by Outcast_Searcher » Tue 10 Dec 2019, 16:11:34
$this->bbcode_second_pass_quote('Newfie', 'C')opied from l: THINKING; FAST AND SLOW
A 2005 study examined rail projects undertaken worldwide between 1969 and 1998. In more than 90% of the cases, the number of passengers projected to use the system was overestimated. Even though these passenger shortfalls were widely publicized, forecasts did not improve over those thirty years; on average, planners overestimated how many people would use the new rail projects by 106%, and the average cost overrun was 45%. As more evidence accumulated, the experts did not become more reliant on it.
https://www.amazon.com/dp/B00555X8OA/re ... TF8&btkr=1This is a common phenomenon, re more bad predictions following bad predictions by group X with set of assumptions S and biases B.
An example I noticed in my 20's, when I was investing in some utilities, was how the predictions of the PSC re energy usage and growth was HIGHLY skewed toward the attitude of the PSC (how hostile they were to the local utility).
For example, LG&E (Lousiville Gas and Electric) had consistently had much better estimates for demand and growth for their products than the PSC they had to answer to. But would the idiot PSC even consider changing their methods or assumptions to try and make more reasonable estimates over time?
Of COURSE not.
And did any of TPTB intervene to try to fix that? Of COURSE NOT. After all, the only people suffering were rate payers and shareholders, and who cares about THAT? After all, there are elections to win, etc.
The human tendency to ignore even blatant bias in favor of thinking that protects perceived self-interest may well be our greatest overall fault -- AND the consequences over time are of course, disastrous.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.