There is nothing about what has happened that should surprise anyone who has read the book Superforecasting . It explains that we naturally trust people who sound smart, well-informed, and CONFIDENT. We don't want to hear uncertainty, probabilities, or the other signs of someone who thinks in a careful quantitative way. We want to accept a cognitively simple answer, then move on. This is what we find comfortable. How…
Almost any interview with Robert Shiller is a striking counter example to these smart confident sounding people who aren’t actually good at making predictions. When speaking Shiller does not sound very confident at all and you need to know his background and history and remind yourself to pay attention to what he’s saying.