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and I look forward to more of your writing.#22. So the 25% who have cancer that isn’t picked up by the mammogram is irrelevant since again, we’re only concerned w those who have positive results. And they gave it only about a 1-in-500 chance of shrinking by at least 2 percent, as it did” (loc. To take just one example, “in September 2011, [the forecasting firm] ECRI predicted a near certainty of a ‘double dip’ recession. Each of my articles follows the same form and is similar in length (15-20 pages). There are many reasons for this. And over and above these private decisions, prognosticating does, of course, bleed over into the public realm; as indeed whole industries from weather forecasting, to sports betting, to financial investing are built on the premise that predictions of future outcomes are not only possible, but can be made reliable. It was a pleasure to write.Very helpful. Thanks for writing it.Thanks David. We know that 10% of positives are false positives, so 90% are correct.

In addition, there is a wealth of economic data available. A Summary of ‘Inheritance: How Our Genes Change Our Lives–and Our Lives Change Our Genes’ by Sharon Moalem,#56. A Summary of ‘Windfall: The Booming Business of Global Warming’ by Mckenzie Funk,New Podcast: A Discussion of ‘The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies’ by Erik Brynjolfsson and Andrew McAfee,a. Rather amusing to consider that White House predictions about the economy are the least reliable irregardless of who’s in power. It starts by looking at,Chapter 2 (“Are You Smarter Than a Television Pundit?”) discusses predictions and punditry in politics. These precise projections are derived from broader prediction intervals (though they are not often publicized as such). A Summary of ‘Flash Boys: A Wall Street Revolt’ by Michael Lewis,#55. I’m glad the article was a help to you.I just purchased your summary of signal versus noise and as a hyperforecaster who has many years making accurate predictions within a closed circle, I can say that you have written this summary better than the author wrote the book. Economists haven’t been able to do any better than that, and there isn’t much evidence that their forecasts are improving” (loc. The economy is the field that receives the most attention in the book, which explains why I chose it, and not another field. Thanks very much.Hi Gary. 3322).

Indeed, as Silver points out, “the government produces data on literally 45,000 economic indicators each year. But there is really no excuse for egregiously misjudging how certain you are of your predictions, for you can check to see how they’ve done, and adjust your level of certainty accordingly. Certainly puts a perspective on the presidential debates.Thanks Sandra. This value is based on the probability of a made basket occurring, and is equal to the total number of expected points that will result from that possession. It is for this reason that predictive models that rely on statistics and statistics alone are often not very effective (though they do often help a seasoned expert who is able to apply insightful analysis to them).In the final stage of the book Silver explores how the lessons that he lays out can be applied to such fields as global warming, terrorism and financial markets. But I still don’t get the breast cancer example, which asks what is the probability that a woman who has a positive mammogram result has cancer. One of my favorite examples was predictions about disease spread:Enter your email address to follow this blog and receive notifications of new posts by email.Post was not sent - check your email addresses!Sorry, your blog cannot share posts by email.5 Interesting Reasons Priming Studies Go Wrong,5 Examples of Bimodal Distributions (None of Which Are Human Height),6 Examples of Correlation/Causation Confusion,5 Things You Should Know About Orchestras and Blind Auditions,Statistical Modeling, Causal Inference and Social Science,William Briggs – Statistician to the Stars. The fact is that overall probabilities have an impact on individual cases (as strange as this sounds). **In a related note, I do not discuss Silver’s approach to political prediction-making here, as it is a relatively minor theme in the book. So, for instance, take the Survey of Professional Forecasters (which is a “a quarterly poll put out by the Federal Reserve Bank of Philadelphia” (loc. I’m hoping I can do a better job of recommending this book after this.Thanks for your comment David. Daniel Kanheman also addresses this point in his ‘Thinking, Fast and Slow’.Thanks for the summary, Aaron. 285). I’m glad the article was of use to you. Indeed, as Silver points out, “one actual statistic is that in the 1990’s, economists predicted only 2 of the 60 recessions around the world a year ahead of time” (loc. (Human nature!
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