Living in a world of low levels of predictability
This conclusion aims to summarize the major issues surrounding forecasting, as well as the extensive empirical evidence proving our inability to accurately predict the future. In addition, it discusses our resistance to accepting such inaccurate predictions, while putting forwards a number of ideas aimed at a complex world where accurate forecasting is impossible and where uncertainty reigns.
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References listed on IDEAS
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- Makridakis, Spyros & Hogarth, Robin M. & Gaba, Anil, 2009. "Forecasting and uncertainty in the economic and business world," International Journal of Forecasting, Elsevier, vol. 25(4), pages 794-812, October.
- Makridakis, Spyros & Chatfield, Chris & Hibon, Michele & Lawrence, Michael & Mills, Terence & Ord, Keith & Simmons, LeRoy F., 1993. "The M2-competition: A real-time judgmentally based forecasting study," International Journal of Forecasting, Elsevier, vol. 9(1), pages 5-22, April.
- Makridakis, Spyros & Hibon, Michele, 2000. "The M3-Competition: results, conclusions and implications," International Journal of Forecasting, Elsevier, vol. 16(4), pages 451-476.
- Makridakis, Spyros, 1982. "Chronology of the last six recessions," Omega, Elsevier, vol. 10(1), pages 43-50.
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