Journal article

Hidden Experts in the Crowd: Using Meta-Predictions to Leverage Expertise in Single-Question Prediction Problems

Tom Wilkening, Marcellin Martinie, Piers DL Howe

Management Science | Institute for Operations Research and the Management Sciences (INFORMS)

Abstract

Modern forecasting algorithms use the wisdom of crowds to produce forecasts better than those of the best identifiable expert. However, these algorithms may be inaccurate when crowds are systematically biased or when expertise varies substantially across forecasters. Recent work has shown that meta-predictions—a forecast of the average forecasts of others—can be used to correct for biases even when no external information, such as forecasters’ past performance, is available. We explore whether meta-predictions can also be used to improve forecasts by identifying and leveraging the expertise of forecasters. We develop a confidence-based version of the Surprisingly Popular algorithm proposed b..

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