dan Gardner
Publisher : Random House
Release : 2011
File : 305 Pages
ISBN-13 : 9780753522363


Expert Political Judgment

Expert Political Judgment

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Since its original publication, Expert Political Judgment by New York Times bestselling author Philip Tetlock has established itself as a contemporary classic in the literature on evaluating expert opinion. 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. Now with a new preface in which Tetlock discusses the latest research in the field, the book explores what constitutes good judgment in predicting future events and looks at why experts are often wrong in their forecasts.

Details :

Genre : Political Science
Author by : Philip E. Tetlock
Publisher : Princeton University Press
Release : 2017-08-29
File : 368 Pages
ISBN-13 : 9781400888818


Risk

Risk

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SUMMARY:

In the tradition of Malcolm Gladwell, Gardner explores a new way of thinking about the decisions we make. We are the safest and healthiest human beings who ever lived, and yet irrational fear is growing, with deadly consequences — such as the 1,595 Americans killed when they made the mistake of switching from planes to cars after September 11. In part, this irrationality is caused by those — politicians, activists, and the media — who promote fear for their own gain. Culture also matters. But a more fundamental cause is human psychology. Working with risk science pioneer Paul Slovic, author Dan Gardner sets out to explain in a compulsively readable fashion just what that statement above means as to how we make decisions and run our lives. We learn that the brain has not one but two systems to analyze risk. One is primitive, unconscious, and intuitive. The other is conscious and rational. The two systems often agree, but occasionally they come to very different conclusions. When that happens, we can find ourselves worrying about what the statistics tell us is a trivial threat — terrorism, child abduction, cancer caused by chemical pollution — or shrugging off serious risks like obesity and smoking. Gladwell told us about “the black box” of our brains; Gardner takes us inside, helping us to understand how to deconstruct the information we’re bombarded with and respond more logically and adaptively to our world. Risk is cutting-edge reading.

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Genre : Social Science
Author by : Dan Gardner
Publisher : McClelland & Stewart
Release : 2009-02-24
File : 416 Pages
ISBN-13 : 9781551992105


Counterfactual Thought Experiments In World Politics

Counterfactual Thought Experiments In World Politics

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SUMMARY:

Political scientists often ask themselves what might have been if history had unfolded differently: if Stalin had been ousted as General Party Secretary or if the United States had not dropped the bomb on Japan. Although scholars sometimes scoff at applying hypothetical reasoning to world politics, the contributors to this volume--including James Fearon, Richard Lebow, Margaret Levi, Bruce Russett, and Barry Weingast--find such counterfactual conjectures not only useful, but necessary for drawing causal inferences from historical data. Given the importance of counterfactuals, it is perhaps surprising that we lack standards for evaluating them. To fill this gap, Philip Tetlock and Aaron Belkin propose a set of criteria for distinguishing plausible from implausible counterfactual conjectures across a wide range of applications. The contributors to this volume make use of these and other criteria to evaluate counterfactuals that emerge in diverse methodological contexts including comparative case studies, game theory, and statistical analysis. Taken together, these essays go a long way toward establishing a more nuanced and rigorous framework for assessing counterfactual arguments about world politics in particular and about the social sciences more broadly.

Details :

Genre : Political Science
Author by : Philip E. Tetlock
Publisher : Princeton University Press
Release : 1996-09-08
File : 344 Pages
ISBN-13 : 0691027919


The Signal And The Noise

The Signal And The Noise

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UPDATED FOR 2020 WITH A NEW PREFACE BY NATE SILVER "One of the more momentous books of the decade." —The New York Times Book Review 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 the website FiveThirtyEight. 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 to global pandemics, 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.

Details :

Genre : Political Science
Author by : Nate Silver
Publisher : Penguin
Release : 2012-09-27
File : 544 Pages
ISBN-13 : 9781101595954


The Poker Face Of Wall Street

The Poker Face Of Wall Street

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Wall Street is where poker and modern finance?and the theory behind these "games"?clash head on. In both worlds, real risk means real money is made or lost in a heart beat, and neither camp is always rational with the risk it takes. As a result, business and financial professionals who want to use poker insights to improve their job performance will find this entertaining book a "must read." So will poker players searching for an edge in applying the insights of risk-takers on Wall Street.

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Genre : Business & Economics
Author by : Aaron Brown
Publisher : John Wiley & Sons
Release : 2011-08-26
File : 368 Pages
ISBN-13 : 9781118161104


Unmaking The West

Unmaking The West

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What if the Persians had won at Salamis? What if Christ had not been crucified? What if the Chinese had harnessed steam power before the West? Disparaged by some as a mere parlor game, counterfactual history is seen by others as an indispensable historical tool. Taking as their point of inquiry the debate over the inevitability of the rise of the West, the eminent scholars in Unmaking the West argue that there is no escaping counterfactual history. Whenever we make claims of cause and effect, we commit ourselves to the assumption that if key links in the causal chain were broken, history would have unfolded otherwise. Likewise, without counterfactual history we all too easily slip into the habit of hindsight bias, forgetting, as soon as we learn what happened, how unpredictable the world looked beforehand, and closing our minds to all the ways the course might have changed. This collection is thus both an exploration of alternative scenarios to world history and an exercise in testing the strengths and weaknesses of counterfactual experiments. "If ever there was an argument for the usefulness of counterfactual history, this admirable, and admirably focused, collection has convincingly made it." —Robert Cowley, editor of the What If?TM series "With chapters ranging from politics to war to religion to economics and to science and technology, this is the most thematically wide-ranging collection on counterfactuality. An intelligent, cutting-edge study with important things to say." —Jonathan C. D. Clark, Department of History, University of Kansas "This volume is likely to become a standard reference in the literature on historical methodology, and could have a dramatic impact on the way future generations of historians approach disciplinary inquiry. . . . By allowing readers to share in the doubts and epiphanies that lead up to the authors' epistemological revelations, the volume allows readers to grasp the rich potential of approaching their own research from a counterfactual perspective." —Aaron Belkin, Associate Professor of Political Science, University of California, Santa Barbara Philip E. Tetlock is Mitchell Professor, Haas School of Business, University of California, Berkeley, and author of Expert Political Judgment: How Good Is It? How Can We Know? Richard Ned Lebow is James O. Freedman Presidential Professor of Government at Dartmouth College and author of The Tragic Vision of Politics: Ethics, Interests and Orders, winner of the Alexander L. George Award for the best book in political psychology.Geoffrey Parker is Andreas Dorpalen Professor of History at Ohio State University, a Fellow of the British Academy, and author of The Military Revolution: Military Innovation and the Rise of the West, 1500-1800, winner of two book prizes.

Details :

Genre : History
Author by : Philip Eyrikson Tetlock
Publisher : University of Michigan Press
Release : 2006
File : 415 Pages
ISBN-13 : 0472031430