On the inaccuracy of forecasters (those who don’t know they don’t know)

💎 On the inaccuracy of forecasters (those who don’t know they don’t know)

Every day, experts bombard us with predictions, but how reliable are they? Until a few years ago, no one bothered to check. Then along came Philip Tetlock. Over a period of ten years, he evaluated 28,361 predictions from 284 self-appointed professionals. The result: in terms of accuracy, the experts fared only marginally better than a random forecast generator. Ironically, the media darlings were among the poorest performers; and of those the worst were the prophets of doom and disintegration. Examples of their far-fetched forecasts included the collapse of Canada, Nigeria, China, India, Indonesia, South Africa, Belgium and the E.U. None of these countries has imploded.

‘There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know,’ wrote Harvard economist J.K.Galbraith.

Excerpt from: The Art of Thinking Clearly by Rolf Dobelli

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