Re:Why we should care about the Nate Silver vs. Nassim Taleb...
by tnzn on Tuesday December 18, 2018 @09:04AM
(#18706413)
But do weather forecast always end with "but this could also be completely random" to avoid being accountable ?
Re:Why we should care about the Nate Silver vs. Nassim Taleb...
by lftl on Tuesday December 18, 2018 @08:55AM
(#18706382)
With the weather man, I could keep track of when it rains and doesn't. If it rains significantly more or less than 80% of the time they say there's an 80% chance of rain, I can say that their model is bad.
I can't think of a similar way to evaluate Silver's election forecasting model. They very clearly aren't independent probabilities, and his model changes significantly from cycle to cycle. Was his model good in 2012 when every state went to where he predicted the likely probability was? Was it bad when his model said Hillary had a 71.4% chance of winning?
Re:Why we should care about the Nate Silver vs. Nassim Taleb...
by matt4077 on Tuesday December 18, 2018 @10:00AM
(#18706803)
They do not only predict top-line presidential results, but every race, in every state, for president, House, and Senate. Non-independence is accounted for in the model, so they have no qualms about you judging them by the calibration of their predictions, I. e. You want roughly 60% of their “60%” forecasts to be right, and 40% to be wrong. If all of the races they predict 60/40 go to the more likely candidate, they themselves consider this a failure: https://fivethirtyeight.com/features/how-fivethirtyeights-20...
Re:Why we should care about the Nate Silver vs. Nassim Taleb...
by JumpCrisscross on Tuesday December 18, 2018 @09:55AM
(#18706758)
> I can't think of a similar way to evaluate Silver's election forecasting mode
You bucket every prediction, look at the outcome, and then confirm whether the favoured outcomes in the 8th decile actually occurred 70% to 80% of the time.
And if your data is telling you to be 80% sure, I don't think you should fudge it and claim 100%. Report the uncertainty that you actually have.