Paper presented at the ISF 2009 in Hong Kong on “Forecasting for climate policy: C02, global temperatures, and alarms”
Scott Armstrong presented a paper co-authored with Kesten Green, Andreas Graefe, and Willie Soon at the International Symposium on Forecasting in June that examined some of the lessons for climate policy from evidence-based forecasting. The authors described the lack of scientific long-term forecasts of global temperatures, the impacts of temperature changes, and the effects of policies. The paper explained the need for simple methods and conservative forecasts in the face of uncertainty and complexity and pointed out that simple no-change benchmark forecasts are sufficiently accurate for policy decisions. In contrast, simple causal models with CO2 as the policy variable are not credible.
Prediction markets for temperatures in three and ten years time agree that the no-change forecast is the more likely outcome than the IPCC 0.03C per annum forecast. Finally, similar (analogous) alarms in the past identified by the authors and others turned out to be false alarms. The slides for the talk are available as a PowerPoint file and as a PDF file.
Written by Ann McElhinney & Phelim McAleer
As appeared on The Climate Depot.
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Is carbon dioxide a good causal variable for forecasting global temperature? Have there been alarms in the past similar to the current alarm over dangerous manmade global warming and, if so, what happened? Can rule-based forecasting help forecast global mean temperatures? What do prediction markets reveal?
These questions and more will be answered at a climate forecasting session at the International Symposium on Forecasting presenting work by Green, Armstrong, and Graefe. To be useful, forecasts should be substantially more accurate than those from a simple benchmark method, for example the no-change model. We suggest taking the following self-administered quiz Please write down your estimate and then follow the link to find the answer. Read the rest of this entry »
The climate bet between Scott Armstrong and Al Gore was released in a real money prediction market on Intrade. Gore predicts that it will be warmer, while Armstrong predicts no change. Who will be ahead after three years? Monitor the current status and place your bets here.