Don’t Trust the Election Forecasts
The data doesn’t support the obsession with presidential prognostications.
In our paper, we show that even under best-case scenarios, determining whether one forecast is better calibrated than another can take 28 to 2,588 years. Focusing on accuracy — whether the candidate the model predicted to win actually wins — doesn’t lower the needed time either. Even focusing on state-level results doesn’t help much, because the results are highly correlated. Again, under best-case settings, determining whether one model is better than another at the state level can take at least 56 years — and in some cases would take more than 4,000 years’ worth of elections.
The reason it takes so long to evaluate forecasts of presidential elections is obvious: There is only one presidential election every four years. In fact, we are now having only our 60th presidential election in U.S. history.