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- Title
Validating the Contribution-Weighted Model: Robustness and Cost-Benefit Analyses.
- Authors
Chen, Eva; Budescu, David V.; Lakshmikanth, Shrinidhi K.; Mellers, Barbara A.; Tetlock, Philip E.
- Abstract
We use results from a multiyear, geopolitical forecasting tournament to highlight the ability of the contribution weighted model [Budescu DV, Chen E (2015) Identifying expertise to extract the wisdom of crowds. Management Sci. 61(2):267-280] to capture and exploit expertise. We show that the model performs better when judges gain expertise from manipulations such as training in probabilistic reasoning and collaborative interaction from serving on teams. We document the model's robustness using probability judgments from early, middle and late phases of the forecasting period and by showing its strong performance in the presence of hypothetical malevolent forecasters. The model is highly cost-effective: it operates well, even with random attrition, as the number of judges shrinks and information on their past performance is reduced.
- Subjects
COST effectiveness; PROBABILITY theory; ECONOMIC models; ROBUST control; ECONOMIC forecasting
- Publication
Decision Analysis, 2016, Vol 13, Issue 2, p128
- ISSN
1545-8490
- Publication type
Article
- DOI
10.1287/deca.2016.0329