Winners and takeaways from last year's prediction contest
I. The Annual Forecasting Contest
…is one of my favorite parts of this blog. I get a spreadsheet with what are basically takes - “Russia is totally going to win the war this year”, “There’s no way Bitcoin can possibly go down”. Then I do some basic math to it, and I get better takes. There are ways to look at a list of 3300 people’s takes and do math and get a take reliably better than all but a handful of them.
Why is this interesting, when a handful of people still beat the math? Because we want something that can be applied prospectively and reliably. If John Smith from Townsville was the highest scoring participant, it matters a lot whether he’s a genius who can see the future, or if he just got lucky. Part of the goal of this contest was to figure that out. To figure out if the most reliable way to determine the future was to trust one identifiable guy, to trust some mathematical aggregation across guys, or something else.
Here’s how it goes: in January 2023, I asked people to predict fifty questions about the upcoming year, like “Will Joe Biden be the leading candidate in the Democratic primary?” in the form of a probability (eg “90% chance”). About 3300 of you kindly took me up on that (“Blind Mode”).