Quality Control for Probability Forecasts
نویسنده
چکیده
The meaning of probabilistic weather forecasts is discussed from the point of view of a subjectivist concept of probability. The prior degree of belief of probabilities of the weather in question, for a given forecast statement, is expressed analytically as a beta function. Bzyes’ theorem is used to modify this degree of belief in the light of experience, producing a posterior degree of belief which is also in the forin of a beta function. By establishing an arbitary criterion that one should always be able to assign at least as much belief to the probability interval implied by the forecast as to any other equivalent interval, a method of quality control for probability forecasts is developed. Appropriate tables are given to permit application of the method, and the implications of the method, for both forecaster and forecast user, are discussed.
منابع مشابه
Preprints, 16th AMS Conference on Weather Analysis and Forecasting Phoenix, Arizona, 11-16 January 1998, J24-J27 J2.4 VALUE OF WEATHER FORECASTS FOR ELECTRIC UTILITY LOAD FORECASTING
Weather forecasts can be evaluated in a variety of ways. Murphy (1993) defined three kinds of forecast “goodness”: consistency, quality, and value. Consistency refers to the relationship between the forecasts and the “true beliefs” of the forecaster, quality refers to the relationship between the forecasts and weather events, and value refers to the relationship between the forecasts and the be...
متن کاملEvaluating probability forecasts for GDP declines using alternative methodologies
Evaluation methodologies for rare events from meteorology, psychology and medical diagnosis are used to examine the value of probability forecasts of real GDP declines during the current (Q0) and each of the next four quarters (Q1-Q4) using data from the Survey of Professional Forecasters. We study the quality of these probability forecasts in terms of calibration, resolution, odds ratio, the r...
متن کاملA Case Study of the Use of Statistical Models in Forecast Verification: Precipitation Probability Forecasts
The traditional approach to forecast verification consists of computing one, or at most very few, quantities from a set of forecasts and verifying observations. However, this approach necessarily discards a large portion of the information regarding forecast quality that is contained in a set of forecasts and observations. Theoretically sound alternative verification approaches exist, but these...
متن کاملEVALUATING PROBABILITY FORECASTS: Calibration Isn’t Everything
Abstract: Using evaluation methodologies for rare events from meteorology and psychology, we examine the value of probability forecasts of real GDP declines during the current and each of the next four quarters using data from the Survey of Professional Forecasters. We study the quality of these probability forecasts in terms of calibration, resolution, the relative operating characteristic (RO...
متن کاملQuantifying survey expectations: What’s wrong with the probability approach?∗
We study a matched sample of individual stock market forecasts consisting of both qualitative and quantitative forecasts. This allows us to test for the quality of forecast quantification methods by comparing quantified qualitative forecasts with actual quantitative forecasts. Focusing mainly on the widely used quantification framework advocated by Carlson and Parkin (1975), the so-called “prob...
متن کامل