Ezra Klein: The Nate Silver Backlash
Which brings me to the backlash against Nate Silver.
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So before we deal with anything Silver has specifically said, it’s worth taking in the surrounding landscape: Every major political betting market and every major forecasting tool is predicting an Obama victory right now, and for the same reason: Obama remains ahead in enough states that, unless the polls are systematically wrong, or they undergo a change unlike any we’ve yet seen in the race, Obama will win the election.
It’s important to be clear about this: If Silver’s model is hugely wrong — if all the models are hugely wrong, and the betting markets are hugely wrong — it’s because the polls are wrong. Silver’s model is, at this point, little more than a sophisticated form of poll aggregation.
But it’s just as important to be clear about this: If Mitt Romney wins on election day, it doesn’t mean Silver’s model was wrong. After all, the model has been fluctuating between giving Romney a 25 percent and 40 percent chance of winning the election. That’s a pretty good chance! If you told me I had a 35 percent chance of winning a million dollars tomorrow, I’d be excited. And if I won the money, I wouldn’t turn around and tell you your information was wrong. I’d still have no evidence I’d ever had anything more than a 35 percent chance.
http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/10/30/the-nate-silver-backlash/
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