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Business Daily

The superforecasters

Business Daily

BBC

News, Business

4.4796 Ratings

🗓️ 9 March 2020

⏱️ 19 minutes

🧾️ Download transcript

Summary

How to predict the future and beat the wisdom of the crowds. Manuela Saragosa speaks to Warren Hatch, chief executive of Good Judgement, a consultancy that specialises in superforecasters - individuals with a knack for predicting future events - and the techniques they use to make their guesses. We also hear from Andreas Katsouris from PredictIt, a political betting platform that harnesses the wisdom of the crowds in making predictions about politics.

Producer: Laurence Knight

(Photo: a crystal ball, Credit: Getty Images)

Transcript

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0:00.0

Okay, you know, we've had a problem here.

0:02.1

13 minutes to the moon, season two.

0:04.9

I was thinking that we were going to survive.

0:07.1

Episode 1, available now.

0:11.6

Hello, welcome to Business Daily from the BBC.

0:15.3

I'm Manuela Salagossa.

0:16.8

In this edition, predicting the future, do you have the skills?

0:21.1

One is to be pretty good a pattern recognition.

0:25.0

The next thing is having cognitive reflection.

0:28.7

When you see something that may have an easy answer, you pause and you say, is that the right answer?

0:35.4

We're talking about super forecasting.

0:37.9

It's been in the news lately,

0:39.5

not least because the British Prime Minister's top advisor is a big fan,

0:43.7

but are super forecasters really more accurate than the wisdom of the crowd?

0:48.1

People have lots of intrinsic biases for different things,

0:50.5

and the idea is if you actually take all of that information and aggregate it,

0:55.2

that will give you a really good idea of what's going to happen. That's all here in Business Daily

1:00.0

from the BBC. These days, predicting the future is no dark art. It's actually a science, specifically

1:09.8

a science called super forecasting. You can

1:12.6

actually develop skills to get good at it, because what super forecasters do is apply modern

1:18.1

analytical and statistical practice to the art of predicting events. Well, my colleague Amy Charles

1:24.2

works for BBC Future, part of the BBC's international-facing website that

...

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