The Signal and the Noise: Why Most Predictions Fail - But Some Don't
(Adobe EPUB eBook, Kindle Book, OverDrive Read)
Nate Silver built an innovative system for predicting baseball performance, predicted the 2008 election within a hair’s breadth, and became a national sensation as a blogger—all by the time he was thirty. He solidified his standing as the nation's foremost political forecaster with his near perfect prediction of the 2012 election. Silver is the founder of the website FiveThirtyEight.
Drawing on his own groundbreaking work, Silver examines the world of prediction, investigating how we can distinguish a true signal from a universe of noisy data. Most predictions fail, often at great cost to society, because most of us have a poor understanding of probability and uncertainty. Both experts and laypeople mistake more confident predictions for more accurate ones. But overconfidence is often the reason for failure. If our appreciation of uncertainty improves, our predictions can get better too. This is the “prediction paradox”: The more humility we have about our ability to make predictions, the more successful we can be in planning for the future.
In keeping with his own aim to seek truth from data, Silver visits the most successful forecasters in a range of areas, from hurricanes to baseball to global pandemics, from the poker table to the stock market, from Capitol Hill to the NBA. He explains and evaluates how these forecasters think and what bonds they share. What lies behind their success? Are they good—or just lucky? What patterns have they unraveled? And are their forecasts really right? He explores unanticipated commonalities and exposes unexpected juxtapositions. And sometimes, it is not so much how good a prediction is in an absolute sense that matters but how good it is relative to the competition. In other cases, prediction is still a very rudimentary—and dangerous—science.
Silver observes that the most accurate forecasters tend to have a superior command of probability, and they tend to be both humble and hardworking. They distinguish the predictable from the unpredictable, and they notice a thousand little details that lead them closer to the truth. Because of their appreciation of probability, they can distinguish the signal from the noise.
With everything from the health of the global economy to our ability to fight terrorism dependent on the quality of our predictions, Nate Silver’s insights are an essential read.
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Nate Silver. (2012). The Signal and the Noise: Why Most Predictions Fail - But Some Don't. Penguin Publishing Group.
Chicago / Turabian - Author Date Citation (style guide)Nate Silver. 2012. The Signal and the Noise: Why Most Predictions Fail - But Some Don't. Penguin Publishing Group.
Chicago / Turabian - Humanities Citation (style guide)Nate Silver, The Signal and the Noise: Why Most Predictions Fail - But Some Don't. Penguin Publishing Group, 2012.
MLA Citation (style guide)Nate Silver. The Signal and the Noise: Why Most Predictions Fail - But Some Don't. Penguin Publishing Group, 2012.
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- "One of the more momentous books of the decade." —The New York Times Book Review
Nate Silver built an innovative system for predicting baseball performance, predicted the 2008 election within a hair’s breadth, and became a national sensation as a blogger—all by the time he was thirty. He solidified his standing as the nation's foremost political forecaster with his near perfect prediction of the 2012 election. Silver is the founder of the website FiveThirtyEight.
Drawing on his own groundbreaking work, Silver examines the world of prediction, investigating how we can distinguish a true signal from a universe of noisy data. Most predictions fail, often at great cost to society, because most of us have a poor understanding of probability and uncertainty. Both experts and laypeople mistake more confident predictions for more accurate ones. But overconfidence is often the reason for failure. If our appreciation of uncertainty improves, our predictions can get better too. This is the “prediction paradox”: The more humility we have about our ability to make predictions, the more successful we can be in planning for the future.
In keeping with his own aim to seek truth from data, Silver visits the most successful forecasters in a range of areas, from hurricanes to baseball to global pandemics, from the poker table to the stock market, from Capitol Hill to the NBA. He explains and evaluates how these forecasters think and what bonds they share. What lies behind their success? Are they good—or just lucky? What patterns have they unraveled? And are their forecasts really right? He explores unanticipated commonalities and exposes unexpected juxtapositions. And sometimes, it is not so much how good a prediction is in an absolute sense that matters but how good it is relative to the competition. In other cases, prediction is still a very rudimentary—and dangerous—science.
Silver observes that the most accurate forecasters tend to have a superior command of probability, and they tend to be both humble and hardworking. They distinguish the predictable from the unpredictable, and they notice a thousand little details that lead them closer to the truth. Because of their appreciation of probability, they can distinguish the signal from the noise.
With everything from the health of the global economy to our ability to fight terrorism dependent on the quality of our predictions, Nate Silver’s insights are an essential read. - gradeLevels
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Starred review from December 24, 2012
Despite the fact that there is more information about everything from finance to professional sports available than ever before, predictions "may be more prone to failure" in this "era of Big Data." Balancing technical detail and thoughtful analysis with fluid prose, statistician Silver (FiveThirtyEight ) picks apart the many ways in which predictions in various fields have been flawed, while suggesting approaches that could improve the practice. The catastrophic miscalculations on the part of financial lending agencies that led to the recession of 2008 arose for the same types of reasons that caused baseball scouts to undervalue Boston Red Sox all-star player Dustin Pedroia or feed into a political pundit's flawed forecast: overconfidence in models based on oversimplified principles and unrealistic initial assumptions. Though there is no simple solution, a Bayesian methodology, in which prior beliefs are taken into account and initial assumptions constantly revised, would lead to more accurate predictive models. Effective prediction requires, according to Silver, "the serenity to accept the things we cannot predict, the courage to predict the things we can, and the wisdom to know the difference." Agent: Sydelle Kramer, The Susan Rabiner Literary Agency.
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December 15, 2012
An anointed wunderkind explains his own success as a prognosticator and explains why so many self-anointed "experts" are often wrong about winners in politics, sports and other realms. New York Times blogger Silver initially gained attention by developing a computer-based system meant to predict performances of Major League baseball players. Eventually, the author turned his talents to nonsports topics, including trying to figure out who would win the U.S. presidency during 2008. In 49 of 50 states, Silver correctly chose the presidential vote winner. In the 35 races for the U.S. Senate, he called every one accurately. In the 2012 election, he accurately called the presidential vote in all 50 states. Silver emphasizes that predictions are ultimately a human endeavor and that computers are programmed by humans. Meteorologists, for example, predict the weather incorrectly more than anybody would like. They have, however, used computer-based data analysis to improve accuracy. In the financial sphere, economists and other professional predictors failed to grasp the coming recession in 2008 despite sophisticated computer modeling. However, Silver writes, "nobody saw it coming" is an unacceptable excuse. The financial collapse was foreseeable with the proper underlying assumptions about economic behavior programmed into the computers. Too many underlying assumptions were misguided. Even more significant, 9/11 could have been predicted as well. Intelligence-agency analysts, however, could not grasp that religious zealots would plot their own deaths in order to kill Americans. No amount of computerized information can rectify a blind spot of that nature, Silver writes. Predicting the future performance of baseball players with well-documented pasts is more conducive to predictive accuracy than trying to understand previously anonymous fanatics. Some of the sections of the book are best understood by readers with mathematical reasoning skills, but the author is mostly accessible and enlightening.COPYRIGHT(2012) Kirkus Reviews, ALL RIGHTS RESERVED.
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Nate Silver built an innovative system for predicting baseball performance, predicted the 2008 election within a hair’s breadth, and became a national sensation as a blogger—all by the time he was thirty. He solidified his standing as the nation's foremost political forecaster with his near perfect prediction of the 2012 election. Silver is the founder of the website FiveThirtyEight.
Drawing on his own groundbreaking work, Silver examines the world of prediction, investigating how we can distinguish a true signal from a universe of noisy data. Most predictions fail, often at great cost to society, because most of us have a poor understanding of probability and uncertainty. Both experts and laypeople mistake more confident predictions for more accurate ones. But overconfidence is often the reason for failure. If our appreciation of uncertainty... - sortTitle
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