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2017 Partial information framework: Model-based aggregation of estimates from diverse information sources
Ville A. Satopää, Shane T. Jensen, Robin Pemantle, Lyle H. Ungar
Electron. J. Statist. 11(2): 3781-3814 (2017). DOI: 10.1214/17-EJS1346

Abstract

Prediction polling is an increasingly popular form of crowdsourcing in which multiple participants estimate the probability or magnitude of some future event. These estimates are then aggregated into a single forecast. Historically, randomness in scientific estimation has been generally assumed to arise from unmeasured factors which are viewed as measurement noise. However, when combining subjective estimates, heterogeneity stemming from differences in the participants’ information is often more important than measurement noise. This paper formalizes information diversity as an alternative source of such heterogeneity and introduces a novel modeling framework that is particularly well-suited for prediction polls. A practical specification of this framework is proposed and applied to the task of aggregating probability and point estimates from two real-world prediction polls. In both cases our model outperforms standard measurement-error-based aggregators, hence providing evidence in favor of information diversity being the more important source of heterogeneity.

Citation

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Ville A. Satopää. Shane T. Jensen. Robin Pemantle. Lyle H. Ungar. "Partial information framework: Model-based aggregation of estimates from diverse information sources." Electron. J. Statist. 11 (2) 3781 - 3814, 2017. https://doi.org/10.1214/17-EJS1346

Information

Received: 1 September 2016; Published: 2017
First available in Project Euclid: 18 October 2017

zbMATH: 06796555
MathSciNet: MR3714298
Digital Object Identifier: 10.1214/17-EJS1346

Subjects:
Primary: 62A01, 62B99
Secondary: 62P15

JOURNAL ARTICLE
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Vol.11 • No. 2 • 2017
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