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Chang Welton SF

February 25, 2016 / 08:57

This episode discusses forecasting techniques, cognitive biases, and the importance of being well-read in the context of political analysis. Key topics include the Good Judgment Project, the role of intellectual curiosity, and the significance of adapting forecasts based on new information.

The guest shares their introduction to forecasting through a connection at Dartmouth and their experiences in Iraq. They highlight the importance of strong opinions that can be adjusted with new information, emphasizing the need for flexibility in forecasting.

They outline three main rules for effective forecasting: holding strong opinions weakly, putting in the necessary homework, and being aware of cognitive biases. The guest stresses the value of thorough research beyond basic sources.

Additionally, they discuss the differences between forecasting and traditional research, noting that forecasting allows for more freedom in approach compared to the rigid structures of academic research.

The episode concludes with a focus on the growth mindset necessary for improving forecasting skills through practice and learning from past mistakes.

TL;DR

The episode covers forecasting techniques, cognitive biases, and the importance of adaptability in political analysis.

Episode

8:57
00:00:08
I first got introduced to the forecast
00:00:13
ra by a long time
00:00:15
mine at Dartmouth been Valentino who is
00:00:17
a political scientist and he alerted me
00:00:21
to an opportunity to forecast with the
00:00:25
good judgment project and this was right
00:00:28
around the time when i was leaving
00:00:30
baghdad iraq after my second tour there
00:00:34
and i was looking for some way of doing
00:00:39
forecasting because i've been something
00:00:41
that I've been interested in for for a
00:00:43
while and that's why been introduced me
00:00:45
to this idea and you know I the timing
00:00:50
worked out as well I was able to come
00:00:52
back to the United States and that was
00:00:54
right around the time the the first year
00:00:56
of the tournament kicked off and I just
00:00:58
went from there
00:01:02
I think that bottom line intellectual
00:01:05
curiosity and just a willingness to put
00:01:10
in the work and to think hard about
00:01:12
specific problems and try to be as
00:01:14
objective as possible is what allowed me
00:01:16
to make more accurate forecasts and
00:01:19
others within the pool I wouldn't
00:01:22
necessarily say that you know what we
00:01:26
did or what I did as an individual is
00:01:28
the best possible at forecasting because
00:01:30
they're you know can be so many more
00:01:33
improvements I I think in terms of how
00:01:36
much you know about a specific subject
00:01:37
you can always improve your level of
00:01:39
knowledge I think you can always improve
00:01:42
you know how you're you're specifically
00:01:45
viewing a situation how that situation
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could potentially evolve so having a
00:01:50
greater understanding of how humans
00:01:52
interact with each other relate to each
00:01:53
other the political contours of specific
00:01:56
situations and events those are all
00:01:58
things that you can gain greater
00:01:59
knowledge on and get better at
00:02:01
forecasting in so yeah yeah being
00:02:04
open-minded and being open-minded enough
00:02:06
to realize that you need to remain open
00:02:08
minded I think are some of the keys to
00:02:10
being you know for for my own
00:02:14
forecasting performance
00:02:20
so I really had three general rules when
00:02:25
I made forecasts especially when I made
00:02:28
my first forecast on a new question or a
00:02:31
situation I'd never seen before so the
00:02:34
first thing I would say is to be a good
00:02:37
forecasters you have to be you have to
00:02:40
hold strong opinions weekly and what I
00:02:43
mean by that is that you do all of your
00:02:46
homework up front and you really present
00:02:49
a good case for why you feel a certain
00:02:51
way on a specific question and defending
00:02:55
your probability probability estimate at
00:02:57
that point but when you recognize that
00:03:00
somebody else has more information or
00:03:02
better information than you having the
00:03:05
ability to change your mind swiftly to
00:03:09
that new forecast I think that was one
00:03:12
of the keys to why I was able to you
00:03:15
know improve my performance over time I
00:03:17
think many people really get stuck on
00:03:21
their initial forecast and they fall in
00:03:22
love with it and wind up becoming going
00:03:26
into a defensive Crouch when it comes to
00:03:28
defending their opinion whereas I was on
00:03:31
my team sort of notorious for being able
00:03:34
to switch from one a very hard position
00:03:38
all the way to the opposite when I saw
00:03:41
new information and come up that led me
00:03:43
to do that the second thing is to be
00:03:48
willing to put in the homework and to
00:03:50
put in the effort to understand a
00:03:52
situation go beyond the Wikipedia page
00:03:56
and to go beyond the initial couple of
00:03:58
news articles and to really try to
00:04:00
understand you know what is it what is
00:04:03
it about Boko Haram and their
00:04:04
composition that you know is allowing
00:04:08
them to make the kinds of military gains
00:04:10
that there that we're seeing and how
00:04:11
fragile or stable are those military
00:04:14
gains compared to other like
00:04:16
organizations and to you know not just
00:04:19
to say Oh Boko Haram looks like every
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other organization that I've encountered
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to this point but to say to really try
00:04:26
to understand what's going on there and
00:04:28
to contextualize that appropriately
00:04:30
and I think the the third thing is to
00:04:35
have in your mind the kinds of
00:04:38
psychological and cognitive biases that
00:04:41
you could potentially fall prey to and
00:04:43
to be able to overcome those by you know
00:04:48
listening to your teammates by
00:04:51
self-critique and to recognize that you
00:04:55
know whatever forecast and argument that
00:05:00
you're putting forward now you should be
00:05:03
able to alter it or change it or improve
00:05:06
it in light of new information so you
00:05:09
know keeping in mind the cognitive
00:05:11
biases that really impact and influence
00:05:14
and reduce our accuracy and to
00:05:18
consciously try to D bias them
00:05:25
I think you could really do two things
00:05:27
to become a good forecaster and one eye
00:05:32
one is to read and not just read say
00:05:37
Phil's book super forecasting or Dan
00:05:40
economies book Thinking Fast and Slow
00:05:42
which I think many of the forecasters
00:05:44
who excelled in torment have read and
00:05:47
done I also think that you know reading
00:05:51
say histories like the guns of august or
00:05:55
books about bureaucracy by james q
00:05:59
wilson and others really improves your
00:06:02
your knowledge base and gives you a
00:06:05
better context for looking at situations
00:06:08
and being able to figure out whether
00:06:10
there are any commonalities or patterns
00:06:12
there that you can pick up on and that
00:06:14
could potentially apply to future
00:06:16
situations that look like that so being
00:06:19
well-read is I think a contributor to
00:06:23
forecasting success the second thing is
00:06:27
to just to practice don't get hung up on
00:06:30
wrong forecasts that you make initially
00:06:33
you know don't don't get overly you know
00:06:36
sensitive to those results but to
00:06:40
approach forecasting as something that
00:06:42
you can improve on and have that growth
00:06:46
mindset when it comes to making better
00:06:49
forecasts and so from there you're able
00:06:52
to say okay I start at some baseline
00:06:54
level I got some feedback tells me I
00:06:56
should improve an XY and Z and to really
00:06:58
make a concerted effort to do that
00:06:59
through practice
00:07:04
I think being a forecaster and being a
00:07:08
researcher are similar and different I
00:07:12
think that one of the great things about
00:07:15
being a forecaster is that we really
00:07:18
weren't constrained by any of the kind
00:07:22
of customs or sociology around for a
00:07:25
custom because we were the ones coming
00:07:27
up with that and so we were able to
00:07:30
explore and be very free in how we
00:07:33
approach forecasting whereas I think
00:07:37
research while you have some freedom in
00:07:40
the hypotheses that you are tackling a
00:07:43
lot of the methodology and the structure
00:07:47
around writing papers and peer review
00:07:50
and submissions is very much rigid and
00:07:54
you must follow the the specific process
00:07:58
so i think that that the highlights a
00:08:00
major difference in forecasting versus
00:08:05
doing the research in that the research
00:08:08
seem to be much more process oriented
00:08:11
although obviously there there's an
00:08:14
outcome component to it whereas when
00:08:16
when we were doing strictly forecasting
00:08:18
really people only care that we were
00:08:22
able to come up with the right answers
00:08:24
rather than you know how exactly we we
00:08:27
got there so yeah they're different
00:08:31
they're different animals
00:08:48
you

Episode Highlights

  • The Journey to Forecasting
    Discover how a political scientist introduced the speaker to forecasting opportunities after military service.
    @ 00m 08s
    February 25, 2016
  • Keys to Accurate Forecasting
    Learn the three general rules for making accurate forecasts: hold opinions weakly, do your homework, and recognize biases.
    “Hold strong opinions weakly; be ready to change your mind with new information.”
    @ 02m 20s
    February 25, 2016
  • The Freedom of Forecasting
    Explore the differences between forecasting and traditional research methodologies, emphasizing the freedom in forecasting.
    @ 07m 08s
    February 25, 2016

Episode Quotes

  • Intellectual curiosity and willingness to work hard are key to accurate forecasts.
    Chang Welton SF
  • Hold strong opinions weakly; be ready to change your mind with new information.
    Chang Welton SF
  • Being well-read contributes to forecasting success.
    Chang Welton SF

Key Moments

  • Introduction to Forecasting00:08
  • Keys to Success02:20
  • Forecasting vs Research07:08

Words per Minute Over Time

Vibes Breakdown

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