In: Economics
I’m G. Elliott Morris, a data journalist and political analyst who
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I imagine we will be getting some more election-forecasting models in the coming weeks. No doubt they will differ from each other. This is a blog post about a Twitter discussion between me and Nate Silver on how to determine what sets different models apart. In particular, we will answer the questions: What gives us faith in a model that hasn’t made real-world predictions before? Can we be confident in its future performance, or are indicators just a rough guide? And, if the latter, is that still helpful?
One thing I’ve learned about modeling since 2016 is that it takes a lot of hard work and rethinking to get it right. It’s easy to get stuck in loops of affirmational thinking about a formula you’ve landed on or parameterization you think is good. I think one of Nate’s real strengths is figuring out how to break out of those loops and really land on a good, robust solution. Or maybe he’s just really, really lucky. Either way, this is something I can probably work on.