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The Signal and the Noise PDF Summary
By the time he turned 30, Nate Silver had developed an original method for forecasting baseball results, accurately forecasted the outcome of the 2008 election, and become a blogging sensation. With his nearly accurate prediction of the 2012 election, he cemented his position as the nation’s preeminent political forecaster. Silver created and runs the statistics and information website FiveThirtyEight.
Silver uses his own ground-breaking research to look at the field of prediction and ask how we might spot an actual signal in a sea of noise. Considering how little most of us know about probability and uncertainty, it’s no surprise that most of our forecasts end out wrong, frequently at significant cost to society. Both professionals and commoners tend to mistake high-confidence forecasts for being the most reliable. However, arrogance is a common cause of failure.
The accuracy of our forecasts can increase if we have a better understanding of the factors that contribute to uncertainty. This is the “prediction paradox,” which states that the more modest we are about our capacity to forecast the future, the more effective our plans will be.
In line with his goal of deriving truth from data, Silver tracks down the best prognosticators in a wide variety of fields, from hurricanes to baseball to global pandemics, from the poker table to the stock market, and from Capitol Hill to the NBA. He analyses and critiques the commonalities and differences in outlook among these futurists.
The key to their success seems to be…? Do they have talent or did they just get lucky? Can you describe the trends they’ve uncovered? To what extent, if any, do their predictions come true? He delves into unforeseen connections and reveals odd pairings. And often what matters is not how good a prediction is in absolute terms, but how good it is compared to the alternatives. Prediction is still a dangerously nascent science in many other contexts.
Silver finds that the most reliable forecasters are modest and diligent workers with a firm grasp of probability. They are able to tell the predictable from the unpredictable, and they pay attention to the myriad of details that add up to the whole. The ability to separate meaningful information from random background noise is a result of their understanding of probability.
The accuracy of our forecasts affects not only the global economy but also our ability to combat terrorism, making Nate Silver’s analysis a must-read.
Details Of The Signal and the Noise PDF By Nate Silver
|Book Name||The Signal and the Noise: Why So Many Predictions Fail – But Some Don’t|
|Release Date||February 3, 2015|
|File Type||PDF or EPUB|
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About The Author
Nate Silver is a statistician, author, and creator of the political blog FiveThirtyEight.com for The New York Times. Baseball Prospectus purchased Silver’s PECOTA system, which he created to predict player performance. Time magazine recognized him as one of the century’s 100 most influential people. As his home, he chooses New York.
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