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Group-based judgmental forecasting: An integration of extant knowledge and the development of priorities for a new research agenda

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  • Wright, George
  • Rowe, Gene
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    Abstract

    We review and integrate the extant knowledge on group-based forecasting, paying particular attention to the papers included in this special issue of the International Journal of Forecasting. We focus on the relative merits of different methods of aggregating individual forecasts, the advantages of heterogeneity in group memberships, the impact of others' opinions on group members, and the importance of perceptions of trust. We conclude that a change of opinion following group-based deliberation is most likely to be appropriate where the group membership is heterogeneous, the minority opinion is protected from pressure to conform, information exchange between group members has been facilitated, and the recipient of the advice is able -- by reasoning processes -- to evaluate the reasoning justifying the proffered advice. Proffered advice is least likely to be accepted where the advisor is not trusted -- an evaluation which is based on the advisor having different perceived values to the recipient and being thought to be self-interested. In contrast, the outcome of a group-based deliberation is most likely to be accepted when there is perceived to be procedural fairness and the participants in the process are perceived to be trustworthy. Finally, we broaden our discussion of group-based forecasting to include a consideration of other group-based methodologies which are aimed at enhancing judgment and decision making. In particular, we discuss the relevance of research on small-group decision making, the nature and quality of the advice, group-based scenario planning, and public engagement processes. From this analysis, we conclude that, for medium- to long-term judgemental forecasting, a variety of non-outcome criteria need to be considered in the evaluation of alternative group-based methods.

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    Bibliographic Info

    Article provided by Elsevier in its journal International Journal of Forecasting.

    Volume (Year): 27 (2011)
    Issue (Month): 1 (January)
    Pages: 1-13

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    Handle: RePEc:eee:intfor:v:27:y::i:1:p:1-13

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    Web page: http://www.elsevier.com/locate/ijforecast

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Soll, Jack B. & Mannes, Albert E., 2011. "Judgmental aggregation strategies depend on whether the self is involved," International Journal of Forecasting, Elsevier, vol. 27(1), pages 81-102.
    2. Klenk, Nicole L. & Hickey, Gordon M., 2011. "A virtual and anonymous, deliberative and analytic participation process for planning and evaluation: The Concept Mapping Policy Delphi," International Journal of Forecasting, Elsevier, vol. 27(1), pages 152-165, January.
    3. Önkal, Dilek & Lawrence, Michael & Zeynep SayIm, K., 2011. "Influence of differentiated roles on group forecasting accuracy," International Journal of Forecasting, Elsevier, vol. 27(1), pages 50-68, January.
    4. Soll, Jack B. & Mannes, Albert E., 2011. "Judgmental aggregation strategies depend on whether the self is involved," International Journal of Forecasting, Elsevier, vol. 27(1), pages 81-102, January.
    5. Jodlbauer, Barbara & Jonas, Eva, 2011. "Forecasting clients' reactions: How does the perception of strategic behavior influence the acceptance of advice?," International Journal of Forecasting, Elsevier, vol. 27(1), pages 121-133, January.
    6. Green, Kesten C. & Armstrong, J. Scott, 2011. "Role thinking: Standing in other people's shoes to forecast decisions in conflicts," International Journal of Forecasting, Elsevier, vol. 27(1), pages 69-80, January.
    7. Berg, Joyce E. & Nelson, Forrest D. & Rietz, Thomas A., 2008. "Prediction market accuracy in the long run," International Journal of Forecasting, Elsevier, vol. 24(2), pages 285-300.
    8. Wright, George, 2002. "Game theory, game theorists, university students, role-playing and forecasting ability," International Journal of Forecasting, Elsevier, vol. 18(3), pages 383-387.
    9. Landeta, Jon & Barrutia, Jon, 2011. "People consultation to construct the future: A Delphi application," International Journal of Forecasting, Elsevier, vol. 27(1), pages 134-151.
    10. Klenk, Nicole L. & Hickey, Gordon M., 2011. "A virtual and anonymous, deliberative and analytic participation process for planning and evaluation: The Concept Mapping Policy Delphi," International Journal of Forecasting, Elsevier, vol. 27(1), pages 152-165.
    11. Graefe, Andreas & Armstrong, J. Scott, 2011. "Comparing face-to-face meetings, nominal groups, Delphi and prediction markets on an estimation task," International Journal of Forecasting, Elsevier, vol. 27(1), pages 183-195.
    12. Yaniv, Ilan, 2011. "Group diversity and decision quality: Amplification and attenuation of the framing effect," International Journal of Forecasting, Elsevier, vol. 27(1), pages 41-49.
    13. Benda, Wim G.G. & Engels, Tim C.E., 2011. "The predictive validity of peer review: A selective review of the judgmental forecasting qualities of peers, and implications for innovation in science," International Journal of Forecasting, Elsevier, vol. 27(1), pages 166-182.
    14. Kerr, Norbert L. & Tindale, R. Scott, 2011. "Group-based forecasting?: A social psychological analysis," International Journal of Forecasting, Elsevier, vol. 27(1), pages 14-40.
    15. Önkal, Dilek & Lawrence, Michael & Zeynep Sayım, K., 2011. "Influence of differentiated roles on group forecasting accuracy," International Journal of Forecasting, Elsevier, vol. 27(1), pages 50-68.
    16. Sniezek, Janet A. & Van Swol, Lyn M., 2001. "Trust, Confidence, and Expertise in a Judge-Advisor System," Organizational Behavior and Human Decision Processes, Elsevier, vol. 84(2), pages 288-307, March.
    17. Landeta, Jon & Barrutia, Jon, 2011. "People consultation to construct the future: A Delphi application," International Journal of Forecasting, Elsevier, vol. 27(1), pages 134-151, January.
    18. Rowe, Gene & Wright, George, 1996. "The impact of task characteristics on the performance of structured group forecasting techniques," International Journal of Forecasting, Elsevier, vol. 12(1), pages 73-89, March.
    19. Wright, George & Goodwin, Paul, 2009. "Decision making and planning under low levels of predictability: Enhancing the scenario method," International Journal of Forecasting, Elsevier, vol. 25(4), pages 813-825, October.
    20. Van Swol, Lyn M., 2011. "Forecasting another’s enjoyment versus giving the right answer: Trust, shared values, task effects, and confidence in improving the acceptance of advice," International Journal of Forecasting, Elsevier, vol. 27(1), pages 103-120.
    21. Sniezek, Janet A., 1992. "Groups under uncertainty: An examination of confidence in group decision making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 52(1), pages 124-155, June.
    22. Yaniv, Ilan, 2011. "Group diversity and decision quality: Amplification and attenuation of the framing effect," International Journal of Forecasting, Elsevier, vol. 27(1), pages 41-49, January.
    23. Green, Kesten C., 2005. "Game theory, simulated interaction, and unaided judgement for forecasting decisions in conflicts: Further evidence," International Journal of Forecasting, Elsevier, vol. 21(3), pages 463-472.
    24. Kerr, Norbert L. & Tindale, R. Scott, 2011. "Group-based forecasting?: A social psychological analysis," International Journal of Forecasting, Elsevier, vol. 27(1), pages 14-40, January.
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