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Rich Elaine SF

February 25, 2016 / 06:53

This episode covers forecasting techniques, the Good Judgment Project, and the impact of diverse perspectives on decision-making. It features discussions on Ebola, finance, and personal insights into analytical thinking.

The guest shares their experience with the Good Judgment Project, emphasizing the importance of consistent participation and careful analysis of questions. They liken the forecasting process to taking a test, where understanding the nuances of each question is crucial.

They discuss their background in oil painting and how it influences their ability to see the big picture while focusing on details. The guest highlights the significance of using various news sources and feedback from others to improve forecasting accuracy.

Specific forecasting questions about Ebola are mentioned, including the potential for cases to reach the European Union and the World Health Organization's response. The guest reflects on their initial hesitance with topics they know well, contrasting it with their approach to unfamiliar subjects.

The episode concludes with an analogy from the movie Princess Bride, illustrating the high stakes of forecasting tournaments and the importance of precision in timelines.

TL;DR

The episode discusses forecasting techniques and the Good Judgment Project, focusing on Ebola and the importance of diverse perspectives.

Episode

6:53
00:00:08
I'm politically very interested in
00:00:12
what's happening and I used to read the
00:00:14
fivethirtyeight blog that was done by
00:00:16
nate silver he advertised for the good
00:00:19
judgment project
00:00:24
I was very steady I I answered as many
00:00:28
questions as I could I was consistent I
00:00:32
updated I didn't let anything get
00:00:34
forgotten and I approached it like I was
00:00:39
taking a test at school come in and
00:00:41
maybe I didn't even study so but hey
00:00:45
it's it's it's not an essay test so the
00:00:49
choices are very clear its its its
00:00:52
numbers and and dumb I would read the
00:00:57
question carefully and analyze whether
00:01:00
whether this would hinge on it on a
00:01:03
single factor or many factors if it was
00:01:07
something that I had a clear gut feeling
00:01:11
right off the bat then I would decide
00:01:16
how much to back off from that extreme
00:01:18
and if it was something where I was
00:01:21
really undecided at the 50 50 mark I
00:01:24
would force myself to a choice because
00:01:27
50 50 is is it is never quite the right
00:01:30
answer one of my hobbies is oil painting
00:01:33
so and I and also when I've been taking
00:01:36
the test they tell me I'm visuospatial
00:01:39
so I I think that may have made a
00:01:42
difference getting the big picture and
00:01:47
knowing when to zoom in to the details
00:01:50
backing off and then zooming in and not
00:01:55
getting distracted by the wrong details
00:01:57
so I've learned in painting that you
00:02:01
have a big canvas you know you bake
00:02:03
broad strokes but somehow sometimes just
00:02:06
the tiny nuance here are there changes
00:02:09
the way the whole painting looks and I
00:02:13
think that's true in world events too
00:02:16
and why you need a lot of different
00:02:18
perspectives so that I love my news
00:02:22
sources I have my favorite ones but when
00:02:25
you get a variety and when you hear
00:02:27
feedback from other forecasters it
00:02:29
really helps
00:02:34
I think that maybe the big thing is just
00:02:37
to be aware of what you know what you
00:02:40
can be certain of and what you're not
00:02:43
sure of to know the difference between
00:02:46
subjective and objective knowledge what
00:02:49
things can be measured and what things
00:02:51
are a matter of opinion look at history
00:02:55
look at patterns look at base rates and
00:02:58
then figure out whether your
00:03:00
circumstance is similar or different I
00:03:05
mean what's what was interesting for me
00:03:07
is that most of the things I was
00:03:09
forecasting on I knew nothing about
00:03:12
going in finance questions for instance
00:03:15
I I never pay attention to finance but
00:03:20
when you're forecasting on world
00:03:22
currencies you can always find graphs
00:03:24
historical charts and I look at them and
00:03:27
I see the patterns and I say why is it
00:03:30
different now you know are we operating
00:03:33
between the same extremes or will it be
00:03:35
new and usually I've gone with stay with
00:03:39
that stay with the trends so I didn't
00:03:42
let myself get intimidated by any
00:03:44
questions and I tried everything and his
00:03:47
bill mentioned some of the things where
00:03:49
I well actually was most hesitant on
00:03:52
topics that I might have knowledge on
00:03:54
say on Ebola because suddenly I do know
00:03:58
i'm actually more self-conscious about
00:04:00
things where I might miss something that
00:04:03
I should know
00:04:08
I think the tournament was great you
00:04:12
need to practice so you need to have a
00:04:15
lot of questions you need to have
00:04:17
feedback you need to know where you're
00:04:20
good and where you're messing up if you
00:04:23
have a team if you have other people
00:04:25
that you're in tournament either in
00:04:28
competition or in collaboration either
00:04:30
way you listen to them you get feedback
00:04:33
and you will you will improve
00:04:39
I use different words when I talk to
00:04:42
myself now I've always been very
00:04:44
analytic but now I I start talking those
00:04:49
percentages to myself and and that's
00:04:52
different
00:04:57
I thought of the tournament like the
00:04:59
there's a scene in the movie princess
00:05:02
bride where the man in black is facing
00:05:06
off against the the hyper confident
00:05:10
vizzini and they propose a deadly
00:05:14
drinking game and the line is you know
00:05:18
that we shall see who is right and who
00:05:20
is dead when we do forecasting
00:05:24
tournaments the timelines are always
00:05:26
very precise and many times in a season
00:05:30
well you will be right or you will be
00:05:33
dead so I kind of enjoy that analogy
00:05:40
there were two big Ebola questions this
00:05:43
year one was on whether a single case of
00:05:46
Ebola would make it to the European
00:05:48
Union and another question about whether
00:05:51
the World Health Organization would
00:05:54
declare Ebola contained within the
00:05:57
countries that were most stricken that
00:05:59
being Guinea Sierra Leone and Liberia
00:06:01
those questions were entirely different
00:06:05
even though they both dealt with Ebola
00:06:08
what mattered was different for for
00:06:13
transmission outside Africa and into the
00:06:17
EU you were looking at healthcare
00:06:19
workers and and plane routes how many
00:06:22
people were going in and out and you
00:06:25
need just a single case to set it up
00:06:44
you

Episode Highlights

  • Forecasting and Perspective
    Understanding the difference between subjective and objective knowledge is crucial in forecasting.
    “To know the difference between subjective and objective knowledge.”
    @ 02m 37s
    February 25, 2016
  • Learning from Feedback
    Feedback from others is essential for improvement in forecasting.
    “You listen to them, you get feedback, and you will improve.”
    @ 04m 33s
    February 25, 2016
  • Ebola Forecasting Challenges
    Two distinct Ebola questions highlighted the complexity of forecasting in different contexts.
    “What mattered was different for transmission outside Africa and into the EU.”
    @ 06m 08s
    February 25, 2016

Episode Quotes

  • I think the tournament was great.
    Rich Elaine SF
  • I thought of the tournament like the scene in the movie Princess Bride.
    Rich Elaine SF

Key Moments

  • Tournament Insights04:08
  • Princess Bride Analogy04:57
  • Ebola Questions05:40

Words per Minute Over Time

Vibes Breakdown

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