For Pundits, It's Better To Be Confident Than Accurate
Wednesday, May 29, 2013 - 12:01
in Psychology & Sociology
Pundits are wrong more often than they are right but when preaching to the faithful, being accurate is less important than being confident. It's no different in politics or sports or business shows. You often choose to be accurate - or be popular. "In a perfect world, you want to be accurate and confident," says Jadrian Wooten of Washington State University economics program, who co-wrote the paper with Ben Smith, a fellow economics graduate. Smith originally wanted to test the accuracy and confidence of stock market pundits, taking inspiration from stock watcher and perpetual CNBC yeller Jim Cramer. read more